The global home textile products market prices and educated process a substantial growth in the forthcoming years. Market growth is likely to be fueled by a booming real estate sector and rising consumer spending on house renovations. One of the main causes for the market expansion is predicted to be governments’ increased focus on the market and favorable regulatory frameworks. Such encouragement has resulted in an increase in market investments, bolstering growth even more.
Market Growth Hampered Owing to COVID-19 Crisis
COVID-19 has had a significant impact on home textile products sales. The industry is experiencing financial difficulties significantly. India and China, being the world’s largest producers of home textiles, are particularly hard hit and the production of these goods has come to a standstill. Due to the particular current lockdown, demand for the commodity is also declining. As import-export activities have ceased, sales in potential markets such as Europe and America have plummeted. The sector employed millions of people, and as a result of the COVID-19, businesses are laying off workers.
On the basis of product type, the market for home textile products is fragmented into window coverings, bed linen, table linen, bathroom linen, and others. Based on raw material, the market is grouped into natural, synthetic, and blended. By sales channel, the market is divided into e-commerce stores and offline stores. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
List of Key Players Profiled in the Market:
- GHCL Limited
- Evezary Co., Ltd.
- Arvind Limited
- Franco Manufacturing Company, Inc.
- Beyond Textiles Pvt. Ltd.
Increasing Purchasing Power of Consumers to Favor Market Growth
The increasing level of income among the world’s population has resulted in an increase in consumer’s purchasing power around the globe and is anticipated to drive product consumption. For example, according to figures given in 2018 by the International Labor Organization, 48% of women and 75% men are expected to be employed globally.
The growing worldwide textile and apparel sector has resulted in an increase in the manufacturing of household textile which is driving home textile products market growth. According to data published by the World Economic Forum in August 2020, the worldwide textile and apparel sector retail market was valued at USD 1.9 trillion in 2019.
Widespread Growth of Interior Designing to Boost the North America Market
Asia-pacific is anticipated to hold prominent home textile product market share in the foreseeable future. The increasing growth of interior designing is propelling consumers to boost their expenditure on home textile products, which is driving product demand. For example, according to data published by the Economic Times, the Indian home decoration market grew by 20% countrywide in 2019. Furthermore, as the number of dual-income household increases, so does the need for home textile items, contributing in the growth of the industry.
North America is expected to hold substantial market share in the forthcoming years. The popularity of home decoration during holiday seasons like Christmas, Halloween, Thanksgiving, and others has expanded the market.
Key Players Focus on Product Diversity to Expand Business
The report examines the global home textiles market’s top international players. Few big firms currently dominate the home textile products industry in terms of market share. Consumer income, on the other hand, promotes demand. Large corporations compete by purchasing in bulk, offering a diverse range of items, and employing strong merchandising and marketing strategies. Small businesses concentrate on a single market area and compete on the breadth of their product offerings and exceptional customer service.
- November 2020: Loom & Table has announced the launch of their DTC table linens division. This will be able to assist in the creation of unique linens in a variety of sizes, colors, and fabrications.