The value added of carpet and rug mills in Canada witnessed significant volatility from 2013 to 2023. In 2023, the value stood at CAD 146.07 million. The sector saw substantial declines, particularly in 2015 (-24.24%), 2016 (-15.23%), and 2020 (-29.86%), followed by a recovery period between 2021 and 2023 with a growth of 20.76% in 2021 and 9.97% in 2022. The last two years show moderate growth, with 2022 having a year-on-year increase of 9.97% and 2023 a 5.81% increase. The last five years reflect a more stable but slow-growing industry with a CAGR of -2.89% up to 2023.
Looking ahead, the forecast data from 2024 to 2028 suggest a continuous slight decline, with a forecasted 5-year CAGR of -0.4%, indicating an average annual decrease of 1.97%. Future trends to watch for include shifts in consumer demand towards sustainable and eco-friendly products, an increased focus on technological advancements in manufacturing, and potential impacts from global market trends and trade policies.
