Analyzing the projected production in the carpet and rug industry in South Korea from 2024 to 2028, we observe a slight but continuous decline over the years. The production value starts at 210.25 billion South Korean Wons in 2024 and is forecasted to reduce to 207.92 billion South Korean Wons by 2028. This indicates a consistent year-on-year decrease, with variations of approximately -0.29% from 2024 to 2025, -0.28% from 2025 to 2026, -0.28% from 2026 to 2027, and approximately -0.27% from 2027 to 2028. Assuming the series in 2023 was at 210.85 billion South Korean Wons, the overall compound annual growth rate (CAGR) for this period is negative.
Future trends to watch for include possible shifts in consumer preferences, such as increased demand for sustainable and eco-friendly materials, which could impact production volumes and values. Additionally, technological advancements in manufacturing processes and potential market expansions in South-East Asia might alter the current declining trend.
