Pune, India, Nov. 01, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the cotton towel market size was valued at USD 3.86 billion in 2021 and is projected to reach a valuation of USD 4.05 billion in 2022. The market is expected to reach USD 5.98 billion by 2029 with a CAGR of 5.72% during the forecast period. The increasing necessity for towels from various end-users such as hotels, fitness clubs, and hospitals is anticipated to drive market growth. The current spike in the textile industry has made consumers more aware of their home’s appearance, which is expected to propel the market course. The shift towards luxury products is projected to assist in market development. Fortune Business Insights™ shares this information in its report titled “Cotton Towel Market, 2022-2029.”
COVID-19 Impact:
Halt on Tourism Activities Affected Market Growth
Due to the COVID-19 pandemic, shops were forced to close shops due to various restrictions and lockdowns, which led to a loss in the market. The halt in tourism activities led to a decline in market growth.
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Cotton Towel Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 5.72% |
| 2029 Value Projection | USD 5.98 Billion |
| Base Year | 2021 |
| Cotton Towel Market Size in 2021 | USD 3.86 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 154 |
| Segments Covered | By Type, By Application, By Distribution Channel, By Region |
| Cotton Towel Market Growth Drivers | Growing Demand from the Hospitality Sector to Boost Market Expansion |
| Increasing Awareness about Health and Hygiene to Expand Product Demand |
Fortune Business Insights™ lists out all the cotton towel market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Utopia Deals (U.S.)
- Grund America (S.)
- Dunroven House (S.)
- Orahome (S)
- Iris Hantverk (Sweden)
- The DMC Corporation (France)
- MATTEO (U.S.)
- ELSATEX Ltd. (K.)
- Red Land Cotton (S.)
- Danica Studio (Canada)
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Increasing Demand from Hospitality Sector to Improve Market Growth
One of the major reasons for the increase in the demand for such towels is increasing demand from the hospitality sector, which is anticipated to drive cotton towel market growth. There has been a rise in the instance and penetration of e-commerce channels. According to the U.S. Census Bureau News, e-commerce sales in the U.S. touched USD 870 billion in 2021, its marks an increase of 14.2% over 2020 and an increase of 50.5% over 2019.
However, high fluctuations in the costs of the raw materials is expected to hamper the market growth.
Segmentation
Egyptian to Dictate Due to its Various Benefits
On the basis of type, the market is segmented into Pima, Egyptian, Turkish, and blended. Egyptian accounts for the largest part due to as they are heavy-duty, plush, and ultra-soft due to high absorbent action. It accounted for 43.32% in 2021 due to high adoption of amongst consumers.
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Household to Govern Due to Increasing Demand for Cotton Towels
Based on application, the market is categorized into up to household and commercial. Household is anticipated to dominate the market during the coming years due to increasing demand for cotton towels. Cotton is one of the most used fabrics and is also a versatile one making it an ideal choice for the household.
Offline Channel to Lead Due to Wide Variety of Products
On the basis of distribution channel, the market is categorized into offline and online. Offline channel to hold the majority part as it provides a wide variety of specialized products and consumers have the freedom to validate the authenticity of the products.
Regional Insights
Asia Pacific Lead the Market Owing to Rising Preferences for Luxury Products
Asia Pacific is expected to have largest part in the cotton towel market share due to the rise in the demand for comfortable and soft towels. Rising preferences for luxury products and premium textile products is expected to boost market growth for the region. China is one of the dominant countries due to emergence of small-scale textile manufacturers at cheap rates which is also expected to contribute to market development.
North America is anticipated to have a considerable substantial growth in the forecast period due to high demand from countries such as U.S., Canada, and Mexico.
Europe has a moderate growth due to growing importance of bathing habits throughout the region.
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest and dominate the market.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
- The competitive landscape includes the top players' market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent Market
- Industry SWOT Analysis
- Supply Chain Analysis
- Regulatory Framework
- Recent Key Industry Developments – Mergers & Acquisitions, Partnerships, & New Product Launches
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities to Support the Market
- Global Cotton Towel Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Pima Cotton Towel
- Egyptian Cotton Towel
- Turkish Cotton Towel
- Blended Cotton Towel
- By Market Analysis, Insights and Forecast – By Application
- Household
- Commercial
- By Market Analysis, Insights and Forecast – By Distribution Channel
- Online
- Offline
- By Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
TOC Continued…!
Competitive Landscape
Digital Marketing Strategies by Key Players to Advance Market Path
Digital campaigns by the market players are anticipated to advance market grip. In December 2020, Trident Group, an Indian home textile company launched its digital campaign for their towel portfolio expansion. In coming years, the demand for smart and technologically innovative products as they provide convenience and comfort to consumers. Digital campaigns are expected to offer various opportunities in the coming years.
Key Industry Development
October 2021- Welspun India Limited announced its partnership with DuPont Biomaterials for the launch of home textile product range. The product range includes bedsheets and bath towels which are made from bio-based materials.
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Frequently Asked Questions (FAQs):
1. Is the Cotton Towel Industry growing?
Answer: Fortune Business Insights says that the worldwide market size was USD 3.86 billion in 2021 and is anticipated to reach USD 5.98 billion by 2029.
2. Who are the key players in the Cotton Towel Market?
Answer: Utopia Deals, Grund America, Dunroven House, Orahome, Iris Hantverk, DMC, MATTEO, ELSATEX Ltd., Red Land Cotton and Danica Studio are the leading players worldwide.
3. What are Key Factors Raising the Market?
Answer: Increasing Demand from Hospitality Sector to Improve Market Growth
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