LONDON--(BUSINESS WIRE)--The global home textiles market, which offers a wide range of household textiles products from carpets to bedsheets to curtains etc., is witnessing steady growth driven by factors like rising consumer spending on home renovation and fashion sensitivity towards household furnishing. Details about the boom of the global home textiles market and how India is set to become world’s largest home textiles supplier are some of this week’s top stories on BizVibe.
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Global Home Textiles Market Expects Promising Future
The home textiles sector is becoming one of the most lucrative business segments in the global textiles industry, thanks to the soaring demand for household textiles products across the world. The market size of global home textiles was valued at approximately USD 96 billion in 2016. The total retail value of the global home textiles sector is expected to reach USD 131.5 billion by 2020, registering a CAGR of 3.5%.
Currently, China, the US, and Europe are dominating the global home textiles market as the largest consumers, while Asian countries such as China, India, and Pakistan are some of the largest suppliers for the global home textiles market.
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India Sets to Become Number One Supplier in Global Home Textile Market
India’s home textiles industry was estimated at USD 4.9 billion in 2017 and is expected to expand at a CAGR of 8% to reach USD 5.29 billion by the end of 2018. Apart from being the top supplier for the US, the world’s biggest home textile consuming market, India is also responsible for over 21% of the towels and 19% of bed linen in the global home textile market.
With newly launched government initiatives, which aims to further help India’s home textile sector in terms of creating more jobs, earning more foreign exchange and investing for new technology and innovation, India is likely to become the world’s largest home textile producer in coming years.
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