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Home textile products are retaining a firm presence in the marketplace for many years as people are increasingly giving importance in the beautification and maintenance of their household. Its capability to help protect furniture from dust and dirt while also act as a decorative item is helping to boost the need for the product among a large number of consumers. The rising growth of employment among the global population resulting to escalate the purchasing power of consumers around the world is likely to fuel the consumption of the product. For instance, according to the data published by the International Labour Organisation, in 2018, 48 percent of women and 75 percent of men are estimated to be participating in the global labor force.
The thriving growth of the global textile and apparel industry, resulting to escalate the production of home textile products, is acting as a driving factor for the market growth. For instance, according to the World Economic Forum data published, August 2020, in 2019 the global textile and apparel industry retail market was evaluated to be worth USD 1.9 trillion. Furthermore, the increasing number of million-dollar homes led to a surge in the consumption of the product, especially premium quality, which has a positive impact in generating traction. For instance, according to the data released by the USA Today, November 2018, the United States is estimated to have a rise of 400,702 new homes which are evaluated to be worth one million dollars or more.
Nevertheless, the escalating cost of the price of fabric negatively impacted the final cost of the product is acting as a hampering factor for the market growth. For instance, according to the business standard data published, in April 2019, is declaring that the price of cotton has risen by 6 percent in March of 2019 from its prior month.
Key Market Driver -
The flourishing growth of the global textile and apparel industry is acting as a driving factor for the market growth.
Key Market Restraint -
The rising cost of the price of fabric is acting as a restraining factor for the market growth.
GHCL Limited, Evezary Co., Ltd., Arvind Limited, Franco Manufacturing Company, Inc., Beyond Textiles Pvt. Ltd., Dicitex, and others are the key companies operating in the home textile products market.
The home textile products are segmented into by product type, raw material, sales channel, and geography.
On the basis of product type, the market is fragmented into window coverings, bed linen, table linen, bathroom linen, and others. Window coverings are projected to be the dominant owing to the availability of multiple windows that requires the use of this product in most places. This is thus assisting to surge more demand for the product as compared to other segments.
Based on raw material, the market is grouped into natural, synthetic, and blended. Natural is anticipated to be the leading segment on account of the product possessing attractive qualities such as non-allergic to the skin, less harmful to the environment, and its durability has upsurged the preference rate.
By sales channel, the market is divided into e-commerce stores and offline stores. Offline stores are estimated to be the prominent market due to the store being able to help avoid various complications of shopping when it comes to returning, replacement, and immediate purchase.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Asia Pacific is assessed to embrace a prominent share and is estimated to continue throughout the forecast period of 2021-2028. The booming growth of home decoration resulting to propel people to surge their spending made on the home textile product increases the market growth. For instance, according to the Economic Times data issued, in 2019, the Indian home decoration market has witnessed a rise of 20 percent nationwide. In addition, the increasing number of dual-income households is leading to an increase in the demand for home textile products which thus assists to generate traction. For instance, according to the Korean Times June 2020, in 2019, the dual-income household of South Korea is estimated to be 5.66 million which is assessed to be 46 percent of all married-couple households.
North America is evaluated to exhibit a significant presence in the home textile product market, owing to the escalating growth of new residential construction fostering the usage of the product is anticipated to have a vital contribution. For instance, according to the data released by the United States Census Bureau and the United States Department of Housing and Urban Development data issued, in November 2020, the United States is evaluated to have 1,343,000 housing completion, 1,530,000 housing starts, and 1,545,000 building permits. Moreover, the popularity of the decoration of homes in festive seasons such as Christmas, Halloween, Thanksgiving, and others has resulted to escalate demand.
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