| Source: Fortune Business Insights Fortune Business Insights
Pune India, April 20, 2022 (GLOBE NEWSWIRE) — The organic cotton market size is predicted to reach USD 6,730.9 million by 2028 and exhibit a CAGR of 40.0% during the 2021-2028 period. The market was valued at USD 518.7 million in 2020 and USD 637.1 million in 2021. Fortune Business InsightsTM has presented this information in its report titled, “Organic Cotton Market, 2021-2028”. It is a form of cotton grown with natural fertilizers and materials to have a lower environmental impact. The manufacturing process replenishes and preserves soil fertility, decreases the need for hazardous fertilizers and pesticides, and expands agricultural diversity. For better and larger crop production, it is grown from high-quality seeds such as GM. The market is being catered to by an increase in textile product consumption as a result of quick fashion, as well as a demand for sustainable alternatives. Cotton fiber is used to make yarn of various types that are used to make garments, athletics, medical apparel, and packaging bags. The growing popularity of this fiber, which has no negative effects on the environment or humans, is primarily increasing the size of the market.
Market Growth was Affected as a Result of COVID-19 on Manufacturing Sectors
Since the outbreak of coronavirus, some governments have announced limitations on the distribution and transportation of completed goods and raw materials, affecting the value chain. Textile producers and organic cotton growers were impacted by major brands delaying or canceling purchases. At least for the first half of 2020, textile makers faced supply difficulties due to trade restrictions in significant cotton-producing countries such as China and India. As a result, the production activities of many enterprises were restricted. Fortunately, despite the pandemic’s disruptions, demand for the product climbed dramatically in 2020, owing to the brand’s strong dedication to procuring preferred fiber and ingredients.
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On the basis of type, the market is segmented into long-staple cotton, short-staple cotton, middle staple cotton, extra-long staple cotton, and others. On the basis of quality type, the market is divided into supima/pima, upland, giza, and others. On the basis of application, the market is fragmented into apparel, packaging, and others. Geographically, the market is classified into Europe, North America, Latin America, Asia Pacific, the Middle East & Africa.
The research report provides a comprehensive value chain analysis of the industry, focusing on key factors such as major players, applications, and kinds. In addition, the study provides insights into market trends as well as key industry advancements. In addition to the causes listed above, the research includes a number of other variables that have contributed to the market’s recent expansion.
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Drivers & Restraints-
Rising Demand for Sustainable Textile Solutions to Augment Market Growth
Many organizations prefer to utilize organic cotton when producing textiles due to growing worldwide concerns about sustainability and pollution. It is better for soil conditioning and has a lower environmental impact than conventional cotton, which utilizes harmful pesticides and requires a lot of water. Additionally, when purchasing apparel and other textile products, people have begun to consider sustainability. Textile companies can gain an advantage over their competition by using organic materials. Furthermore, it is gradually being integrated into the supply chains of major fashion houses in Paris and Milan, as well as retailers, resulting in a surge in demand.
Furthermore, numerous companies have employed the product in a majority of their portfolios after recognizing its vast benefits. This, together with increased environmental sustainability and health concerns and laws, will boost product demand. Furthermore, customers are rapidly adopting environmentally conscious behaviors and are willing to pay a premium for organic items. This factor combined with rising cotton costs is propelling the organic cotton market growth. However, the high cost of cottonseed, farming process and raw materials may impede the market growth.
Asia Pacific to Lead the Global Market Owing to Strong Demand for Sustainable Cotton Solutions
In 2020, the Asia Pacific market was valued at USD 310.1 million. Attributed to the strong demand for sustainable cotton solutions from numerous end-use industries, such as apparel, medical, and cosmetics, these categories had the greatest organic cotton market share. Furthermore, many organic cotton growers and consumers are headquartered in the region, resulting in lower-cost items available locally. This serves as a motivator for increased product usage and a smoother transition away from traditional cotton.
Many high-end luxury firms are prepared to extend their regional distribution systems, which is increasing packaging used in Europe. Due to several government requirements for environmental preservation and consumer awareness of sustainable apparel, demand from the fashion industry is strong. These considerations, together with the fact that the European market is entirely open, with no import levies or export subsidies on organic cotton, are propelling the market forward.
The Latin America market is predicted to increase significantly, which can be attributed to industrialization aided by economic and technological development. Furthermore, the industry is fueled by huge amount of agricultural area available for crop production. Product demand in the Middle East & Africa can be ascribed to the region’s increasing economy and improved lifestyle, which necessitates high-quality and expensive goods. Furthermore, the region is a major producer of Egyptian and Giza cotton, resulting in cost-effective cotton production and sustaining the regional market.
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Sustainable Textile Solutions to be the Primary Focus of Key Players
Plexus Cotton Ltd., Cargill Incorporated, Calcot Ltd, Staple Cotton Cooperative Association, Remei AG, and the Rajlakshmi Cotton Mills (P) Limited are the key competitors in the market. Associations that work with cotton farmers and provide certified organic material to textile product makers are featured in the company profiles. To increase worldwide output, the organizations are implementing initiatives such as expanding investment, improving high-quality seed supplies, and introducing sophisticated farming methods and equipment. They are also enhancing their presence and attaining a competitive advantage.
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| Source: Fortune Business Insights Fortune Business Insights