Global Towel Market Size to Reach USD 7.16 Billion by 2033 | CAGR of 5.9%
New York, USA, March 08, 2024 (GLOBE NEWSWIRE) — The global towel market size is set to increase from USD 4.03 billion in 2023 to USD 7.16 billion by 2033, growing at a compound annual growth rate (CAGR) of 5.9% during the forecast period.
Towels are widely used for personal care, cleanliness, and various settings such as homes, hotels, and other establishments. They are a part of the larger textile industry. The demand for high-quality towels is driven by changing lifestyles and the need for better towels both at home and in business establishments. Gym-goers also prefer cotton towels due to their softness and comfort. Gyms, hotels, and spas significantly contribute to the towel market’s growth by meeting these needs. The hospitality and tourism sectors also play a major role in driving towel demand, as hotels and resorts require a large number of towels for their guests. Therefore, as the hospitality and tourism industries grow, so does the demand for towels. Consumer preferences and trends greatly influence the towel industry. Changes in lifestyle, preferences, and an increased interest in eco-friendly options can affect the demand for different types of towels. Global trade regulations can also impact the towel market. Changes in these regulations can make international trade of towels more difficult or expensive, potentially slowing market growth.
Explore critical insights spread across 200 pages with 110 tables, figures, and market data charts in the “Global Towel Market Size, Share, and Impact Analysis, by Type (Turkish, Egyptian, Pima, and Blended), by Application (Household, Commercial), by Distribution Channel (Online, Offline), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), Analysis and Forecast 2023 – 2033.”
Egyptian Segment Expected to Hold the Largest Share of the Global Towel Market During the Forecast Period
Based on type, the global towel market is segmented into Turkish, Egyptian, Pima, and blended. Among these, the Egyptian segment is predicted to hold the largest market share during the forecast period. Egyptian cotton is known for its superior fineness and length compared to regular cotton, providing consumers with an incredibly soft and luxurious touch. Additionally, its long, slender fibers contribute to the excellent absorbency of Egyptian towels, ensuring quick and effective moisture absorption, thus keeping users dry efficiently.
Household Segment Predicted to Grow at the Fastest Rate in the Global Towel Market During the Forecast Period
Based on application, the global towel market is divided into household and commercial segments. Among these, the household segment is expected to grow at the fastest rate during the forecast period. Towels have various uses, such as drying off after a bath, in the kitchen, while swimming, or other water activities. Cotton’s quick water absorption due to its breathability makes cotton towels more durable. This increased functionality is why more households are opting for cotton towels.
Offline Segment Predicted to Grow at the Highest Rate in the Towel Market During the Estimated Period
Based on the distribution channel, the global towel market is segmented into online and offline. Among these, the offline segment is expected to grow at the highest rate during the estimated period. Customers find convenience in purchasing products and bringing them home immediately, bypassing the delays often associated with online deliveries. Retailers can adjust their product selections flexibly to regional preferences and market demands, resulting in more customized inventory. As the demand for home textile products continues to rise, prominent textile companies are increasing their strategic focus on the retail market to meet consumer needs.
Asia-Pacific Expected to Hold the Largest Share of the Global Towel Market During the Forecast Period
Asia-Pacific is expected to hold the largest share of the global towel market during the forecast period. The trend of more people moving to cities indicates vibrant urban centers and growing family sizes, necessitating more towels for daily use. Increased attention to cleanliness has led to a preference for cotton towels due to their natural cleanliness and ease of washing. The textile product market, particularly high-quality products, is growing, largely driven by China. Additionally, the rise of smaller textile companies means towels can be purchased at lower prices in countries like China, India, Japan, and Indonesia. The region is expected to witness growth in the luxury and high-quality textile market. China plays a crucial role as its small textile companies provide affordable options, boosting overall market growth.
North America Predicted to Grow at the Fastest Rate in the Global Towel Market During the Forecast Period
North America is predicted to grow at the fastest rate in the global towel market during the forecast period. The increasing demand for high-quality towels in the luxury home textile market is driven by rising affluence and higher lifestyle expectations. Additionally, the expanding presence of manufacturers and suppliers in the region has provided a broader range of premium luxury home textile options, enhancing diversity and accessibility for discerning buyers.
Competitive Analysis:
The report provides a relevant analysis of key organizations/companies in the global market, along with a comparative assessment primarily based on product offerings, business overview, geographic presence, corporate strategies, segment share, and SWOT analysis. The report also provides a detailed analysis focused on current news and company developments, including product development, innovation, joint ventures, collaborations, mergers and acquisitions, strategic alliances, and other topics. This allows for an overall assessment of market competition
