The production value of the carpets and rugs sector in Belgium has presented a fluctuating trend from 2013 to 2023. The production value in 2023 stood at 1.29 billion Euros. Over the years, there have been notable declines, particularly in 2018 and 2020, with reductions of -23.8% and -38.47% year-on-year, respectively. However, there was a partial recovery in 2019, 2021, and 2022. Despite these fluctuations, the sector experienced a modest increase of 5.38% in 2023. The compounded annual growth rate (CAGR) over the past five years was 2.09%, indicating an average annual increase.
Looking at the forecasted data from 2024 onwards, a downward trend is observed with a forecasted CAGR of -2.33% over the next five years, leading to an expected reduction in production value by 11.11% by 2028.
Future trends to watch for include technological advancements in manufacturing, shifts in consumer preferences towards sustainable products, and potential impacts from global economic fluctuations and trade policies. These factors could influence both the production capacity and market demand for carpets and rugs in Belgium.
