The opening inventories of Carpet and Rug Mills in Canada have shown a steady increase over the past decade, starting at CAD 79.78 million in 2013 and rising to CAD 129.43 million in 2023. This trend indicates a growing demand or production capabilities in the sector.
Key Variations:
- 2018 showed the highest year-on-year increase at 26.69%, indicating a significant inventory buildup.
- The year 2017 experienced a notable drop of 16.6%, which was an outlier in the overall upward trend.
- 2019 to 2023 saw stable growth, with year-on-year increases ranging from 2.61% to 10.2%, and a CAGR of 5.65% over the last five years.
Future Trends to Watch:
Looking ahead, the forecasted CAGR from 2024 to 2028 is 2.91%, signifying a moderate but steady growth of 15.41% over these five years. The future could see advancements in sustainable production methods, increased automation, and potential market shifts due to technological innovations in the carpet and rug industry.
