PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1631583
PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1631583
The Latin America Home Textiles Market is expected to register a CAGR of greater than 3% during the forecast period.
The Home Textile Market of Latin America is anticipated to grow at an increased rate due to the growth of the end-use sectors such as hospitality, healthcare, and housing, the growing fashion sensitivity of urban consumers towards home furnishings, the growing demand for digitally printed home textiles, and rapidly mounting fashion trends in home textiles. High urbanization rate, increasing disposable income, and improving lifestyle are important factors spurring the market growth in Latin America. The retail market of home textiles in Latin America has emerged as one of the lucrative options for many retailers in the market.
Latin American home textile demand was negatively impacted during the COVID-19 pandemic. Quarantines and partial industrial closures harmed manufacturers. During the pandemic, this resulted in a shortage of raw materials and finished products, which had a substantial impact on the home textiles market growth in Latin America. Post-Covid Manufacturers have changed their strategy to recover from the circumstances by introducing novel innovations like antivirus and hygienic textiles.
Bed Linen is the leading and the largest category in the home textiles market in Latin America with naturally found raw materials extensively being used to manufacture numerous designs and patterns in the bedsheets and bedspreads used across the region. Cotton remains the primary material for making bed and bath textiles in the region. However, very recently there has been a growing demand for linen with eco-friendly materials. Demand for home textiles that have unique and superior home textiles such as stain repellent, quick-drying or wrinkle-free is increasing in the region. Traditional blankets and bedsheets ate replaced by duvets and duvet covers that are washable are highly preferred by the consumers in the market.
Leading urbanization is also anticipated to lead to the use of e-commerce in the buying of home textiles in the market as more people get urbanized, they tend to use more technology. With an aim to reach out to a wide consumer base, companies are tying up with online retailers, as well as introducing their own e-portals. For instance, Alibaba had tied up with the five leading home textile companies. In another instance, Tmall.com tied up with Fauna, Mendale, Luolai, Shuixing, and Beyond. Welspun India launched an online portal a few years back, which covers a variety of beds, baths, and carpet products.
The Latin American home Textiles market is competitive in nature. At the outset, the market seems to be highly fragmented with a mix of both large as well as smaller companies operating across various parts of the region. There are numerous local and international players that either manufacture, trade, or distribute the home textile market in the region. Large companies compete through volume purchasing, breadth of products, and effective merchandising and marketing. Small companies focus on a market segment and compete through the depth of products and superior customer service. The major companies currently dominating the market include Jolitex Ternille, Springs Global, Finlandek, TEKA, and Muller Textiles.