Textile industry is expected to grow at a CAGR of 5.5%

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By admin January 15, 2020 14:36

Textile industry is expected to grow at a CAGR of 5.5%

The global home textile market is one of the most profitable business segments in the global textile industry and is expected to grow at a CAGR of 5.5 per cent for the period of 2018-2024.

•The industry is witnessing a steady growth driven by factors, like rising consumer spending on home renovation and fashion sensitivity toward household furnishing.

•The United States and Europe are the biggest consumers constituting 60 per cent of the home textiles imports, with countries like India, China, and Pakistan being the key suppliers.

•Rising focus on the market by governments and favorable regulatory policies are expected to be one of the major reasons for the market disruption. Such support has met with growth in investments in the market, further strengthen growth.

•The global home textile market is expected to face a considerable challenge from the high cost of logistics.

As of 2016, the prominent suppliers, such as China, India, Turkey, Pakistan, Belgium, Germany, Netherlands, the United States, Portugal, and Poland, held 80 per cent share among global major suppliers. China has the maximum
share of 39 per cent with $18 billion, followed by India (11 per cent) with $5 billion. Poland has emerged as a supplier of home textiles during 2011-2016, with a growth rate of 4.6 per cent but at small base value. However,
China has remained almost stagnant with a growth rate of 0.2 per cent, while countries, such as the United States, Belgium, and Germany, have a negative growth rate.

admin
By admin January 15, 2020 14:36
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