Market Size of Saudi Arabia Carpet And Rugs Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2020 - 2022 |
CAGR | 3.50 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Saudi Arabia Carpet And Rugs Market Analysis
The Saudi Arabia Carpet and Rugs Market has generated revenue of USD 0.45 billion in the current year and is poised to achieve a CAGR of 3.5% for the forecast period.
The market for carpets and rugs suffered as a result of the Covid-19 pandemic. To stop the virus from spreading, the government imposed lockdown, which seriously affected the flow of raw materials and the manufacturing process for the carpets and rugs. Government regulations on hotels, restaurants, and offices caused a dramatic decline in the demand for carpets and rugs. The COVID-19 pandemic outbreak led to restrictions on supermarkets, hypermarkets, and brand stores, seriously disrupting the distribution chain. E-commerce had significantly improved the supply chain and distribution system.
Carpet and rugs are widely sought after due to their attractive and practical characteristics. They are a great addition to any home or office, adding a touch of elegance to the decor. Furthermore, they provide a layer of padding to protect floors, making them especially useful for those living in cold climates. The Saudi Arabian carpet and rug market is expected to witness significant growth in the forecast period. The industry is being driven by a number of key factors, such as customer preferences, a focus on home interior design, changing lifestyles, rising consumer income levels, the expansion of the transportation and construction industries, the demand for environment-friendly carpets, and the increasing adoption of carpet tiles. One of the main elements driving the market demand is also the growing spending on remodeling and renovation projects on existing buildings. Saudi Arabia exports carpet to more than 70 countries. Currently, on a yearly basis, it produces nearly 120-130 million sq. m of carpet, with an annual consumption of around 70 million sq. m. Carpet and rugs are utilised for their artistic and practical features, as well as to protect floors. Because of the increased interest in interior décor products, the industry is likely to grow rapidly. Homeowners are increasingly expressing a desire for comfortable homes with beautiful interiors, which is projected to increase market demand during the forecast period. Saudi Arabia possesses the Middle East's largest economy, population, and construction market. As part of its Vision 2030 agenda, Saudi Arabia has embarked on an extremely ambitious program of economic diversification and liberalization. New buildings, infrastructure, and altering economics in the infrastructure sector will play a significant influence in the growth of the Saudi Arabia carpets and rugs market during the forecasted period. However, the high cost of raw materials is expected to impede the market growth in the near future.
Saudi Arabia Carpet And Rugs Industry Segmentation
A carpet is a textile floor covering typically consisting of an upper layer of pile attached to a backing. The report covers a complete background analysis of the Saudi Arabian carpet and rugs market, which includes an assessment of the parental market, emerging trends in the segments and regional market, and significant changes in market dynamics and market overview. The report also offers qualitative and quantitative assessments, by analyzing the data gathered from industry analysts and market participants across various key points in the value chain. The Saudi Arabia Carpet and Rugs Market is segmented by Type (Wall to Wall Tufted Carpet, Wall to Wall Woven Carpet, and Rugs), Distribution Channel (Contractors, Retail, and Other Distribution Channels), and Application (Residential and Commercial). The report offers market size and forecasts for the market in value (USD million) for all the above segments.
By Type | |
Wall to Wall Tufted Carpet | |
Wall to Wall Woven Carpet | |
Rugs |
By Application | |
Residential | |
Commercial |
By Distribution Channel | |
Contractors | |
Retail | |
Other Distribution Channels |
Saudi Arabia Carpet And Rugs Market Size Summary
The Saudi Arabia carpet and rugs market is poised for growth, driven by a combination of factors including rising consumer income levels, changing lifestyles, and a focus on home interior design. The market, which faced challenges during the COVID-19 pandemic due to disruptions in supply chains and decreased demand from sectors like hospitality and commercial spaces, is expected to recover and expand. The construction and transportation industries' growth, along with increased spending on remodeling and renovation projects, are key contributors to this positive outlook. The market is also benefiting from the demand for environment-friendly carpets and the increasing adoption of carpet tiles. Saudi Arabia's strategic initiatives, such as Vision 2030, aim to diversify the economy and boost the construction sector, further supporting market growth.
The tourism and hospitality sectors in Saudi Arabia are also significant drivers of the carpet and rugs market. With cities like Riyadh, Mecca, and Medina being top global destinations, the rise in international religious tourism and the government's investment in culture, leisure, and entertainment projects are expected to enhance demand for carpets and rugs. The market is moderately consolidated, with major players like Al Sorayai, Al Abdullatif, and Oriental Weavers, alongside international competitors such as Merinos Carpet and Balta Group, intensifying competition. Recent developments, such as Surya's acquisition of Global Views, highlight the ongoing efforts to cater to the high-end interior design segment. Additionally, innovations like the hi-tech prayer mats in the Makkah Grand Mosque showcase the market's potential for technological integration.
Saudi Arabia Carpet And Rugs Market Size - Table of Contents
-
1. MARKET INSIGHTS AND DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 Growth in the Construction Sector is Driving the Market
-
1.2.2 Housing Market is Driving the Market
-
-
1.3 Market Restraints
-
1.3.1 Availability of Substitues
-
-
1.4 Market Opportunities
-
1.4.1 Increasing Demand For Eco-Friendly products
-
1.4.2 Online marketing can be leveraged to grow the customer base
-
-
1.5 Value Chain / Supply Chain Analysis
-
1.6 Industry Attractiveness: Porter's Five Forces Analysis
-
1.6.1 Threat of New Entrants
-
1.6.2 Bargaining Power of Buyers
-
1.6.3 Bargaining Power of Suppliers
-
1.6.4 Threat of Substitutes
-
1.6.5 Intensity of Competitive Rivalry
-
-
1.7 Insights into Consumer Behaviour Analysis
-
1.8 Insights into the Latest Technologies Used in the Industry
-
1.9 Insights into the Regulatory Framework
-
1.10 Insights into Imports and Exports of Carpet and Rugs in Saudi Arabia
-
1.11 Impact of COVID-19 on the Market
-
-
2. MARKET SEGMENTATION
-
2.1 By Type
-
2.1.1 Wall to Wall Tufted Carpet
-
2.1.2 Wall to Wall Woven Carpet
-
2.1.3 Rugs
-
-
2.2 By Application
-
2.2.1 Residential
-
2.2.2 Commercial
-
-
2.3 By Distribution Channel
-
2.3.1 Contractors
-
2.3.2 Retail
-
2.3.3 Other Distribution Channels
-
-
Saudi Arabia Carpet And Rugs Market Size FAQs
What is the current Saudi Arabia Carpet and Rugs Market size?
The Saudi Arabia Carpet and Rugs Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Saudi Arabia Carpet and Rugs Market?
Al-Sorayai, Al-Abdullatif, Balta Group, Merinos Carpets and Oriental Weavers are the major companies operating in the Saudi Arabia Carpet and Rugs Market.