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Global Home Textile Market Report 2023-2028: Increase in Consumer Spending on Home Renovation and Decoration Bodes Well for the Sector
Global Home Textile Market
Dublin, March 08, 2023 (GLOBE NEWSWIRE) -- The "Global Home Textile Market: Analysis By Product (Bedroom Linen, Bathroom Linen, Carpets and Floor Coverings and Others), By Distribution Channel (Retail Outlets, and Online), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global home textile market in 2022 was valued at US$125.58 billion. The market is expected to reach US$174.14 billion by 2028.
Home textile can be referred to the fabrics utilized for decorating and furnishing the home. Home textile comprise of extensive range of functional as well as decorative items or products used mainly for the purpose of decorating homes.
Various advancements in technologies have transformed conventional textiles into high-performance textiles via adding various functionalities and improving the durability of products, that have increased their demand among target customers. Therefore, all such technological innovations are predicted to drive the demand for home textiles in the forthcoming years. The market is expected to grow at a CAGR of approx. 5.6% during the forecasted period of 2023-2028.
Market Segmentation Analysis:
The report provides the bifurcation of the market into four segments based on the product: Bedroom Linen, Bathroom Linen, Carpet and Floor Coverings, and Others. In 2022, bedroom linen lead the home textile market with the majority of market share. On the other hand, the bedroom linen segment is expected to experience high growth, owing to the rising demand for luxury and designer bedroom linen with multiple functional benefits, which would drive the market growth.
The report further provides the segmentation based on the distribution channel: Retail Outlets and Online. In 2022, the retail outlets home textile segment lead the home textile market, occupying more than half of the market. The market's expansion is aided by 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.
Asia Pacific dominated the market in 2022, owing to the availability of cheap labour, raw material, products, etc. Asia Pacific is further divided into four regions: China, India, Japan and Rest of Asia Pacific.
In North America, the US is expected to be the largest and fastest growing region in the forecasted period. Whereas, in the Europe region, Germany held the majority of share in the market. Germany home textile market is expected to grow in the future as Germany is also the largest importer of home textiles in Europe.
Market Dynamics:
The global home textiletextile market has been growing over the past few years, due to factors such as rising income levels, expanding real estate industry, increase in consumer spending on home renovation and decoration, rapid urbanization, upsurge in fabric demand of light weight products and many other factors.
Rising real estate businesses among the European and other countries would accelerate the development of housing buildings & societies, which would eventually result in the increasing demand for home renovation and improving projects. All these factors have led to the surge in the demand for home textiles as textiles are an easy and often sustainable way to create change.
Thus increase in consumer spending on home renovation and decoration has encouraged the growth of the global home textile market. However, the market has been confronted with some challenges specifically, high cost of logistics, threat from counterfeit products, etc.
The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as growth in e-commerce, eco friendly home furnishing, surging demand of non woven fabric, technological innovations, etc. Manufacturers have stopped using chemical dyes and are instead using natural fibres because their customers prefer natural products. In the future, these products will be popular and in high demand among customers.
Impact Analysis of COVID-19 and Way Forward:
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.
Competitive Landscape:
Players in the market are diversifying the service offering to maintain market share. 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.
Key Attributes:
Report Attribute | Details |
No. of Pages | 136 |
Forecast Period | 2023 - 2028 |
Estimated Market Value (USD) in 2023 | $132.61 Billion |
Forecasted Market Value (USD) by 2028 | $174.14 Billion |
Compound Annual Growth Rate | 5.6% |
Regions Covered | Global |
Market Dynamics
Growth Drivers
Rising Income Levels
Expanding Real Estate Industry
Increase in Consumer Spending on Home Renovation and Decoration
Rapid Urbanization
Upsurge in Fabric Demand of Light Weight Products
Challenges
High Cost of Logistics
Threat from Counterfeit Products
Market Trends
Growth in E-commerce
Eco Friendly Home Furnishing
Surging Demand for Non Woven Fabric
Technological Innovations
The key players in the global home textile market are:
Berkshire Hathaway Inc.
Welspun India Ltd
Springs Global S.A.
Trident Group
Ralph Lauren Corporation
American Textile Company , Inc.
Franco Manufacturing Company
Shenzhen Fuanna Bedding and Furnishing Co., Ltd
LUOLAI Lifestyle Technology Co., Ltd
Shanghai Shuixing Home Textile Co. Ltd
Loftex
Sunvim Group Company
For more information about this report visit https://www.researchandmarkets.com/r/im5c0i
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