The import value of tufted carpets and floor coverings to Canada has shown a declining trend from 2013 to 2023. The import stood at 533.2 million USD in 2023. Over the past 10 years, the market has seen significant year-on-year fluctuations, with notable decreases in 2015, 2016, and a sharp decline in 2020. However, 2021 witnessed a substantial rebound of nearly 20%, which was short-lived as the subsequent years continued a gradual decline.
The year-on-year variation for the last two years indicates marginal decreases of 0.51% and 0.5% respectively. The Compound Annual Growth Rate (CAGR) over the past five years reveals an average annual decline of 1.46%. Projections for the future suggest a continued decreasing trend, with a forecasted 5-year CAGR of -0.42%, summarizing an overall growth rate drop of -2.1% by 2028.
Future trends to watch for include potential impacts of new trade policies, changes in consumer preferences towards sustainable products, innovations in carpet materials and manufacturing techniques, and potential market disruptions by alternative flooring options.
