Non-Cotton Terry Towelling Market

The global market for non-cotton terry towelling is expected to see continued growth over the next eight years, with consumption, production, imports, and exports all showing positive trends. Turkey leads in both consumption and production, while Hungary tops the list of importers. China is the largest exporter of non-cotton terry towelling, with Italy showing the fastest growth in exports. Overall, the market is projected to reach $327M in value by 2030, with an anticipated CAGR of +6.2% in consumption and +7.5% in value terms for the period from 2022 to 2030.

Market Forecast

Driven by increasing demand for terry towelling (excluding of cotton) worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +6.2% for the period from 2022 to 2030, which is projected to bring the market volume to 60M square meters by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.5% for the period from 2022 to 2030, which is projected to bring the market value to $327M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Terry Towelling (Excluding Of Cotton)

In 2022, consumption of terry towelling (excluding of cotton) increased by 4.1% to 37M square meters, rising for the fourth consecutive year after two years of decline. Overall, the total consumption indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +42.0% against 2018 indices. Over the period under review, global consumption attained the maximum volume in 2022 and is likely to see steady growth in years to come.

The global non-cotton terry towelling market value rose markedly to $184M in 2022, surging by 5.7% 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 continues to indicate a remarkable increase. Global consumption peaked in 2022 and is expected to retain growth in the near future.

Consumption By Country

The country with the largest volume of non-cotton terry towelling consumption was Turkey (12M square meters), comprising approx. 31% of total volume. Moreover, non-cotton terry towelling consumption in Turkey exceeded the figures recorded by the second-largest consumer, Hungary (5M square meters), twofold. China (3.1M square meters) ranked third in terms of total consumption with an 8.4% share.

In Turkey, non-cotton terry towelling consumption expanded at an average annual rate of +38.0% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: Hungary (+25.9% per year) and China (-7.2% per year).

In value terms, Turkey ($111M) led the market, alone. The second position in the ranking was held by Hungary ($17M). It was followed by South Korea.

In Turkey, the non-cotton terry towelling market increased at an average annual rate of +37.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: Hungary (+20.4% per year) and South Korea (+12.7% per year).

The countries with the highest levels of non-cotton terry towelling per capita consumption in 2022 were Hungary (514 square meters per 1000 persons), Mauritius (484 square meters per 1000 persons) and Kyrgyzstan (295 square meters per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Kyrgyzstan (with a CAGR of +74.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Terry Towelling (Excluding Of Cotton)

After five years of growth, production of terry towelling (excluding of cotton) decreased by -1.6% to 30M square meters in 2022. In general, the total production indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +72.0% against 2012 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 31%. Global production peaked at 30M square meters in 2021, and then shrank modestly in the following year.

In value terms, non-cotton terry towelling production rose slightly to $173M in 2022 estimated in export price. Over the period under review, production, however, posted strong growth. The pace of growth appeared the most rapid in 2015 with an increase of 184% against the previous year. As a result, production reached the peak level of $197M. From 2016 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Turkey (12M square meters), China (8.2M square meters) and South Korea (2.6M square meters), together accounting for 78% of global production.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +26.4%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Terry Towelling (Excluding Of Cotton)

In 2022, global imports of terry towelling (excluding of cotton) soared to 18M square meters, picking up by 20% compared with 2021. Over the period under review, imports recorded a resilient increase. The pace of growth was the most pronounced in 2021 when imports increased by 74% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, non-cotton terry towelling imports skyrocketed to $43M in 2022. In general, total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +106.2% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

Hungary was the key importer of terry towelling (excluding of cotton) in the world, with the volume of imports recording 5M square meters, which was approx. 28% of total imports in 2022. It was distantly followed by Kyrgyzstan (2M square meters), Vietnam (1.5M square meters) and Thailand (1.2M square meters), together generating a 26% share of total imports. The UK (662K square meters), Mauritius (614K square meters), Canada (431K square meters), China (398K square meters), the United Arab Emirates (391K square meters) and South Korea (374K square meters) followed a long way behind the leaders.

Imports into Hungary increased at an average annual rate of +25.9% from 2012 to 2022. At the same time, Kyrgyzstan (+77.8%), South Korea (+57.6%), Canada (+42.7%), the UK (+16.9%), Mauritius (+14.5%), Thailand (+12.1%) and Vietnam (+4.5%) displayed positive paces of growth. Moreover, Kyrgyzstan emerged as the fastest-growing importer imported in the world, with a CAGR of +77.8% from 2012-2022. By contrast, the United Arab Emirates (-3.0%) and China (-11.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Hungary, Kyrgyzstan, Thailand, the UK, Canada, South Korea and Mauritius increased by +23, +11, +2.9, +2.3, +2.3, +2.1 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hungary ($15M) constitutes the largest market for imported terry towelling (excluding of cotton) worldwide, comprising 35% of global imports. The second position in the ranking was held by Vietnam ($4.7M), with an 11% share of global imports. It was followed by Kyrgyzstan, with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Hungary totaled +16.6%. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (+5.7% per year) and Kyrgyzstan (+78.6% per year).

Import Prices By Country

In 2022, the average non-cotton terry towelling import price amounted to $2.4 per square meter, surging by 41% against the previous year. In general, the import price, however, recorded a mild slump. Over the period under review, average import prices attained the peak figure at $2.7 per square meter in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($4.1 per square meter), while Thailand ($0.2 per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Terry Towelling (Excluding Of Cotton)

In 2022, the amount of terry towelling (excluding of cotton) exported worldwide totaled 10M square meters, picking up by 11% compared with the previous year. In general, total exports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -3.9% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 43%. The global exports peaked at 10M square meters in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, non-cotton terry towelling exports soared to $30M in 2022. The total export value increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when exports increased by 34%. Over the period under review, the global exports reached the maximum in 2022 and are expected to retain growth in the near future.

Exports By Country

China was the key exporting country with an export of around 5.4M square meters, which recorded 54% of total exports. Pakistan (1.5M square meters) ranks second in terms of the total exports with a 15% share, followed by Turkey (6.5%). Taiwan (Chinese) (348K square meters), India (323K square meters), South Korea (294K square meters), Belgium (203K square meters) and Italy (177K square meters) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +7.7% from 2012 to 2022. At the same time, Italy (+26.1%), Belgium (+23.4%), Pakistan (+10.8%), Taiwan (Chinese) (+6.7%) and India (+1.4%) displayed positive paces of growth. Moreover, Italy emerged as the fastest-growing exporter exported in the world, with a CAGR of +26.1% from 2012-2022. By contrast, Turkey (-1.0%) and South Korea (-15.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Pakistan, Belgium and Italy increased by +20, +7.7, +1.7 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($17M) remains the largest non-cotton terry towelling supplier worldwide, comprising 55% of global exports. The second position in the ranking was taken by Pakistan ($3.8M), with a 12% share of global exports. It was followed by Turkey, with a 5.6% share.

In China, non-cotton terry towelling exports increased at an average annual rate of +12.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Pakistan (+8.1% per year) and Turkey (-3.7% per year).

Export Prices By Country

The average non-cotton terry towelling export price stood at $3 per square meter in 2022, growing by 20% against the previous year. In general, the export price showed a relatively flat trend pattern. Over the period under review, the average export prices reached the peak figure at $3.1 per square meter in 2014; however, from 2015 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 Italy ($4.3 per square meter), while Belgium ($1.4 per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+5.3%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform