The global textile home decor market was valued at USD 108.1 billion in 2018 and is expected to reach USD 178.3 billion in 2026, growing at a CAGR of 6.4% during the forecast period.
The global textile home decor market is expected to grow at a significant growth during the forecast period. Increasing disposable income in emerging economies and urban structure further provides ample opportunity to the market. According to the International Monetary Fund (IMF), the per capita GDP in emerging economies accounted for around $5,030 in 2016 that increased to nearly $5,420 in 2019. The rising per capita GDP in emerging economies increases the disposable income that boosts the demand for home décor products in the emerging economies that further propel the market growth. AS per World Urbanization Prospects by the United Nations, the largest urban growth will take place in India, China, and Nigeria. These three countries will account for 37% of the projected growth of the world’s urban population between 2014 and 2050. By 2050, India is projected to add 404 million urban dwellers, China 292 million and Nigeria 212 million.
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The urbanization in emerging economies has been growing significantly since 2014. There were only 28 mega-cities projects in 2014 which is expected to reach to 41 in 2030. According to the World Economic Forum, Tokyo, Delhi, Shanghai, Mexico City, Mumbai in 2016, were the largest city in terms of population, globally, with more than 10 million inhabitants or more. The increased urban population in the cities creates a new standard for better infrastructure requirements. The rising middle-income group in emerging economies such as India, China, Brazil and Russia, and are some other factors that are driving the market during the forecast period. Further, the rising standards of living and growing consumer demand will further boost the growth of the textile home decor market. The high proportion of urban households, inclination towards high-quality home décor products will boost the global market soon.
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