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Economic of Home Textile

Definition of Home TextileHome textiles can be defined as the textiles used for home furnishing. It consists of a various range of functional as well as decorative products used mainly for decorating our houses. The fabrics are used for home textiles consists of both natural and man-made fibers. Sometimes we also blend these fibres to make the fabrics stronger. Generally, home textiles are produced by weaving, knitting, crocheting, knotting, or pressing fibers together

Different types of Home Textile products

Different types of Home Textile products

Global Household Textiles Industry The global bed and bath textile furnishings industry is expected to reach almost $28 billion by 2015, according to Global Industry Analysts. Bedding product purchases are mainly determined by price, followed by color and the materials used. The EU is the market’s leading region in terms of share, followed by the US. Key bed linen suppliers to the EU region include Pakistan, India, China and Bangladesh. The US sources much of its home textiles from Pakistan.

Home Textile IN International MarketIt was most interesting to see that the global home textiles

market has recorded a relatively strong growth since 2009. In USD the retail value increased from just over USD 85 billion to just below USD 105 billion in 2013. The annual growth rate was well above 4% per annum. Growth was especially strong in China where the Combined Average Growth Rate (CAGR) from 2008-2013 was almost 14%. Also, other countries like India, Turkey and Russia recorded strong growth rates between 5 and 8%.

Market OutlookAccording to Euromonitor the world-wide home textile market grew from 2008 to 2013 with an average annual rate of 2.9% totaling USD 42.33 billion. The development was Asia Pacific with an annual average growth rate of impressive 9.5%. The regions of Western and Eastern Europe recorded negative growth rates.The global household textiles market will continue to expand to a rising world population and increasing global gross domestic product. New demand will also come from innovative textiles applications.So day by day the demand of home textile are increasing according the customer choice.Consumers will be opting for luxury products for a higher degree of comfort.

Source: http://www.slideshare.net/daedal/global-home-textiles-and-furnishings-market-2014-2019

Source: https://www.google.com/url?source=newsletter%2FITMF_Newsletter-No_2_October_2014.pdf

Bangladesh Home TextileBangladesh is now well renowned for spinning, fabricating and garmenting capabilities. It‟s not all about knit products that always remain in the lime light, the home textile sector is also flourishing and contributing to the “Made in Bangladesh” imageHome textile is not an isolated area it is an integral part of the society and economy of Bangladesh.

Export Product:Bangladesh has mainly exported bedspreads, pillowcases, cushion covers, curtains, carpets, quilts, kitchen aprons, gloves, napkins and tablecloth.

Export Countries:The EU countries, UK, USA, Canada, Mexico, Australia, Japan and Dubai were the main destinations

LEADING HOME TEXTILE INDUSTRIES IN BANGLADESH:

Zaber & Zubair Fabrics Ltd. Z&Z fabricsFairtex CorporationSonar Cotton Mills (bd) LtdOnetex Apparels DescriptionKimia Fabrics DescriptionGreen Bangla Hometex Ind. Ltd.BD home texZaber & Zubair Fabrics Ltd. which is the leading home textile exporter of the country is utilizing these advantages and has established s state of the art home textile facilities with complete back process including CAD design and development. Z&Z fabrics has been awarded best exporter from HSBC excellence awards under category A of RMG and textiles. They have a turnover of more than $50 million last year

Contribute of Home Textile in Bangladesh Economy:Home textiles export from Bangladesh is all set to reach $1025.39 million in this fiscal year. It was only $788.76 in the last fiscal at this corresponding time. So the export growth was around 17% which is only increasing.

Source: http://www.ijteee.org/final-print/sep2014/Prospects-Of-Home-Textiles-In-Bangladesh-A-Review.pdf

http://www.textiletoday.com.bd/home-textiles-prospects/

Regional Market LeadershipThe international home textile market is traditionally dependent on countries like China, India, Pakistan and Turkey for their product range. Bangladesh’s home textile industry is also growing at a rate of 20% on yearly. A huge opportunity is coming ahead as buyers from China and Pakistan are shifting to Bangladesh. In fact export earnings from home textiles can cross $2.0 billion in the upcoming three years according to the expert’s anticipation. Abdul Hai Sarkar, Chairman of Purbani Group which is one of the leading home textile exporters of the country said, “Now we are going to increase our production capacity as buyers’ demand has been growing.”

Fiscal Year Export in USD in MM

Import in USD in MM

2007-2008 372.25 6.77

2008-2009 424.46 6.90

2009-2010 419.85 8.247

2010-2011 574.94 15.04

2011-2012 666.56 12.88

2012-2013 666.28 10.86

Commodity

All types of Home textile

[Source: Statistics Department, Bangladesh Bank]