Towel Market: Introduction
- A towel refers to a piece of fabric or cloth that is used to wipe dry the body or a surface by a blotting or rubbing action. Bath towel is a rectangle woven piece of fabric used to dry the wet surface of the body after a bath. Towels are made of fabrics such as cotton, plush, etc., and come in different sizes, thickness, and texture. Some of the types of towels are hand towel, face towel, and big bath towels/sheets. Hand towel is smaller than bath towel but bigger than a face towel. The primary function of a towel is to dry off a wet body or surface; it needs to be a good absorbent of moisture and should be soft on the skin.
Key Drivers of the Global Towel Market
- Rising population and increasing purchasing power of people influences consumer spending on personal care and household products and this propels the global growth of the towel market. Durability, strength, cost efficiency, resistance to water, and being lightweight are some of the features or advantages of a towel, which helps to push the demand for towels globally. Growing adoption of towels in hospitals, hotels, food & beverage joints, and fitness clubs is expected to propel the growth of the market constantly in the near future.
- Changing lifestyle, rising brand awareness, rapid change in fashion trends, and increasing awareness about hygiene and cleanliness have led to growing adoption of cloth. Rising awareness about usage of bath towels, hand towels, and gym towels separately which helps to maintain personal hygiene, is helping in the overall growth of the towel market.
Factor Restraining the Global Towel Market
- The major restraint to the growth of the towel market is the volatile raw material prices. Fluctuating commodity prices of raw material will impact cash flows and earnings of companies in the ecosystem.
Market in Asia Pacific to Expand Rapidly
- In terms of region, the global towel market can be divided into North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the towel market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the towel market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America towel market is segmented into Brazil, and Rest of South America.
- North America accounted for largest share of the global towel market due to a developed healthcare sector and growing fitness industry & food and beverage industry. Extensive usage of towels in food joints, hospitals, clinics, gyms & fitness clubs, and hotels to maintain personal hygiene are prime factors which propels the growth of the towel market in North America.
- The towel market in Asia Pacific region is projected to expand rapidly during the forecast period due to the rising population in emerging countries such as China and India. Growing healthcare and hospitality sectors help to boost the demand for towels in commercial applications, which is projected to grow at a significant rate in the coming years. Government initiatives regarding hygiene, large population, and growing per capita income in Asia Pacific are major factors driving the growth of the towel market in the region.
Key Players Operating in the Global Market
Manufacturers in the towel market have analyzed the preference and demands of consumers. Manufacturers are focusing on fulfilling the consumer demand and adopting improved raw materials and new features in their products and making eco-friendly products. Companies are investing more in research and development activities to develop new products and their main objective is to focus on their product portfolio to strengthen their market position globally. Companies are aiming on product development by emphasizing on colour, pattern, texture, and finish of the product. Also, advancements are being made in terms of size and quality of the product.
A few of the key players operating in the global towel market are:
- Danica Studio
- Dunroven House
- ELSATEX LTD
- Iris Hantverk
- Nine Space
- Noman Group
- Sunvim Group Co., Ltd.
- The DMC Corporation
- Utopia Deals
Global Towel Market: Research Scope
Global Towel Market, by Type
- Bath Towel
- Hand Towel
- Face Towel
- Others (Gym Towel, etc.)
Global Towel Market, by Material Type
- Turkish Cotton
- Others (Jute, etc.)
Global Towel Market, by End-use
Global Towel Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The report on the global towel market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.