Pune, India, Nov. 01, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights™, the cotton towels market size was valued at USD 3.86 billion in 2021 and is expected to reach a valuation of USD 4.05 billion in 2021. 2022. The market is expected to reach USD 5.98 billion by 2029 growing at a CAGR of 5.72% during the forecast period. The growing need for towels from various end users such as hotels, fitness clubs, and hospitals is expected to drive the market growth. The current spike in the textile industry has made consumers more conscious about the appearance of their homes, which is expected to propel the market price. The move towards luxury products should contribute to the development of the market. Fortune Business Insight™ shares this information in its report titled “Cotton Towel Market, 2022-2029.”
Impact of COVID-19:
Stopping of tourist activities affected by market growth
Due to the COVID-19 pandemic, stores were forced to close stores due to various restrictions and closures, which led to a loss in the market. The shutdown of tourism activities has led to a decline in market growth.
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cotton towel Market Report Scope and Segmentation:
|2029 value projection||$5.98 billion|
|Cotton Towel Market Size in 2021||$3.86 billion|
|Number of pages||154|
|Segments Covered||By type, by application, by distribution channel, by region|
|Cotton Towel Market Growth Drivers||Growing demand from hotel sector to drive market expansion|
|Increase health and hygiene awareness to increase product demand|
Fortune Business Insights™ lists all companies in the Cotton Towels Market currently working to lessen the impact of the Covid-19 pandemic on the market:
- Utopia Deals (USA)
- Grund America (S.)
- Dunroven House (S.)
- Orahome (S)
- Iris Handverk (Sweden)
- The DMC company (France)
- Mateo (USA)
- ELSATEX SA (K.)
- Red Earth Cotton (S.)
- Studio Danica (Canada)
The report provides a detailed analysis of major segments and latest market trends. It discusses in detail the driving and restraining factors and the impact of COVID-19 on the market. Moreover, it examines the regional developments and the strategies undertaken by the major market players.
Drivers and Restrictions
Increase in demand from hotel sector to enhance market growth
One of the major reasons for the rise in demand for these towels is the growing demand from the hospitality industry, which is expected to drive the growth of the cotton towels market. There has been an increase in the instance and penetration of e-commerce channels. According to the US Census Bureau News, e-commerce sales in the United States reached USD 870 billion in 2021, representing a 14.2% increase from 2020 and a 50.5% increase from 2019 .
However, sharp fluctuations in raw material costs are expected to hamper the market growth.
Egyptian to dictate due to its various advantages
On the basis of type, the market is segmented into Pima, Egyptian, Turkish, and Mixed. Egyptian accounts for the bulk due to its sturdiness, plushness and ultra-softness due to its high absorbent action. It stood at 43.32% in 2021 due to the high adoption of among consumers.
Browse Detailed Abstract of Research Report with TOC:
Household to govern due to growing demand for cotton towels
Based on application, the market is categorized into up to household and commercial. Households are expected to dominate the market in the coming years owing to the growing demand for cotton towels. Cotton is one of the most widely used fabrics and is also versatile, making it an ideal choice for the household.
Offline channel to direct due to wide variety of products
Based on the distribution channel, the market is classified into offline and online. The offline channel will hold the majority as it provides a wide variety of specialty products and consumers have the freedom to validate the authenticity of products.
Asia-Pacific dominates the market due to growing preferences for luxury goods
Asia-Pacific is expected to hold the largest cotton towel market share owing to the increase in demand for comfortable and soft towels. Growing preferences for luxury goods and high-end textile products are expected to drive the market growth in the region. China is one of the leading countries due to the emergence of small, low-cost textile manufacturers, which is also expected to contribute to the development of the market.
North America is expected to witness considerable substantial growth over the forecast period owing to strong demand from countries such as the United States, Canada, and Mexico.
Europe is experiencing moderate growth due to the growing importance of bathing habits across the region.
Reasons to get this report:
- Qualitative and quantitative market research based on segmentation including both economic and non-economic factors
- Market value data for each section and sub-segment
- Indicates the region and market segment likely to grow fastest and dominate the market.
- The consumption of the product/service in each region is highlighted along with the factors affecting the market in each region.
- The competitive landscape includes market rankings of top players, as well as new service/product launches, collaborations, corporate expansions, and acquisitions made by featured companies in recent years.
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Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Parent market overview
- Industry SWOT Analysis
- Supply chain analysis
- Regulatory framework
- Recent Key Industry Developments – Mergers & Acquisitions, Partnerships and New Product Launches
- Market analysis and overview (in relation to COVID-19)
- Impact of COVID-19 on the market
- Supply chain challenges due to the pandemic
- Potential opportunities to support the market
- Global Cotton Towels Market Analysis, Outlook and Forecast, 2018 – 2029
- Main results/summary
- Market Analysis, Outlook and Forecast – By Type
- Pima cotton towel
- Egyptian cotton towel
- Turkish cotton towel
- Cotton Blend Towel
- By Market Analysis, Insights & Forecast – By Application
- By Market Analysis, Outlook and Forecast – By Distribution Channel
- By Market Analysis, Outlook & Forecast – By Region
- North America
- Asia Pacific
- South America
- Middle East and Africa
Digital Marketing Strategies by Key Players to Advance the Way of the Market
Market players’ digital campaigns are expected to advance market power. In December 2020, Trident Group, an Indian home textiles company, launched its digital campaign for the expansion of its towel portfolio. In the coming years, the demand for smart and technologically innovative products as they provide convenience and comfort to consumers. Digital campaigns should provide various opportunities in the coming years.
Development of key industry
October 2021- Welspun India Limited has announced its partnership with DuPont Biomaterials for the launch of a range of home textile products. The product line includes bed linens and bath towels made from bio-based materials.
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Frequently Asked Questions (FAQ):
1. Is the cotton towel industry growing?
Answer: According to Fortune Business Insights, the global market size was USD 3.86 billion in 2021 and is expected 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 major global players.
3. What are the key factors increasing the market?
Answer: Increase in demand from hotel sector to enhance market growth
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