According to a recent report by a market research and competitive intelligence provider, demand for textile home decor products is projected to surpass a valuation of US$ 163 Mn by 2031, rising at a CAGR of around 6.5% over the decade.
Developments in the construction industry and growing real estate sectors are expected to contribute well to an upsurge in demand for textile home decor products. In addition, maintaining status symbol has gained traction in today’s times, where consumers are demanding unique and good-quality products that even cost more.
Rise in the home furniture industry is expected to open new opportunities for home decor providers. Growing demand from the hospitality sector for bed & table linen is anticipated to drive market growth. Few other factors such as improvement in living standard of people, increasing urbanization & modernization, growing real estate industry, rising disposable income, and development in distribution networks worldwide are set to boost sales of textile home decor products over the coming years. High cost of raw material is expected to be the only major factor that can hamper market.
Consumers are shifting their focus to using eco-friendly products that are safe, natural, and organic, and have no harmful effects on the environment. For example, consumers are using organic comforters and bedding that have numerous benefits such as inducing calm and peaceful sleep. It is predicted that home decor product manufacturers will shift their focus towards developing green and harmless products.
Key Takeaways from Market Study
- Rising urbanization and spending capacity are key macroeconomic factors that can positively impact the global market for textile home décor.
- Innovation in products is expected to enable manufacturers develop organic and natural home decor products with no harmful impact on the environment.
- Among the product types, the bed linen/bedspreads segment has been the fastest-growing segment, owing to rise of the real estate and hospitality sectors globally.
- North America is set to dominate market revenue and gain 89 BPS by 2031.
“Growing real estate and hospitality sectors are expected to fuel market growth. Alongside, rising adoption of eco-friendly products by consumers is expected to escalate growth of the textile home decor market through 2031,” says a lead analyst.
Who is Winning?
Consumers prefers good quality products and faster services. So, in order to serve these preferences, businesses are innovating and developing products accordingly to create a large customer base.
Some of the leading companies offering textile home decor products are Inter IKEA Systems B.V., Mannington Mills, Inc., Bombay Dyeing, Trident Group, Vescom B.V., Kimball International, Inc., American Textile, and Avanti Linens.