Cotton yarn market poised for steady growth, reaching $113 billion by 2031: SNS Insider
A recent report by SNS Insider states, the global cotton yarn market is expected to witness a steady rise in the coming years, reaching a projected value of $113.05 billion by 2031. This translates to a Compound Annual Growth Rate (CAGR) of 4.1 per cent over the forecast period (2024-2031).
The report attributes this growth to several key factors.
Rising demand for natural fibers: Consumers are increasingly drawn to natural fibers like cotton, driven by a growing preference for sustainability and comfort. Cotton's lightweight and breathable properties make it ideal for summer clothing and accessories, further propelling its popularity.
Booming apparel and home textile industries: The expansion of end-use industries like apparel and home textiles is a significant contributor to market growth. A prime example is India, a major cotton producer, where exports of cotton yarn, fabric, and handloom products have surged by 7 per cent to $11.7 billion in FY24.
Technological advancements: Leading yarn manufacturers are continuously investing in innovative technologies to maintain their competitive edge. These advancements are streamlining production processes and enhancing the quality and efficiency of cotton yarn production.
SNS Insider's report also delves into segmentation within the cotton yarn market. The carded yarn segment is anticipated to hold the dominant position throughout the forecast period. This is primarily due to its cost-effectiveness compared to combed yarn. The carding process, which involves separating and aligning cotton fibers, is faster and less intensive than combing, allowing for quicker production at a lower cost. This efficiency is crucial in meeting the high demand for cotton yarn across various applications.
The cotton yarn market presents a promising outlook, driven by rising consumer awareness, technological advancements, and the flourishing apparel and home textile industries. As the industry progresses, a focus on sustainable practices will likely be paramount. Implementing eco-friendly measures throughout the cotton yarn production chain, from sourcing to manufacturing, will be essential for long-term success.