Floor Covering - Ghana

Ghana

Highlights

In Ghana, the revenue generated in the Floor Covering market for the year 2024 amounts to US$8.30m.
It is projected that the market will experience an annual growth rate of 4.02% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue in this market segment, with a total of US$6bn in 2024.
In terms of per capita income, each person in Ghana is estimated to contribute US$0.24 towards the revenue generated in the Floor Covering market in 2024.
The demand for traditional Ghanaian woven mats and rugs is on the rise, as consumers increasingly value locally-made and sustainable floor coverings.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Floor Covering Market within the DIY & Hardware Store Market in Ghana has seen minimal growth, impacted by factors such as low consumer awareness and limited access to modern digital technologies. Despite this, the convenience of online services may drive future growth.

Customer preferences: As the DIY & Hardware Store Market in Ghana continues to grow, there has been a notable shift towards eco-friendly and sustainable floor covering options. Consumers are becoming increasingly conscious of the environmental impact of their purchasing decisions, leading to a rise in demand for products made from renewable and biodegradable materials. Additionally, with the rise in urbanization and smaller living spaces, there has been a growing preference for modular and customizable floor coverings that can be easily installed and adapted to various living situations.

Trends in the market: In Ghana, the Floor Covering Market within the DIY & Hardware Store Market is experiencing a rise in demand for sustainable and eco-friendly flooring options. This trend is driven by increasing awareness of environmental concerns and an emphasis on using natural materials. Additionally, there is a growing demand for customized flooring solutions, where customers can choose from a variety of styles, patterns, and materials. This trend is expected to continue as consumers become more conscious of their environmental impact and seek personalized options for their homes. This has significant implications for industry stakeholders, as they need to adapt to changing consumer preferences and offer a wider range of sustainable and customizable flooring options to remain competitive in the market.

Local special circumstances: In Ghana, the Floor Covering Market within the DIY & Hardware Store Market is heavily influenced by the country's tropical climate, which requires flooring options that can withstand high levels of humidity and moisture. Additionally, cultural preferences for natural materials such as bamboo and coconut shells drive the demand for environmentally-friendly and sustainable flooring options. Strict regulations for importation of certain materials also play a role in shaping the market, leading to a focus on locally-sourced and manufactured products.

Underlying macroeconomic factors: The Floor Covering Market within the DIY & Hardware Store Market in Ghana is heavily influenced by macroeconomic factors. As a developing country, national economic health and fiscal policies play a major role in the market's performance. Global economic trends and fluctuations in commodity prices also impact the market, as Ghana is a major exporter of cocoa and gold. Additionally, currency exchange rates and inflation rates can affect consumer purchasing power, ultimately impacting demand for floor coverings in DIY and hardware stores. Other relevant financial indicators, such as GDP growth, unemployment rates, and disposable income levels, also play a significant role in shaping the market's growth trajectory.

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.