High Spending on Household Textile Products to Steer Textile Home Décor Market Past US$ 163 Mn

NEW YORK, Jan. 3, 2022 /PRNewswire/ -- Fact.MR's latest report on the textile home decor market offers 10-year forecast for 2021 and 2031. The report explicates on vital dynamics, such as drivers, restraints and emerging opportunities shaping the market dynamics. To present the information in a more vivid manner, the report has been segmented in terms of product type, application, sales channel and region.

Fact.MR – A Market Research and Competitive Intelligence Provider: As per latest Fact.MR analysis, the global textile home decor market is estimated to be worth around US$ 97.6 Mn in 2021. The overall market is projected to expand at a healthy CAGR of 6.5%, surpassing US$ 163 Mn by 2031.

Increasing spending on home decor products, changing lifestyle, rapid urbanization, expansion of construction industry and flourishing tourism sector are some of the factors driving the textile home décor market.

Textile home décor products enhance the beauty of homes. Hence, they are being considered as a sign of luxury in the modern homes. Against this backdrop, high spending on these textile home décor products is expected to spur the growth in the market.

Further, with increasing preference for organic products, key manufactures are using natural raw materials for the development of textile home décor products. In order to capitalize on this existing trend, they are continuously introducing new innovative products to cater to the changing customer preferences.

Consecutively, new products with antiviral features are being introduced into the markets. For instance, in 2020, Welspun India launched a range of anti-viral home textile products for India in collaboration with Australia's HealthGuard Corporation.

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Also, millennials who are looking for affordable home decor alternatives are renting textile home décor products and expansion of residential sector across emerging economies are likely to contribute to market expansion.

As per Fact.MR, bed linen & bedspread will be the fastest growing segment in the textile home décor market through 2031. Expanding hospitality industry and adoption of western culture are some of the factors spurring the sales of bed linen & bedspread.

Regionally, North America will retain its top position in the global textile home décor market owing to the changing lifestyle, increasing consumer spending on home décor products and rising sales through online channels. The region is likely to account for around 2/5^th of the global market share by 2031.

"Amid rising demand for superior textile home decor products, key manufacturers are launching new attractive products to woo more customers. Besides this they are focusing on strengthening their distribution pipelines to gain competitive edge," says a Fact.MR analyst

Key Takeaways from Textile Home Decor Market Survey

• The U.S will continue to dominate the global textile home decor market, accounting for over 88.9% share in North America by 2031.
• Australia is expected to hold over 64.6% of textile home décor market share in Oceania.
• Europe will remain the second most lucrative market for textile home décor on account of changing lifestyle and increasing spending by consumers to enhance the aesthetic features of their homes.
• Offline sales channels segment is expected to account for a massive share of around 95.4% in 2021.

Key Drivers

• Increasing penetration of online shopping platforms will continue to boost the sales of textile home décor products.
• Expansion of residential and commercial sectors is positively impacting the growth in the market.
• Innovation in textile home decor products will create lucrative growth prospects in the global textile home décor market.

Key Restraints

• Increasing price of raw materials such as cotton is a major factor restraining the growth of the market.

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Competitive Landscape

Amid fierce competition, leading players operating in the textile home decor market are focusing on innovating their products. They have adopted various growth strategies such as mergers, partnerships, advanced product launches and acquisitions to dominate the market.

• In December 2021, India Count Industries Ltd (ICIL) and its subsidiary announced the acquisition of home décor textile business of GHCL Ltd in India for a sum of Rs 576 crore. The acquisition will help the company to expand its customer base as well as to leverage the joint capabilities of design, innovation and products.
• In October 2021, DuPont announced that Welspun India and DuPont Biomaterials has launched a new home textile collection, including bath towels and bedsheets, made with bio-based materials.
• In November 2021, Tekla Kitchen launched linen collection in six rich shades to enhance their textile home décor portfolio.
• In September 2021, New Home Décor Brand Blue Loom launched its E-commerce website. The new website will help the company to increase their sales.
• In October 2021 Welspun India Limited acquired the newly incorporated Easygo Textiles Private Limited (ETPL).
• In December 2021, Delos, a family-owned manufacturer of carpets and custom rugs that sells primarily to the trade, launched new custom rug designs. The company will kick-off the new year by launching trend-forward designs to the design community.

Some of the prominent players operating in the textile home decor market profiled by Fact.MR are:

• Inter IKEA Systems B.V.
• Bombay Dyeing
• Vescom B.V.
• Mannington Mills, Inc.
• Kimball International. Inc.
• Kurlon Enterprise Limited
• American Textile
• Nitori Holdings
• Avanti Linens
• Williams-Sonoma, Inc.
• Leggett & Platt
• Mittal International
• Ashley Furniture Industries
• Mohawk Industries
• Trident Group

More Insights on the Global Textile Home Decor Sales Outlook

Fact.MR provides an unbiased analysis of textile home decor market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for textile home decor with a detailed segmentation on the basis of:

Product Type

• Floor Coverings
• Kitchen Linen
• Bath/Toilet
• Bed linen & Bedspread
• Others

Application

• Indoor Decor
• Outdoor Décor

Sales Channel

• Offline Channels
• Hypermarkets/Supermarkets
• Independent Small Stores
• Retail Stores
• Other Sales Channels
• Online Channels
• Brand/Company's Website
• E-commerce platforms

Region

• North America Textile Home Decor Market
• Latin America Textile Home Decor Market
• Europe Textile Home Decor Market
• South Asia Textile Home Decor Market
• East Asia Textile Home Decor Market
• Oceania Textile Home Decor Market
• Middle East Africa Textile Home Decor Market

Key Questions Covered in the Textile Home Decor Market Outlook Report

• The report offers insight into textile home decor demand outlook for 2021-2031
• The market study also highlights projected sales growth for textile home decor market between 2021 and 2031
• Textile home decor market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Textile home decor market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

Explore Fact.MR's Coverage on the Consumer Goods Domain –

Homewares Market Forecast - Consumers' increasing desire to improve the aesthetic appeal of their homes through decoration, refurnishing, and restoration has fueled industry expansion in recent years. From a worldwide perspective, the increased use of modern architecture over the last half-decade has resulted in a 2X increase in the construction industry. The increase in population, which has resulted in more rental space for young families and couples, has boosted sales of various home decors and accessories.

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Home Improvement Spending Market Scope - The global home improvement spending market is expected to expand as home prices continue to rise, resulting in continuous growth. In the near future, there could be a lot of money invested in home improvement. This is likely to bode good for the global market for home improvement spending. The emerging concept of "nesting is investing" is expected to benefit the worldwide home improvement spending market, given homeowners' increased interest in house upgrading.

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