Textile Home Decor - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

Textile Home Decor - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The Textile Home Decor Market size is estimated at USD 89.20 billion in 2024, and is expected to reach USD 109.21 billion by 2029, growing at a CAGR of 4.13% during the forecast period (2024-2029).

The market for textile home decor is driven by fast-changing lifestyles, growing real estate, and increasing urbanization. Traditional textile home décor retailers are focusing more on increasing sales by offering various promotional strategies that are attracting consumers to offline retail stores. Although most purchasing of textile home decor products occurs through offline retail stores, online retail stores have witnessed significant growth in the last few years as more consumers are influenced by the convenience and product offerings of online retail stores. Due to an increase in the number of opulent consumers, the worldwide textile home decor market has been expanding in emerging economies. Additionally, customers' desire for eco-friendly home decor goods has changed as a result of increased environmental awareness, which is a major driving force behind market expansion worldwide. Additionally, rising consumer disposable income in developed and emerging markets drives market expansion. Also, intensive marketing campaigns and celebrity endorsements have made a big difference in the expansion of the global market.

On the segmentation front, bed linen and bedspreads account for the largest share of the global market. However, the wall-covering and floor-covering sectors have witnessed a rising trend. Nonetheless, a few factors restrain the global market for home decor products, including the increasing price of raw materials. For instance, according to the Office of Economic Adviser (India), during the fiscal year 2022, the wholesale price index for cotton yarn in India exceeded 140. Over the past decade, the price index value has climbed by roughly 40%. Furthermore, the availability of low-quality and counterfeit goods as well as variations in the cost of the raw materials used to make these goods limit market expansion.

Textile Home Decor Market Trends

Rising Consumption Expenditure On Household Textiles

Household consumption expenditure is the market value of all goods and services purchased by households, including durable goods.For instance, according to the Bureau of Labor Statistics, the average annual expenditures of American households in 2021 came to roughly USD 66,928-an increase of about 9% from the year before. A rise in consumption and expenditure among consumers on household textile products such as home furnishings, curtains, bedding, and apparel has been witnessed with an increasing trend. Furthermore, the inclusion of diverse and advanced textiles for high-tech end uses such as smart materials has significantly boosted the global market.Additionally, rising consumer preference towards using high-quality decorating products, known for their impact on social status, has also boosted the demand for textile home décor products.

Residential construction accounts for a substantial market share in the textile home decor market and is expected to witness a significant growth rate. Employment opportunities and population growth are fundamental drivers of rising demand for new housing as sustained population growth across the world has led to increased demand for all dwellings, including apartments.

North America is The Fastest Growing Region in The Global Market

Because of rising spending power and increasing urbanization in the region, the North American region is expected to show an increasing trend in the market.Other prominent supplier countries include Turkey, Belgium, Germany, the Netherlands, the United States, Portugal, and Poland. Additionally, an improved distribution network facilitates easier and wider availability of textile home decor products and designs for consumers, influencing sales of textile home decor products through both offline and online retail stores.

In addition, as people look for replacement items for their new living spaces, the surge in new building development and the number of single-person homes in the area are both boosting demand for home furnishings like home textiles. For instance, according to the US Census Bureau, in 2022, approximately 37.89 million single-person-led households were in the United States. This is an increase from the previous year, when there were 36.5 million single-person households in the United States. The market for home textiles is further fueled by the commercial sector, as hotels, resorts, and restaurants are demonstrating a developing preference for cutting-edge home décor items like bed linens. One of the most recent trends is an increase in the market for home textiles with digital printing, and producers are focusing on introducing new items in creative ways to fuel this trend across the region.

Textile Home Decor Industry Overview

The global textile home decor market is highly competitive and fragmented owing to the presence of many regional and domestic players. The prominent players in the market are focusing on product launches, expansion, research, and development to offer diversified and advanced textile inclusion for high-tech end uses such as smart materials, further extending profitable opportunities to the market players in the forecast period. For instance, in December 2022, the Indian Trident Group launched bed linen featuring HEIQ technology. It can be used during the finishing stage of the textile manufacturing process and helps reduce inanimate allergens such as house dust mite matter and pet allergens. The technology was tested and certified by BMA Laboratories in the German city of Bochum, and it had also been awarded the Allergy UK Seal of Approval from the British Allergy Foundation. Some of the prominent payers in the market studied include Inter IKEA Holding B.V., Bed Bath & Beyond Inc., Ashley Furniture Industries, Inc., Williams-Sonoma, Inc., and Kimball International, Inc.

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