Global Bath Rugs Market to Boost in Coming Years – Projected to Reach worth USD 4,555.2 Million in 2028
Published | 24 March 2022
The growth of the global bath rugs market can be attributed to the growing demand for interior decoration. Moreover, rapidly changing lifestyles coupled with fast-paced urbanization and globalization are likely to further propel the growth of the global bath rugs market during forecast period…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global Bath Rugs market was worth USD 3,175.5 Million in 2021 and is anticipated to reach USD 4,555.2 Million by USD 2028 at a CAGR of 5.42%. Several factors are driving the market, such as bath rugs being widely used in commercial sectors such as hotels, salons, and others (tourism & gyms). In addition to this, the absorption properties coupled with the growing emphasis on the development of skin-friendly bath rugs for children have allowed for the higher demand for the bath rugs across the market thus bolstering the market growth.
Changes in Lifestyle Owing to Globalization and Urbanization to Drive the Market Growth
As a result of changing lifestyles and rapid urbanization, the scope of interior design has expanded dramatically, making it one of the most in-demand professions today. The industry trend shows a significant increase in the need for interior designers; commercial-scale interior designing has grown at a lucrative rate in the hospitality segment. It seems to have been referencing the pandemic and its impact on bathroom interior design (and everything else) all the time, but the truth is that it has permanently impacted home trends and shaped design choices, and bathroom trends are no exception. Moreover, Globalization benefits include more efficient use of production factors, market expansion, and increased wealth-generating prospects. As a result, rising urbanization increases consumer interest in decorating their houses, bathrooms, and other spaces to give them a more exquisite appearance, which drives up demand for rugs and propels the bath rugs market forward.
Hotel Industry Accounted for The Largest Bath Rugs Market Share in 2021
Based on end-users, the global bath rugs market could get bifurcated into hotels, salons, households, and others. The hotels accounted for the largest share of 51.76% in 2021. The household segment is expected to grow at the most accelerating CAGR of 5.96% during the forecast period and reach USD 1,767.1 million by 2028. The rising trend in international tourism has driven the number of tourist arrivals across some of the tourist-attracting cities and countries. Since tourism calls for growth in the hotel industry, it positively impacts the growth in more rooms. Higher demand for rooms enables a higher demand for hotel room accessories, which have propelled the demand for bath and bath accessories, which includes baths rugs, thus enabling a higher demand for bath rugs across the market, which is contributing to the market growth.
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Impact of COVID-19 on the Bath Rugs Market
The deadly COVID-19 pandemic had a disastrous impact on various industries, including the global bath rugs industry. As a result of the lockdown-imposed restrictions, the hospitality and tourism industry throughout the world were forced to stop operations. All this led to a sharp decline in the investments in bathroom accessories. Consequently, due to falling demand, the manufacturers started experiencing shortfalls in their revenue shares. This can be chiefly attributed to shortages in cash inflows, restricted operations and sales. Moreover, the logistic challenges have made it next to impossible to deliver bulk orders to the end-users, thus further impacting the growthy for a short time period. However, as the bans are being lifted, the global bath rug market is expected to recover during the forecast period as the tourism and hospitality sector commence operations in full swing.
Europe Dominated the Bath Rugs Market While Middle-East and Africa to Witness the Highest Growth During the Forecast Period.
On the basis of the regional analysis, the global Bath Rugs market can be segmented into North America, Europe, the Asia-Pacific, Latin America, Middle East and Africa. Amidst the segmentation. Amidst the segmentation, Europe held the largest share in the global bath rugs market with 35.30% market share in 2021 and garnered USD 1,553.5 million. The Middle East & Africa is projected to grow at the fastest CAGR of 6.35% during the forecast period, i.e., 2022-2028.The factors attributable to the growth of the market in Europe include rising expenditures directed toward the tourism and hospitality sector coupled with the rise in the geriatric population, who happen to be most vulnerable to bathroom-related accidents or injuries. The European Union countries have demonstrated their strong interest in adopting a circular economy, which is directly impacting the growth of recycled bath rugs across the market.
Competitive Landscape
The Bath Rugs market is a fragmented market with numerous players serving the market. The key players dominating the global Bath Rugs market are IKEA India Private Limited., Chesapeake India Private Limited., Welspun Global Brands Limited, Trident Group Limited, J&E BROTHERS HOLDINGS, LLC, Interdesign Inc., Creative Bath, Products Inc., Utopia Towels Inc, Venus Group Inc., The Rug Company, Stainmaster Inc., Guangzhou Qiqi Garment Textile Co. Ltd., Townhouse Rugs, Clara Clark, Epica and other prominent players. The key marketing strategies adopted by the players are launching new and innovative products like smart bath rugs, collaborations, partnerships and acquisition to expand their customer reach.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global bath rugs market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global bath rugs market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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