The sold production of carpets and rugs in Belgium showed varying trends from 2013 to 2023, with values expressed in billion Euros. In 2023, the production stood at approximately 0.87 billion Euros. The early years, from 2013 to 2017, experienced moderate fluctuations with an overall growth tendency. However, 2018 saw a significant dip, followed by an acute drop in 2019. Post-2019, a recovery was attempted with a considerable increase in 2020. Yet, the subsequent years registered mixed results, leaving the market on a declining trend as of recent figures.
Year-on-year variations in the last two years indicate a decrease of 21.8% in 2022 and a further decline of 4.11% in 2023. The last five years’ CAGR reveals a negative average variation of -6.48%, highlighting challenges in maintaining growth. Projections through 2028 forecast a continued downward trend with a five-year CAGR predicting a contraction of -3.73% and an overall growth rate decline of -17.3%.
Future Trends to Watch For:
- Shifts in consumer preferences towards sustainable and eco-friendly products
- Impact of global economic conditions on domestic production
- Technological advancements and innovations in carpet and rug manufacturing
- Market competition and import dynamics
