In recent years, home textile products have surfaced as one of the most attractive and fashion sensitive segments in the overall textile market. After going through a barren phase during the fiscal crisis of 2008, the home textile product market has recovered and is registering considerable growth during the past few years. This economy recovery is expected to generate GDP growth, increase consumer purchasing power, and bolster the housing market, all of which combined are expected to boost the sales of home textiles products. Although the home textile product market accounts for only a small share of the total textile market, it is expected to grow at a healthy rate during the forecast period primarily driven by strong performance by exporting countries like India, China, Vietnam, and Bangladesh.
There are many factors driving the global home textile product market. Rising focus on the market by governments and favorable regulatory policies are expected to be one of the major reasons for the market’s upheaval. Such support has met with growth in investments in the market, further bolstering growth. The growing real estate market along with growing consumer spending on home decoration/renovation is also expected to be another major driver of growth for the market. Growth in fashion trends and sensitivity toward household furnishing is also expected to add to the market’s expansion. Furthermore, the market is expected to reach new heights with the emergence of e-commerce with growth in number of shopping websites.
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There are, however, some factors which are restraining the market growth. The global home textile product market is expected to face considerable challenge from the high cost of logistics. The main producers of home textile products are located in developing countries that have weak infrastructure and logistics chains which is expected to emerge as a major factor restraining market growth. Such economies have abundance of low-quality raw materials and face shortage of high-quality raw materials which are essential for making high quality products of international standard. Moreover, the long product replacement cycle of home textile products is expected to hinder the market’s growth.
The global home textile product market can be segmented on the basis of category and geography. On the basis of category, the market can be segmented into bed linen & bed spread, bath/toilet linen, kitchen linen, upholstery, floor and others. Based on category, upholstery is expected to be the largest segment. On the basis of geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold a major share of the total market owing to the soaring demand for home textile products. The region is driven by countries like the U.S., where the market has seen huge amounts of home textile products imported from Asia. Europe is expected to follow North America in terms of market share. The market in Asia Pacific is expected to grow at a significant rate owing to the booming housing market and rapidly growing middle class. The region is expected to be primarily driven by countries such as India, China, and Bangladesh, which have abundance of product suppliers.
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