As per the current market research conducted by the CMI Team, the India Home Textile Market size is expected to record a CAGR of 8.4% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 11,723.6 Million. By 2033, the valuation is anticipated to reach USD 24,228.3 Million.
India Home Textile Market: Growth Factors and Dynamics
- Rapid Urbanization and Growing Middle Class: India’s expanding urban population and rising middle class are significant drivers of the home textile market. As more people move to cities and experience improved living standards, the demand for home textiles such as bedding, towels, curtains, and upholstery increases.
- Increasing Disposable Income: The steady growth of disposable income among Indian consumers has fueled spending on lifestyle products, including home textiles. With more purchasing power, consumers are willing to invest in higher quality and aesthetically pleasing home textile products, driving market growth.
- Preference for Branded and Designer Products: There is a noticeable shift in consumer preferences towards branded and designer home textile products. Recognizable brands offer assurance of quality and design, while designer collections cater to those seeking unique and stylish options. This trend has led to the proliferation of both domestic and international brands in the Indian market.
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India Home Textile Market: Partnership and Acquisitions
- In 2022, Indo Count Industries Limited acquired GHCL Ltd.’s Home Textile business in Bhilad, Gujarat, bolstering its position as a top manufacturer and exporter of Home Textiles. This strategic move enhances customer-centric operations, amplifying flexibility, and elevating service standards.
- In 2022, Vandewiele NV and Savio India merged to form VANDEWIELE-SAVIO INDIA Pvt. Ltd., offering an extensive range of integrated services to meet customer needs in the Indian textile industry. This synergy promises significant benefits and enhanced support for the sector’s growth.
India Home Textile Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the India Home Textile Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Disruption in Supply Chain: The COVID-19 pandemic disrupted global supply chains, including those in the home textile industry. Lockdowns, restrictions on movement, and temporary closures of manufacturing units led to delays in the production and shipment of raw materials and finished products, causing supply chain bottlenecks and affecting the availability of home textile goods.
- Decline in Consumer Spending: The economic uncertainty resulting from the pandemic, coupled with job losses and salary cuts, led to a decrease in consumer spending on non-essential items, including home textiles. Many consumers prioritized essential goods over discretionary purchases, impacting the demand for home textile products.
- Shift to Online Retail: The pandemic accelerated the shift towards online retail channels for home textile purchases. With physical stores temporarily closed and consumers preferring contactless shopping options, e-commerce platforms experienced a surge in demand for home textile products. Manufacturers and retailers adapted by strengthening their online presence and enhancing digital marketing efforts to reach consumers effectively.
List of the prominent players in the India Home Textile Market:
- Welspun India Limited
- Indo Count Industries Limited
- Trident Limited
- Bombay Dyeing & Manufacturing Company Limited
- Himatsingka Seide Limited
- GHCL Limited
- Raymond Home
- Dicitex Furnishings
- Siyaram Silk Mills Limited
- Arvind Limited (Home Textiles Division)
- Sarita Handa Exports Private Limited
- Fabindia Overseas Private Limited
- Maspar Industries Private Limited
- Portico New York
- Spread Home
- Others
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