Home Textiles: The Growing Market

By: Rushikesh Jethava

Housing boom in Asia-Pacific, Increasing fashion trends in home textiles and demand recovery from Western economies are the major factors driving the growth of Home textiles globally.

Textiles industry was amongst the worst affected industry during the financial crisis of 2008 which led to shut down of textiles manufacturing centers in the Western countries and shifting of manufacturing base to emerging economies such as China, India, Bangladesh and many other Asian countries due to lower labor cost and other financial benefits.

Home textiles witnessed the impacts of financial crisis and registered modest growth of 2.0% - 3.0% between 2008 and 2013. However this segment in the textiles industry emerged as one of the fastest growing segment ever since global economy started showing signs of recovery in 2013. Retail value of global home textiles market is estimated to be around $ 110,508.0 million in 2014 and is expected to reach $131,499.9 million by 2020 growing at a CAGR of 3.5% during this period.

Inner circle represents data for 2015

Asia-Pacific is the largest regional segment in the global home textiles market, this segment represented 44.0% of the home textiles market in 2015 and is expected to grow at a CAGR of 5.4% between 2015 and 2020 and is expected to account for 48.0% of the market share in 2020. Asia-Pacific was followed by Europe, North America and RoW with a respective market share of 26.2%, 23.1% and 6.6% in 2015. Globally top ten home textile countries accounted for approximately 78% of the world-wide home textile market in 2015 lead by China with a market share of share reached 27.2% in 2015.