Global Home Textile Products Market Is Predicted To Reach US$ 145 Billion By 2030 Say Trends Market Research
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Monday, August 23, 2021 : The global home textile products market size is predicted to reach US$ 145 billion by 2030 anticipated to grow at a growth rate of 5.7% during the forecast period 2021 to 2030.
Home textile products are natural or artificial flexible fabrics designed for home furnishing and decoration.
Apart from decorative applications, home textile products can be used across various functions such as carpeting, as window shades, towels, and table & bed coverings.
Fabric blending is done in some instances to enhance the durability of home textile products.
Usually, these textiles are produced by knitting, weaving, knotting, crocheting, and pressing fiber together.
The global home textile products market would be largely driven by factors such as improving standard of living and rising number of single person households.
Moreover, rising investment in the home textile products market by renowned retailers is expected to boost the demand for home textile products in the coming years.
Trends
Environmentally sustainable home textile products over the year have become increasingly attractive as a business strategy.
Manufacturers across the supply chain have been seen offering more sustainable and eco-friendly products made of natural fibers, which in principle are more sustainable than synthetic fibers.
Consumers belonging to the affluent class have promoted refined taste in terms of quality and design, with price being no constraint, whereas mid and economy segment consumers offer huge volumes for reasonably priced products.
Drivers, Opportunities, and Restraints
Transforming living standards of the masses coupled with rise in number of people opting for separate living is a driving force of the home textile products market.
Moreover, various brands have recognized the potential of home textile products and are investing extensively in promoting and expanding their reach to an increasing audience.
Domestic e-Commerce retailers such as Amazon, Walmart, Ikea, and Snapdeal have grown massively in the past five years and are expanding at about 19% annually.
These e-Commerce platforms not only offer a common and easy to access market place, but have introduced their private labels for home textile products.
These private labels offer economical curtains, bed linen, table linen, and blankets, which has helped to expand the domestic market worldwide.
However, the market evolution has been limited by a few factors. The global home textile products market is projected to face significant challenges from the high cost of logistics.
Key manufacturers of home textile products are based in emerging countries that have weak logistic chains and infrastructure, which is anticipated to be the foremost factor limiting market growth.
Such countries face scarcity of high-quality raw materials that are important to make quality products of international standards.
Furthermore, the long product replacement cycle of these products is projected to restrain the growth of the market.
Report Highlights
Based on product, bed linen is expected to remain dominant in the global home textile products market.
This is due to rapid growth in the residential and commercial sector across the globe. In addition, rise in disposable income of users and increasing spending on improving interior space is likely to enhance the sales of home textile products, especially bed linen.
Rapid growth in demand for bathroom linen products such as bath towels, mats, hand towels, bathrobes, etc. is likely to propel the growth of the home textile products market.
Continuous growth in demand for window covering, upholstery fabrics, table linen, wall covering, etc. is also one of the major factors driving the growth of the home textile products market across the globe.
In terms of material, the global home textile products market has been classified into natural, synthetic, and blended.
The natural segment is estimated to be the most lucrative.
This is due to increasing awareness and usage of natural fibers made of plant and animal based sources such as cotton, jute, silk, wool, down, and feathers, thus driving demand for home textile products made of natural material.
Natural fiber with its hypo-allergic and breathability property is found to be attractive all over the globe.
Synthetic material with its lightweight, durable, ultra-sheering, and long-lasting property is likely to remain attractive among manufacturers of home textile products.
Asia Pacific is the largest market accounting for 45% of the total revenue.
Europe was the second largest market in the global home textile industry in 2020.
It generates around 26% of the total home textile revenue globally.
Strong product innovation among manufacturers with new designs in home textile products are expected to boost the market during the forecast period.
In addition, penetration of creative products across the globe, found to be attractive among users, is influencing the overall growth of the home textile products market.
