Dublin, Jan. 03, 2025 (GLOBE NEWSWIRE) -- The "Home Textile Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global home textile market reached a value of nearly $133.56 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.8% since 2018. The market is expected to grow from $133.56 billion in 2023 to $169.44 billion in 2028 at a rate of 4.9%. The market is then expected to grow at a CAGR of 5.4% from 2028 and reach $220.3 billion in 2033.
Growth in the historic period resulted from the increased disposable income, rise in residential and commercial construction activities, increase in renovation of existing homes, expansion of the hospitality industry and favorable government initiatives. Factors that negatively affected growth in the historic period include high competition among manufacturers and retailers and competition from inexpensive imported textiles.
Going forward, the expansion of the e-commerce industry, increasing urbanization, growing awareness about home aesthetics and increasing demand for eco-friendly home furnishing will drive the market. Factors that could hinder the growth of the home textile market in the future include economic uncertainties or downturns.
The home textile market is segmented by product into bedroom linen, bathroom linen, kitchen linen, carpets and floors coverings and other products. The bedroom linen market was the largest segment of the home textile market segmented by product, accounting for 49% or $65.4 billion of the total in 2023. Going forward, the other products segment is expected to be the fastest growing segment in the home textile market segmented by product, at a CAGR of 6.1% during 2023-2028.
The home textile market is segmented by material into polyester, cotton, silk, wool and other materials. The polyester market was the largest segment of the home textile market segmented by material, accounting for 45.7% or $61.03 billion of the total in 2023. Going forward, the cotton segment is expected to be the fastest growing segment in the home textile market segmented by material, at a CAGR of 6% during 2023-2028.
The home textile market is segmented by distribution channel into offline and online. The offline market was the largest segment of the home textile market segmented by distribution channel, accounting for 70.2% or $93.77 billion of the total in 2023. Going forward, the online segment is expected to be the fastest growing segment in the home textile market segmented by distribution channel, at a CAGR of 5.9% during 2023-2028.
The home textile market is segmented by end-user into residential and commercial. The residential market was the largest segment of the home textile market segmented by end-user, accounting for 76.9% or $102.65 billion of the total in 2023. Going forward, the commercial segment is expected to be the fastest growing segment in the home textile market segmented by end-user, at a CAGR of 5.2% during 2023-2028.
Asia-Pacific was the largest region in the home textile market, accounting for 44.8% or $59.89 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the home textile market will be Asia-Pacific and Africa, where growth will be at CAGRs of 5.9% and 5.7% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 5.4% and 4.9% respectively.
The global home textile market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 31.25% of the total market in 2023. The Home Depot Inc. was the largest competitor with a 5.65% share of the market, followed by Lowe's Companies Inc. with 5.05%, Target Corporation with 4.83%, TJX Companies Inc. with 2.62%, Macy's Inc. with 2.56%, Mohawk Industries Inc. with 2.50%, Williams-Sonoma Inc. with 2.44%, IKEA Group with 2.24%, Ralph Lauren Corporation with 2.09% and Welspun India Ltd. with 1.29%.
The top opportunities in the home textile market segmented by product will arise in the bedroom linen segment, which will gain $17.36 billion of global annual sales by 2028. The top opportunities in the home textile market segmented by material will arise in the polyester segment, which will gain $13.4 billion of global annual sales by 2028. The top opportunities in the home textile market segmented by end-user will arise in the residential segment, which will gain $26.87 billion of global annual sales by 2028. The top opportunities in the home textile market segmented by distribution channel will arise in the offline segment, which will gain $22.61 billion of global annual sales by 2028. The home textile market size will gain the most in China at $9.03 billion.
Market-trend-based strategies for the home textile market include focus on leveraging advanced technologies for innovative solutions, creativity and customization to foster connections through fabric, expansion of home textile offerings to elevate home decor landscape and focus on launch of sustainable and traceable home textile products.
Player-adopted strategies in the home textile market include focus on launching exclusive, themed product lines that cater to niche markets and enhance online presence and launching targeted private label brands to attract specific consumer demographics.
To take advantage of the opportunities, the analyst recommends the home textile companies to focus on innovation in cotton bedding, focus on innovative and customizable designs, focus on expanding product offerings, focus on developing sustainable home textiles, focus on cotton segment for growth, expand in emerging markets, continue to focus on developed markets, focus on competitive pricing strategies, focus on digital marketing channels, participate in trade shows and events, continue to use B2B promotions and focus on commercial end-users.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 313 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $133.6 Billion |
| Forecasted Market Value (USD) by 2033 | $220.3 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Major Market Trends
- Leveraging Advanced Technologies for Innovative Solutions
- Creativity and Customization to Foster Connections Through Fabric
- Expansion of Home Textile Offerings to Elevate Home Decor Landscape
- Focus on Launch of Sustainable and Traceable Home Textile Products
Home Textile Market - Macro-Economic Scenario
- COVID-19 Impact on the Home Textile Market
- Impact of the War in Ukraine on the Home Textile Market
- Impact of High Inflation on the Home Textile Market
Competitive Landscape and Company Profiles
- The Home Depot Inc
- Lowe's Companies Inc
- Target Corporation
- TJX Companies Inc
- Macy's Inc
Other Major and Innovative Companies
- Mohawk Industries Inc
- Williams-Sonoma Inc
- IKEA Group
- Ralph Lauren Corporation
- Welspun India Ltd
- Kohl's Corporation
- Luolai Home Textile Co. Ltd
- Bed Bath & Beyond Inc. (Beyond (formerly Overstock))
- Sultana
- Shenzhen Fuanna Bedding and Furnishing Co Ltd
- Alok Industries Ltd
- Hunan Mendale Hometextile Company Ltd
- Springs Global Inc
- Marvic Textiles Ltd
- New Sega Home Textiles Inc
Key Mergers and Acquisitions
- Indo Count Acquired Home Textile Business of GHCL
- Material Exchange Acquired Studio M.V.
- The Foschini Group Acquired Tapestry Home Brands
- Archroma Acquired the Textile Effects Business From Huntsman Corporation
For more information about this report visit https://www.researchandmarkets.com/r/g0sxj7
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