Global cotton yarn market estimated to hit $ US 100 billion by 2028

According to a report by Fortune Business Insights, the global cotton yarn market, valued at US $ 94.40 billion in 2022 is expected to expand from US $ 82.81 billion in 2023 to around US $ 100.68 billion by 2028, with an expected CAGR of 4 per cent over the estimated period. The reason for the rise in valuation is being credited to the unique characteristics of yarn that influence the quality of finished textile goods.

Out of the yarn types, the segment of carded yarn is estimated to show considerable expansion over the period which is due to the increased use of the product for the manufacture of woolen threads. Over the estimated period, the apparel segment is also set to register reasonable growth which can be attributed to growing penetration of e-commerce, rising amount of disposable income and more.

Increasing government initiatives for the benefit of domestic textile sectors is being seen as a key factor propelling the growth of the cotton yarn market. These initiatives are focused on skill development, the creation of infrastructure, and sectoral development in the textile sector. The industry expansion could be hampered, however, due to the competition in pricing compared to the lower prices of synthetic yarn.

Cotton yarn market share for the Asia-Pacific region is expected to record substantial growth over the forecast period, which can be credited to the escalating demand for the product from the growing population and an increase in consumer expenditure. The market in Europe, however, is estimated to have a lucrative pace of growth over the forecast period. This is being driven by the growing raw material demand and rise of technical textiles over the years.