As a study projects the global home textiles market hitting $170.5 billion by 2024, expanding at a CAGR of 3.1 per cent, here is a brief look at the sub-sector.

The home textiles sector, which covers items like household furnishings, towels, bedding, blankets, kitchen linen and floor coverings, has nurtured itself parallel within the textiles and apparel industry from the beginning as a default consumer need. Of course, the raw materials used and elements of design and aesthetics have evolved with time and the fashion quotient attached to it is a relatively new trend, primarily linked to the growing affluence in certain sections of society.

From simple stitched home textile products at the beginning, its varieties now include printed, embroidered, woven, nonwoven and even handmade. The choice and range of colours have also witnessed a transformation. The worldwide market for home textiles is expected to grow at a compound annual growth rate (CAGR) of roughly 3.1 per cent over the next five years, reaching $170.5 billion in 2024, from $142 billion in 2019, according to a new study by Global Info Research. An earlier analysis of UN Comtrade statistics by Wazir Advisors found the global trade stood at $79.5 billion in 2017, growing at a CAGR of 8 per cent for the last ten years-up from $54.0 billion in 2007.

Some of the big global players include Welspun India, Mohawk, SESA, Ralph Lauren Corporation, Hunan Mendale, Zucchi, Springs, Sheridan (Pacific Brands), Shandong Weiqiao, Pacific Coast Feather, 1888 Mills, American Textile, WestPoint Home, Franco Manufacturing, Luolai, Shenzhen Fuanna, Evezary, Amante and Allerman.

A report published in January this year by US-based Future Market Insights estimated the revenue generated from blankets globally at over $6,676.4 million in 2018 and is projected to rise at a CAGR of 4.5 per cent till 2027. Bold and dark colours in blankets are the latest trend and in Asian countries like India and China, there is a higher preference for blankets with exotic pattern, which, according to consumers, brings a unique charm to modern interior decorating and designing, the report found.

Trident and Dicitex are the two big Indian manufacturers in the home textiles segment. Indian brands include RR Decor, ABN, Birla Century, F&F, Maspar, Goldtex, Spread, Swayam, Mafatlal, Indian Drape, MYCK and Zyneand Super Net. Many international brands have witnessed decent annual growth in India market as well.

Home Trades

For calendar year 2018, the total Indian imports in the home textile furnishing segment accounted for $161.37 million with a decline of 0.61 per cent over the 2017 figure of $162.37 million, according to the Italian Trade Agency (ITA), which analysed statistics from the Indian commerce ministry.