India: Tufted Carpet Market 2024

Tufted Carpet Market Size in India

The Indian tufted carpet market soared to $X in 2022, growing by 20% against the previous year. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level in 2022 and is likely to continue growth in years to come.

Tufted Carpet Production in India

In value terms, tufted carpet production totaled $X in 2022 estimated in export price. Overall, production recorded a remarkable increase. The pace of growth was the most pronounced in 2013 when the production volume increased by 51%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

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Tufted Carpet Exports

Exports from India

After two years of growth, shipments abroad of tufted carpets and other tufted textile floor coverings decreased by -27.1% to X square meters in 2022. Over the period under review, total exports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 32% against the previous year. As a result, the exports reached the peak of X square meters, and then fell markedly in the following year.

In value terms, tufted carpet exports fell remarkably to $X in 2022. In general, total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +15.8% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 39%. As a result, the exports reached the peak of $X, and then dropped notably in the following year.

Exports by Country

The United States (X square meters) was the main destination for tufted carpet exports from India, accounting for a 51% share of total exports. Moreover, tufted carpet exports to the United States exceeded the volume sent to the second major destination, Germany (X square meters), sevenfold. The UK (X square meters) ranked third in terms of total exports with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+3.0% per year) and the UK (-3.7% per year).

In value terms, the United States ($X) remains the key foreign market for tufted carpets and other tufted textile floor coverings exports from India, comprising 57% of total exports. The second position in the ranking was held by the UK ($X), with a 6.4% share of total exports. It was followed by Germany, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+0.8% per year) and Germany (+1.6% per year).

Export Prices by Country

The average tufted carpet export price stood at $X per square meter in 2022, growing by 11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per square meter), while the average price for exports to Brazil ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Tufted Carpet Imports

Imports into India

Tufted carpet imports into India surged to X square meters in 2022, increasing by 46% on 2021. In general, imports enjoyed buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, tufted carpet imports soared to $X in 2022. Over the period under review, total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +31.0% against 2020 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 26% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Vietnam (X square meters) constituted the largest tufted carpet supplier to India, with a 54% share of total imports. Moreover, tufted carpet imports from Vietnam exceeded the figures recorded by the second-largest supplier, China (X square meters), threefold. Thailand (X square meters) ranked third in terms of total imports with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Vietnam totaled +139.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+13.3% per year) and Thailand (+8.6% per year).

In value terms, the largest tufted carpet suppliers to India were Vietnam ($X), China ($X) and Thailand ($X), with a combined 70% share of total imports.

Among the main suppliers, Vietnam, with a CAGR of +105.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average tufted carpet import price amounted to $X per square meter, shrinking by -15.7% against the previous year. In general, the import price showed a deep reduction. The pace of growth was the most pronounced in 2017 when the average import price increased by 7.6%. Over the period under review, average import prices attained the maximum at $X per square meter in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per square meter), while the price for Indonesia ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+9.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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