Global Home Textile Market (by Category, Distribution Channel & Region): Insights & Forecast with Impact Analysis of COVID-19 (2022-2026)
- Published: 9th Sep 2023
- Pages: 147
- Format : Pdf
Market Insight:
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.
Segment Covered:
- By Category: The report provides the bifurcation of the home textile market into four segments based on category: Bed Linen, Bath Linen, Carpet and Rugs, and Others. The Bed Linen segment lead the home textile market, capturing the largest share of the market. The Bed Linen industry is expected to experience high growth, owing to the rising demand for luxury and designer bed linen with multiple functional benefits, which would drive market value gain. Also, the same segment has the highest CAGR and is expected to grow exponentially as there would be a growing willingness to invest in products that provide more relaxing and rejuvenating sleeping and bathing experiences.
- By Distribution Channel: On the basis of distribution channel, the market has been segmented into two segments: Retail Outlets and online. The Retail Outlets home textile segment held the leading share of the home textile market. The retail oulets home textile industry is expected to experience high growth, owing to the better selling experience of the manufacturing industry and catering to the needs of the customers, which has resulted in the significant growth of home textiles in retail outlets industry.
Geographic Coverage:
- In the report, the global home textiles market is divided into four regions: Asia Pacific, North America, Europe and Rest of the world. The countries covered in Asia Pacific region include China, India, Japan, and the Rest of the Asia Pacific, while North America includes the US and Canada. Moreover, C Germany, Russia, UK France, Italy and the Rest of Europe are included in the European region.
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:
Growth Drivers
- Growing Real Estate Sector
- Increase in Fabric demand of Light Weight Products
- Increase in Consumer Spending on Home Renovation and Decoration
- Rise in E-commerce
Challenges
- High Cost of Logistics
- Threat from Counterfeit products
Trends
- Eco Friendly Home Furnishing
- Increased demand for Non Woven Fabric
- Innovations
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.
- Challenge: High Cost of Logistics
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.
- Trend: Eco Friendly Home Furnishing
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:
- Ralph Lauren Corporation
- American Textile Company , Inc.
- Welspun India Ltd
- Trident Group
- Springs Global
- Shanghai LUOLAI Home Textile Co. Ltd
- Franco Manufacturing Co
- Sunvim Group Company
- Shenzhen Fuanna Bedding and Furnishing Co Ltd
- Shanghai Shuixing Home Textile Co. Ltd
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.
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