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China Home Textiles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

China Home Textiles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • June 2021
  • 155 pages
  • ID: 6101225
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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China’s huge population, coupled with its increasing textile and clothing consumption per capita year by year, is providing a lucrative global business opportunity for the market. The increasing home renovation projects in the country are also accelerating the growth of the market by creating opportunities for home textiles producers. Chinese customers are increasingly placing more emphasis on the quality and design of home decorations. Thus, the market has been experiencing rapid growth during the study period and is anticipated to continue the growth in the forecast period as well.

Guangdong Province, Shanghai, Nantong in Jiangsu Province, Zhejiang Province, and Shandong Province are the industrial cluster areas in China. Several key players are pairing up with technology companies to tap the smart home industry. Asia-Pacific region, which accounts for around 45% of the market remains as the most strong producer and consumer of home textiles. Moreover, within the region, China is the largest manufacturer and consumer of home textiles.

The COVID-19 outbreak disrupted the China home textile industry which operations fell into a state of shutdown and production reduction in a large area. However, with the country’s gradual and effective control of the pandemic, the industry has overcome many difficulties and actively organized the resumption of work and production during the second half of the year 2020.

Key Market Trends
High Exports Has Helped the Market to Record More Revenues

The increasing export quantities owing to the high demand for the products in the US and several other markets have helped the China home textile market to record more revenues during the study period. However, due to the pandemic, the total export value recorded a drop in revenue during 2020 and has brought severe challenges to the export segment of the China home textile industry. According to customs statistics, in 2020, China’s textile product exports totaled USD 37.2 billion, a year-on-year decrease of 6.43%. Exports to North America and Oceania recorded growth rates of 2.11% and 8.35% respectively, whereas exports to Asia and South America fell sharply, -10.70% and -12.93% respectively during 2020.

Growing Bed Linen and Bed Spread Segment

Bed linen and bedspread segments have been recording more revenues owing to the growing demand for the products in the market. According to the official statistics, in the market studied, more than 960 bedding enterprises have achieved operating income of CNY 97.022 billion during 2020 which resulted in increased profits for the year. Similarly, the export value of bedding valued at USD 12.8 billion, down 2.44% year-on-year, and the export value of towels and blankets dropped significantly, -13.77% and -12.44% respectively. owing to the COVID-19 pandemic and tension between the US and China trade. However, the carpets and kitchen textiles segments rose against the downtrend in 2020. The market showed signs of recovery in the first half of 2021, which is anticipated to continue for the rest of the forecast period as the situation started to get to normal from the pandemic effect.

Competitive Landscape
The report covers major international players operating in the Chinese home textile market. In terms of market share, few of the major players currently dominate the market. However, the demand is predominantly driven by consumer income. The large and key players including Luolai Home Textile Co., Ltd., Sunvim Group?, Fu Anna?, Hunan Mendale Hometextile Company Ltd.?, etc., competing through volume purchasing, breadth of products, and effective merchandising and marketing, whereas small and medium-sized players, are focusing on a market-specific segment and compete through depth of products and superior customer service.

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