Cotton Embroidery Market

The global cotton embroidery market is poised for growth with increasing demand worldwide. The market is expected to see a significant rise in consumption and value over the next eight years, with a forecasted CAGR of +14.4% for volume and +10.3% for value from 2022 to 2030. Countries like Turkey, China, and India lead in consumption and production, while Senegal emerges as a fast-growing importer. The market also saw fluctuations in prices and trends in exports and imports, with China and Spain dominating the export market.

Market Forecast

Driven by increasing demand for cotton embroidery in the piece worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +14.4% for the period from 2022 to 2030, which is projected to bring the market volume to 193K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +10.3% for the period from 2022 to 2030, which is projected to bring the market value to $4.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cotton Embroidery In The Piece

In 2022, consumption of cotton embroidery in the piece was finally on the rise to reach 66K tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption continues to indicate mild growth. As a result, consumption attained the peak volume of 465K tons. From 2020 to 2022, the growth of the global consumption failed to regain momentum.

The global cotton embroidery market revenue expanded slightly to $2.1B in 2022, with an increase of 1.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $6B. From 2020 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

Turkey (15K tons) constituted the country with the largest volume of cotton embroidery consumption, accounting for 22% of total volume. Moreover, cotton embroidery consumption in Turkey exceeded the figures recorded by the second-largest consumer, China (5.8K tons), threefold. India (5.1K tons) ranked third in terms of total consumption with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Turkey stood at +7.9%. In the other countries, the average annual rates were as follows: China (-2.2% per year) and India (+4.8% per year).

In value terms, the largest cotton embroidery markets worldwide were Turkey ($209M), Japan ($130M) and Italy ($130M), with a combined 22% share of the global market. Russia, China, India, the United States, Nigeria, Senegal, Indonesia, Brazil and Pakistan lagged somewhat behind, together comprising a further 28%.

Among the main consuming countries, Senegal, with a CAGR of +18.1%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of cotton embroidery per capita consumption in 2022 were Turkey (173 kg per 1000 persons), Senegal (128 kg per 1000 persons) and Italy (32 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Senegal (with a CAGR of +17.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Cotton Embroidery In The Piece

After two years of decline, production of cotton embroidery in the piece increased by 1.2% to 75K tons in 2022. In general, production showed a notable expansion. The most prominent rate of growth was recorded in 2019 with an increase of 182% against the previous year. As a result, production attained the peak volume of 468K tons. From 2020 to 2022, global production growth remained at a somewhat lower figure.

In value terms, cotton embroidery production contracted modestly to $2.4B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 29%. Global production peaked at $3.1B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (18K tons), Turkey (15K tons) and India (6.9K tons), together comprising 54% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Turkey (with a CAGR of +8.1%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Cotton Embroidery In The Piece

In 2022, the amount of cotton embroidery in the piece imported worldwide fell to 9.6K tons, which is down by -6.8% compared with 2021. Overall, imports continue to indicate a mild descent. The growth pace was the most rapid in 2021 when imports increased by 35%. Global imports peaked at 11K tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, cotton embroidery imports reached $203M in 2022. The total import value increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 38% against the previous year. Global imports peaked in 2022 and are likely to continue growth in years to come.

Imports By Country

In 2022, Senegal (2.3K tons) was the largest importer of cotton embroidery in the piece, comprising 24% of total imports. It was distantly followed by Spain (790 tons), Brazil (752 tons) and the United Arab Emirates (455 tons), together generating a 21% share of total imports. Togo (358 tons), Vietnam (348 tons), Bangladesh (335 tons), Ghana (318 tons), Morocco (286 tons), Italy (281 tons), the United States (262 tons), Gambia (254 tons) and Turkey (246 tons) followed a long way behind the leaders.

Imports into Senegal increased at an average annual rate of +21.2% from 2012 to 2022. At the same time, Ghana (+35.6%), Morocco (+25.3%), Italy (+4.4%), Vietnam (+4.0%), Turkey (+3.6%), Togo (+1.8%) and Bangladesh (+1.5%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in the world, with a CAGR of +35.6% from 2012-2022. By contrast, the United States (-2.4%), the United Arab Emirates (-3.0%), Brazil (-3.1%), Gambia (-4.0%) and Spain (-9.9%) illustrated a downward trend over the same period. Senegal (+21 p.p.), Ghana (+3.2 p.p.), Morocco (+2.7 p.p.) and Vietnam (+1.5 p.p.) significantly strengthened its position in terms of the global imports, while Spain saw its share reduced by -11.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($38M) constitutes the largest market for imported cotton embroidery in the piece worldwide, comprising 19% of global imports. The second position in the ranking was taken by Spain ($19M), with a 9.2% share of global imports. It was followed by the United Arab Emirates, with an 8.5% share.

From 2012 to 2022, the average annual growth rate of value in Senegal amounted to +16.3%. The remaining importing countries recorded the following average annual rates of imports growth: Spain (+12.9% per year) and the United Arab Emirates (+0.9% per year).

Import Prices By Country

The average cotton embroidery import price stood at $21,136 per ton in 2022, increasing by 11% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($41,847 per ton), while Turkey ($8,044 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+25.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Cotton Embroidery In The Piece

In 2022, shipments abroad of cotton embroidery in the piece decreased by -9.1% to 18K tons for the first time since 2016, thus ending a five-year rising trend. Overall, exports, however, recorded a tangible expansion. The pace of growth appeared the most rapid in 2017 with an increase of 55% against the previous year. The global exports peaked at 20K tons in 2021, and then shrank in the following year.

In value terms, cotton embroidery exports rose modestly to $394M in 2022. Over the period under review, total exports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +83.8% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 76%. Over the period under review, the global exports attained the maximum in 2022 and are expected to retain growth in the near future.

Exports By Country

China prevails in exports structure, recording 13K tons, which was approx. 70% of total exports in 2022. India (1.8K tons) ranks second in terms of the total exports with a 10% share, followed by Thailand (7.8%) and Spain (4.6%).

Exports from China increased at an average annual rate of +7.0% from 2012 to 2022. At the same time, Spain (+39.1%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing exporter exported in the world, with a CAGR of +39.1% from 2012-2022. Thailand and India experienced a relatively flat trend pattern. From 2012 to 2022, the share of China and Spain increased by +16 and +4.3 percentage points, respectively.

In value terms, China ($247M) remains the largest cotton embroidery supplier worldwide, comprising 63% of global exports. The second position in the ranking was taken by Thailand ($42M), with an 11% share of global exports. It was followed by India, with a 7.3% share.

In China, cotton embroidery exports increased at an average annual rate of +8.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (+1.4% per year) and India (-4.8% per year).

Export Prices By Country

In 2022, the average cotton embroidery export price amounted to $21,675 per ton, picking up by 15% against the previous year. Overall, the export price, however, continues to indicate a slight decrease. The most prominent rate of growth was recorded in 2021 an increase of 36%. Over the period under review, the average export prices reached the maximum at $29,686 per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($29,207 per ton), while India ($15,924 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+1.3%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform