Rugs: A Great Investment for the Future

  • one month ago

Antique-oriental-rugs

According to the Textile Ministry of India, Indian handmade carpets have huge demand in the global rug and carpet industry and it exports 85-90 percent of its total carpet production. IBEF reports that India is responsible for around 40% of the worldwide export of handmade carpets. Export of carpets from India stood at US$ 1.37 billion in FY20, while that of handicrafts excluding handmade carpets were US$ 1.79 billion during the same period, showing trends of growth despite the pandemic worldwide. India is exporting its handmade carpets to more than 70 countries in the world, mainly to the US, Germany, Canada, the United Kingdom, Australia, South Africa, France, Italy, and Brazil with exports having started to China as well. And with the sector being highly labor-intensive and providing employment to over 20 lakh workers and artisans, especially women, directly or indirectly in the rural areas, it hardly comes as a surprise. The trend indicates traditional rugs and carpets offering massive scope in investment and growth in both production and export. Antique oriental rugs and Persian rugs and carpets are not only rare to find but also considered luxurious possessions due to the nature of their rarity. 

According to the Global Carpet and Rugs Market trend report:

● The carpet and rugs market is expected to grow with a CAGR of 4% during 2018-2024.

● The market is outstanding due to the rise in renovation and remodeling activities, the growing interest of consumers toward interior decoration, and rapid urbanization and globalization.

● Healthy product demand from information technology banking, insurance, business process outsourcing, and financial services sectors is expected to fuel the growth of the market.

● The market is also gaining traction due to the increase in the adoption of carpets and rugs in countries with cold climatic conditions as they provide thermal insulation benefits.

● Tufted carpets and rugs account for the majority of carpet and rug demand by area because of the low cost, ease of installation, and favorable aesthetic and performance properties.

● However, hard surface flooring, which has taken market share from carpets and rugs in the floor covering market over a few years, is estimated to continue to do so going forward.

●The growing construction industry also provides an opportunity for the market to grow further.

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However, in India, rugs and woven carpets are made by local artisans in rural India, who often do not get their due credit or even the right remuneration for their art and work. Jaipur Rugs has paved its way forward to become a key player in the global rug and carpet industry by fighting the issues of systemic oppression through caste discrimination that had been the norm for a long time through carpets hand-made by rural artisans who are often cheated and discriminated against. 

What started with just two looms and nine artisans has now blossomed into a network of over 40,000 weavers and artisans, most of them women, spread across 600 villages of north and west rural India. During the lockdown, as people were spending more time inside their homes, they wanted it to reflect their personality, needs, and comfort, spiking up demand for the carpet industry to find classic rugs online. Jaipur Rugs turned this into an opportunity by setting up looms in the weavers’ homes so that they can weave unique rugs that are pieces of art from the comfort and safety of their homes. 

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Jaipur Rugs is the only carpet manufacturing company that has the largest variety of designs at various price points for a global clientele, making it a one-stop shop for all your floor covering needs.

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