NEWS PROVIDED BY Technavio
Mar 22, 2021,
NEW YORK, March 22, 2021 /PRNewswire/ -- The cotton market is expected to reach USD 5.59 billion during 2021-2025, as per a new report from Technavio. The report also throws light on the impact of the COVID-19 pandemic, and the new opportunities and challenges that market players can expect. In this market analysis, the market is expected to accelerate at a CAGR of almost 3% during the forecast period.
The cotton market growth is attributed to government initiatives and support. However, the overconsumption of water due to poor management and water pollution might hinder the market growth. On the other hand, the strategic crop due to its versatility will present new opportunities in the coming years.
Governments across the globe are taking various initiatives to support cotton farming. For instance, the Indian government has come up with several export promotion policies. India's DRDO is helping to produce yarns and eliminate the dependence on the import of Chinese products and other foreign clothing for military uniforms.
Furthermore, with two-thirds of developing countries dependent on the export of commodities, a core part of UNCTAD's work involves building countries' capacity to move up the value chain and diversify their exports. These factors will drive the cotton market over the forecast period.
"The growing use of cotton as prime material coupled with the support in economic growth and cotton as a source of livelihood will further boost market growth during the forecast period", says a senior analyst at Technavio.
Key suggestions from the report:
Based on distribution channel, the offline segment held the largest share in 2020
APAC dominated the market in 2020 and is expected to maintain its lead over the forecast period.
85% of the market's growth will originate from APAC during the forecast period.
China and India are the key markets for cotton in APAC. Market growth in this region will be slower than the growth of the market in North America.
Major Three Cotton Companies:
Ambika Cotton Mills Ltd.
Ambika Cotton Mills Ltd. manufactures 100% cotton compact yarn counts varying from the 20s to 120s combed which goes for the manufacture of premium branded shirts and t-shirts globally.
Damodar Group
Damodar Group operates manufactures fancy yarn that involves creating different yarns but also playing, creating, and giving new life and colors to the fancy yarns by yarn dyeing.
Fazal Cloth Mills Ltd.
Fazal Cloth Mills Ltd. operates into Cotton Ginning, Ring Spinning, and Grieg Woven Fabric Manufacturing.
About Us : Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. (Source: www.prnewswire.com)