Bedding, bath linen, kitchen and table accessories, carpets and rugs, and other items used for interior décor are examples of home textiles. Home textiles, often known as textile home furnishing fabrics, are made up of both natural and man-made fabrics.
In most developed economies, demand for home textiles has peaked. However, demand growth in developing nations is likely to accelerate as disposable income rises, allowing for a move towards increased luxury spending. The global home textile market is anticipated to reach US$112.82 billion in 2023, growing at a CAGR of 5.70% during the forecast period.
Asia Pacific dominated the market with the the largest share of the global home textile market. Asia Pacific is anticipated to lead the global home textiles market during the forecast period, due to the availability of cheap labour, raw material, products, etc. The changing customer preferences and trends in the market related to the home textiles and cross culture expansion would boost the home textile products in Asia Pacific countries. The home textile market in the China is expected to hold a significant share, as it is world’s largest textile industry in terms of both overall production and exports.
Top Impacting Factors:
Driver: Growing Real Estate Sector
Home textiles such as bedding set, bath accessories, kitchen accessories are essentials to complete a home. The growth in real estate sector would increase the demand of home textiles is needed to complete the furnishing and decoration of the house. People have now become conscious of the fact on how their home should look and what textiles should be used to decorate and make their house more fancy. Thus, the increase in the real state sector would increase the growth of the global home textile market.
In textile industry where so many stages are needed to pass from raw materials to finished goods and then to reach at customers end within stipulated time frame, the logistics management plays a vital role in satisfying customers need and brings delighters in business circle. The cost of logistics is very high for the textile manufacturing companies as for an easy flow of their products, hiring of logistics companies and workers are required, which would help in easy movements. The costing for textile companies becomes very high and the risk of its product reaching the site or customers on time is also very high. Thus, high cost of logistics is a challenge for the textile market.
Environmental sustainable products are gaining attraction of the consumers because of environmental concerns. In the home textile market, manufacturers across the globe are coming up with products made from natural fibers as these are more eco-friendly than synthetic fibers. A wide range of aesthetic products is offered now like furniture made from bamboo, curtains made from wood, and much more. Manufacturers have now refrained using chemical dyes and are using natural fibers as these natural products are demanded by their customers. In future, these products would be in trend and would be highly demanded by the costumers. Hence, leading to the increased demand for the eco friendly home textile market.
The COVID-19 Analysis:
Due to the pandemic, many home textile manufacturing companies have suffered losses and even shutdown. Major impact was seen on the supply chain of home textile market as lockdown lead to decline in exports and imports of home textile products. While in 2021, the home textile market rebounded because of the online trend in the market and the company’s manufacturing innovative products for the changing needs of their customers.
Analysis of Key Players:
The global home textile market is highly fragmented and has many local operators. The key players of the global home textile market are:
Because of the increasing demand for modern and well-furnished living spaces, all such market players are focusing on research and innovations for the production of advanced products.