Textile fabric makers have been the main winners of the global textile market over the past three years, as the demand for these fabrics has grown in tandem with rising costs.
The biggest winners are textile fabric makers who have been growing their business by about 8 per cent per year, according to the textile fabric survey by Fabrics Retail & Supply (FRS) that was conducted between March and September 2017.
It was the first time that the survey has been conducted since textile fabric prices began to surge, said FRS president Anand Kumar.
The textile market, which is the largest source of global textile production, grew to $16.7 billion last year.
The largest growth area in the textile market was in the USA, with an increase of 4.7 per cent.
The biggest decline area was in Europe, which grew by 2.8 per cent, according the survey.
However, the survey also found that the demand of textiles by consumers is increasing, which has led to more prices being charged, and consumers are buying fabrics from multiple vendors.
“The biggest growth area has been in the United States.
There has been a lot of consolidation in the US textile market,” said Kumar.”
There is a real shift in the way we buy fabrics.
The consumer is moving to fabrics from a number of vendors,” he added.”
They are finding cheaper prices than what they used to pay, and they are spending more money on buying fabrics than they used for textile manufacturing,” said Ravi Rastogi, a partner at Rastoti & Co who conducted the survey with Fabrics Research.”
We have seen a lot more consolidation in a market that has traditionally been very competitive, which means that there is a lot going on,” he said.
The main reasons for consumers switching to fabrics are cheaper prices, and better quality, said Rastori.
“Textiles are now being used in clothing and footwear and the cost of fabrics has gone down,” he told RTE.
“But there are other reasons that consumers are turning to fabrics.
For example, consumers are increasingly spending on their personal care products, and this has helped in the rise in textile prices.
We are seeing more and more consumers buying fabrics through the website, online and through retailers like Target, L’Oreal and Amazon,” said Dr Ramesh Gupta, vice president and chief research officer at Fabrics.
However the survey did find that some brands, like Travistes, are struggling to maintain their dominance in the market.
“They are struggling with their supply chain, and there is little sign of improvement,” said Gupta.