Market Analysis & Forecasts

2023-04-27

Cotton towel market to hit USD 6.36 Billion by 2030 | with a CAGR 5.92%

Key Companies covered in cotton towel market are Utopia Deals (U.S.), Grund America (S.), Dunroven House (S.), Orahome (S), Welspun India Limited (India), Trident Group (India), MATTEO (U.S.), ELSATEX Ltd. (K.), Red Land Cotton (S.), Danica Studio (Canada), and more players profiled.

The cotton towel market size was valued at USD 4.04 billion in 2022 and is projected to reach a valuation of USD 4.25 billion in 2023. The market is expected to reach USD 6.36 billion by 2030 with a CAGR of 5.92% during the forecast period. Increasing requirement for towels in fitness clubs, hotels, and hospitals is anticipated to drive market growth. 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 the market development. Fortune Business Insights™ shares this information in its report titled “Cotton Towel Market, 2023-2030.”

List of Key Players Profiled in the Cotton Towel Market Report:

• Utopia Deals (U.S.)

• Grund America (S.)

• Dunroven House (S.)

• Orahome (S)

• Welspun India Limited (India)

• Trident Group (India)

• MATTEO (U.S.)

• ELSATEX Ltd. (K.)

• Red Land Cotton (S.)

• Danica Studio (Canada)

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/cotton-towel-market-103847

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 42.77% in 2022 of the market share due to high adoption of amongst consumers.

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.

COVID-19 Impact:

Halt on Tourism Activities Affected Market Growth for Cotton Towel

At the time of COVID-19 pandemic, shops were obligated to be closed owing to restrictions and lockdowns, which led to loss in the market. Halt on the tourism activities led to the decline in the market growth. Internationally, trade friction and trade protectionist measures between China, Australia, and the U.S., and trading partners impeded the sale of consumer goods in the short term.

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 for cotton towel.

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. Growth in the number of sellers and manufacturers in the region will lead to easy accessibility and luxury textiles.

Europe has a moderate growth due to growing importance of bathing habits throughout the region. Rising expenditure of consumers on hygiene related products supplements to drive market growth.

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.

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