Home Textile Market:Global Opportunity Analysis and Industry Forecast, 2020–2027
Home textiles are fabrics used for home furnishing and decoration. The home textile market includes a variety of decorative and functional products that are used to decorate the house. Both natural, as well as artificial fabric, can be used to manufacture home textile products. But sometimes both of them are mixed to form a stronger fabric. This industry has continuously witnessed steady growth in the global market. The changing lifestyle of people and their urge to decorate and furnish the house in the newest trend has created a high demand for home textiles all over the world. The demand for handwoven home textile in European countries is very high. Also, European customers are willing to pay a huge amount to purchase this product. Furthermore, a great scope in increased sales can be expected from North America in the future. Most home textile products record a significant sale from both vendors or third party brick and mortar stores. Although the growth of offline sales is much slower than that of online sales. This market has a great potential to grow and will accelerate throughout the forecast period.
Market scope and structure analysis:
COVID-19 Scenario Analysis:
COVID-19 has deeply impacted the sales of the home textile market.
The home textile industry is grappling with profitability issues.
India and China being the major producers of home textile products, are adversely affected.
The production of these products is at a halt.
The demand for the product is also declining due to the prevailing lockdown situation.
Sales in potential markets like that of Europe and America have fallen as import-export activities are also stopped.
The supply chain has been disrupted.
This industry employs millions of workers, and companies are laying off their employees due to the COVID-19.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increase in number of nuclear families, rise in disposable income, surge in sensibility toward aesthetic household furnishing, modern lifestyle, renovation & fashion sensitivity, growing real estate market, rapid industrialization & urbanization, and penetration of e-commerce fuel the growth of global home textile market. Favorable regulatory policies and increased focus by the government on the home textile industry boost the growth of the market.
Home textile industry is expected to face considerable challenges from the high cost of logistics. The availability of counterfeit products and high competition can hamper the growth of home textile markets globally.
Increase in the product portfolio and investments in R&D can propel the market growth of home textiles. More and more innovations like wood curtains for UV protection and much more can also drive the home textile market growth. There’s a vast scope for innovation in this market. For instance, a company recently came up with the bed-in-a-bag concept, including all the textile products need in the bedroom.
Trends in global home textile market are as follows:
Eco-friendly home furnishing:
Environmental sustainable products are gaining attraction of the consumers because of environmental concerns. Manufacturers across the globe are coming up with products made from natural fibers as these are more eco-friendly than synthetic fibers. A wide range of aesthetic products is offered now like furniture made from bamboo, curtains made from wood, and much more. Manufacturers have now refrained using chemical dyes and are using natural fibers.
Key Segments Covered:
Key Benefits of the Report:
This study presents the analytical depiction of the global home textile industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global home textile market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the global home textile market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global home textile market analysis based on competitive intensity and how the competition will take shape in the coming years.
Post time: Dec-17-2021