EUROPE TEXTILE INDUSTRY - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 - 2026)

The textile industry is primarily concerned with the design, production, and distribution of yarn, cloth, and clothing. The raw material used may be natural or synthetic. In Europe, the textile industry is a major contributor to the economy, employing nearly 6% of the working class in total manufacturing in the region.

New York, July 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "EUROPE TEXTILE INDUSTRY - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 - 2026)" - https://www.reportlinker.com/p06106042/?utm_source=GNW
The COVID-19 outbreak has had a significant impact on business sectors and the overall economy of the European region. Europe is home to hundreds of leading retailers and brands, internationally acclaimed designers, thousands of talented emerging designers, and forward-thinking entrepreneurs, researchers, and educators. European high-quality textiles and premium fashion products are in growing demand, both in high-income countries such as the United, Switzerland, Japan, or Canada, but also emerging countries such as China and Hong Kong, Russia, Turkey, and the Middle East. Technical textiles are an undisputed success story of the European industry. In terms of international trade, both exports and imports of technical textiles have grown continuously over the years.

Key Market Trends
Rise in the Demand for Organic Textiles and Fabrics

Organic clothing is available in cotton, jute, silk, kapok, hemp, or wool. The demand for organic clothing is rising, as more and more consumers become concerned about the environment. The European Textile sector is especially proactive in undertaking research work for the development of new and innovative products. Given the health and environmental benefits of organic products, more eco-conscious consumers are now shifting towards clothing made from organic textiles. In response to consumer demand and pressure to green its operations, the fashion industry is now taking new strides towards using more sustainable fabrics. Fast fashion giants are also taking the leap towards organic and recycled alternatives. H&M, for instance, has already increased its use of organic and recycled cotton to 95%.

Rising Disposable Income and Changing Consumers’ Shopping Behavior

The growth in disposable income and the increasing preference for online shopping are expected to drive the European textile market for the next few years. Online shopping is still growing in importance, although take-up varies significantly by region and country. About 5 % of household expenditure in Europe is spent on clothing and footwear, of which about 80 % is spent on clothes and 20 % on footwear. Furthermore, increasing disposable has led to a rise in the number of supermarkets and retail stores, thereby driving the overall market growth. The demand is very high for premium and branded products due to increasing per capita disposable income. Rising disposable income, along with investments in textile manufacturing would create lucrative growth prospects for the Textile market across the region.

Competitive Landscape
The report covers major international players operating in the European textile industry. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

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Read the full report: https://www.reportlinker.com/p06106042/?utm_source=GNW

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