(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 07, 2024 (GLOBE NEWSWIRE) -- The "Global Home Textile Market: Analysis By Product (Bedroom Linen, Bathroom Linen, Carpets and Floor Coverings and Others), By Material (Polyester, Cotton, Silk, Wool and Others), By Distribution channel (Retail Outlets and Online), By Region Size and Trends and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global home textile market was valued at US$133.14 billion in 2023 and is expected to propel to US$189.08 billion by 2029. The global home textile market is projected to expand at a CAGR of 6.02% over the forecast period of 2024-2029. The global home textile market is fragmented and competitive catering to domestic and international demand. Players operating in the global home textile market focus on providing high-quality products to fulfill customer demand. These players have a well-established customer base and dominate the market ranking with a high market share in the global home textile market.
The home textile market has experienced significant growth over the years primarily due to increasing home ownership and renovation activities, which drive consumer demand for stylish and functional home textile products, alongside the rising penetration of e-commerce that provides greater accessibility and variety for consumers seeking to enhance their living spaces.
Demand for home textiles has mostly peaked in developed economies. However, in emerging markets, demand growth is expected to be increase at a significant rate as disposable income growth facilitates a shift to more luxury spend. Other significant trends including growth of eco-friendly home furnishing, surging demand of non-woven fabric, technological innovations, growing demand for multifunctional and smart home textiles, digital printing and customization etc. are expected to drive market growth further.
The Asia-Pacific region accounts for approximately 60% of the global population and is a dominant producer and consumer of home textiles products. China is the largest manufacturer and consumer, while India is the third largest home textiles market in the region. Factors driving growth include the housing boom in Asia-Pacific, increasing fashion trends in home textiles, and demand recovery from Western economies. The robust growth can be attributed to surging per capita expenditure, a large pool of potential consumers, increased investments by major regional players, and improving lifestyles of consumers, all of which are fueling demand for home textiles.
Additionally, the growth of e-commerce has boosted home textile sales as consumers increasingly purchase online. Asia Pacific is further divided into four regions: China, India, Japan and Rest of Asia Pacific. 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.
Market Segmentation Analysis:
By Category: According to the report, the global home textile market is bifurcated into four segments based on category: Bedroom linen, Bathroom Linen, Carpets and Floor Coverings and others.
In 2023, the Bedroom Linen segment lead the global home textile market due to the rising consumer demand for comfort and luxury in bedding products, which are increasingly viewed as essential for enhancing home aesthetics and personal well-being, thereby driving significant investments in high-quality and stylish bedroom textiles.
While, the bathroom linen segment is expected to experience the fastest growth, owing to the increasing focus on home decor, which drives demand for stylish and high-quality bathroom textiles, alongside the growth in the hospitality sector that necessitates premium linens for hotels and resorts, enhancing guest experiences and comfort. Additionally, innovations in materials, such as antimicrobial and eco-friendly fabrics, cater to modern consumer preferences for hygiene and sustainability, further fueling market expansion.
By Material: According to the report, the global home textile market is bifurcated into five segments based on material: polyester, cotton, silk, wool and others.
Polyester segment acquired majority of share in the market in 2023 and is the fastest growing segment as well due to polyester's inherent properties of strength, durability, wrinkle-resistance and ease of maintenance, making it a popular choice for a wide range of home textile applications like upholstery, bedding, and curtains. Polyester's versatility in blending with other fibers and its ability to be machine-washed and dried further contribute to its growing preference among manufacturers and consumers seeking affordable yet high-performance home textile solutions.
By Distribution Channel: According to the report, the global home textile market is bifurcated into two segments based on distribution channel: retail outlets and online.
In 2023, the retail outlets segment lead the global home textile market due to the enhanced shopping experience they provide, allowing consumers to physically inspect and feel the quality of products before purchase, which is particularly important for home textiles. Additionally, retail outlets offer a wide variety of options and immediate availability, catering to consumer preferences for instant gratification and personalized customer service.
While, the online segment is expected to be the fastest growing segment due to the increasing number of online shoppers who prefer the convenience of e-commerce platforms, which offer a wide variety of products from both domestic and international brands. Additionally, the ability to compare prices, read reviews, and access exclusive online deals enhances consumer preference for purchasing home textiles online.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $141.15 Billion |
| Forecasted Market Value (USD) by 2029 | $189.08 Billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
Competitive Landscape:
The key players are constantly investing in strategic initiatives, such as adoption of new technologies, introducing their products to emerging markets and more, to maintain a competitive edge in this market.
Berkshire Hathaway Inc. (Shaw Industries Group Inc.) Welspun Living 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 Loftex Marvic Textiles Himatsingka Seide Ltd.
Market Dynamics
Growth Drivers
Rising Income Levels Expanding Real Estate Industry Increase in Consumer Spending on Home Renovation and Decoration Rapid Urbanization Expansion of Hospitality Industry
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
Digital Printing and Customization Growing Demand for Multifunctional and Smart Home Textiles
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Global Home Textile Market
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