Cotton Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 43.96 Billion |
| Market Size (2029) | USD 50.22 Billion |
| CAGR (2024 - 2029) | 2.70 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
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Cotton Market Analysis
The Cotton Market size is estimated at USD 43.96 billion in 2024, and is expected to reach USD 50.22 billion by 2029, growing at a CAGR of 2.70% during the forecast period (2024-2029).
- Cotton, thriving in tropical and subtropical regions across the globe, plays a pivotal role in fueling global textile mills and apparel manufacturing. Competitive pricing of cotton fibers on the global stage, combined with surging export demand for cotton yarn and textile products, is set to bolster global cotton demand.
- For instance, the Reserve Bank of India reported that in fiscal year 2022, exports of cotton and its products from India surpassed INR 1,140 billion (USD 13.94 billion). This marked a significant jump of nearly INR 586 billion (USD 5.1 billion) from the previous year's INR 726 billion (USD 8.8 billion). Additionally, enhanced crop yields in Brazil, Australia, and Pakistan are anticipated to drive up global cotton production and consumption during the forecast period.
- Beyond textiles, cotton finds its way into garments, apparel, and even medical dressings. The rich natural fiber reserves in countries like China, India, and the United States are playing a crucial role in propelling the global textile market, thereby bolstering the cotton market.
- Moreover, global initiatives are also set to further energize this market. Notably, in 2022, Armor Seed introduced two advanced cotton varieties ARMOR 9512 B3XF and ARMOR 9442 XF. These varieties boast enhanced features like larger seeds, superior vigor, emergence, top-notch fiber quality, and the innovative XtendFlex Technology.
Cotton Market Trends
Increasing Demand for Cotton Exports
- Various industries, from apparel manufacturing to home furnishings and industrial products, are increasingly turning to cotton, propelling the market's growth. Cotton finds its way into medical gauze, cotton swabs, traditional diapers, and more.
- Beyond these, cottonseed oil, a byproduct of the cotton plant, serves diverse purposes, including cooking, soap making, and cosmetics. This surge in applications has led to a rising global demand for cotton. Notably, the United States Department of Agriculture (USDA) highlights the United States as the world's leading cotton exporter.
- Furthermore, the United States stands as a pivotal player in the global cotton arena, both as a major producer and exporter. Currently, the United States textile mills consume around 7.6 million bales of cotton each year. Of this, 57% is transformed into apparel, over a third finds its way into home furnishings, and the rest is utilized for industrial products.
- Additionally, data from the ITC Trade Map reveals that in 2023, the top five cotton-exporting nations were China, the United States, India, Brazil, and Pakistan, holding shares of 20.7%, 14.1%, 12.6%, 6.2%, and 5.9% respectively. Highlighting Brazil's cotton export trajectory, ITC Trade Map data shows a rise from USD 3.6 billion in 2021 to USD 3.9 billion in 2022.
Asia Pacific Holds a Significant Share
- Asia-Pacific commands a notable portion of the global cotton market. China stands out as a leading player, not only producing but also exporting cotton on a worldwide scale. Cotton cultivation spans across 24 of China's 35 provinces, engaging nearly 300 million individuals in its production.
- Data from the United States Department of Agriculture highlights that in the 2022/2023 crop year, China's cotton yield reached approximately 2,122 kg per hectare. India, securing the second position, recorded a yield of 443 kg per hectare. Over the years, both nations have seen substantial growth in cotton production. The Cotton Corporation of India reports that India contributes to about 22% of the global cotton output.
- In 2023, the Cotton Corporation of India unveiled the Bale Identification and Traceability System (BITS), harnessing Blockchain Technology. Each cotton bale is now equipped with a QR code, facilitating seamless tracking of its origin, processing location, storage specifics, and quality metrics, complete with timestamps. The Ministry of Textiles rolled out the Kasturi Cotton initiative, ensuring premium quality cotton with traceability. TEXPROCIL, in partnership with CCI and under the aegis of the Ministry of Textiles, is steering this initiative. All ginners nationwide are now authorized to produce Kasturi Cotton, adhering to stringent quality standards.
- In both China and India, the textile sector remains dominant, consuming the majority of the domestically produced cotton. Given this strong demand in key nations like India and China, the Asia-Pacific region is poised to see a surge in cotton production during the forecast period.
Cotton Market News
- February 2024: BASF unveiled a strong lineup featuring four new cotton varieties, three under the FiberMax brand and one from Stoneville. Each of these new varieties is equipped with the recently approved Axant trait technology.
- December 2023: Corteva Agriscience's cottonseed brand, PhytoGen, unveiled two new cotton varieties for 2024, PHY 137 W3E1 and PHY 475 W3FE.
Cotton Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Cotton Exports
4.2.2 Rising Initiatives by the Players
4.2.3 Increasing Support by the Governments
4.3 Market Restraints
4.3.1 Lack of Well-Organized Marketing System
4.3.2 Increasing Pest Infestation
4.4 Value Chain/Supply Chain Analysis
5. MARKET SEGMENTATION
5.1 Geography (Production Analysis, Consumption Analysis by Value and Volume, Import Market Analysis by Value and Volume, Export Market Analysis by Value and Volume, and Price Trend Analysis)
5.1.1 North America
5.1.1.1 United States
5.1.1.2 Canada
5.1.1.3 Mexico
5.1.2 Europe
5.1.2.1 Germany
5.1.2.2 France
5.1.2.3 Russia
5.1.2.4 Greece
5.1.2.5 Italy
5.1.3 Asia-Pacific
5.1.3.1 China
5.1.3.2 India
5.1.3.3 Australia
5.1.3.4 Pakistan
5.1.3.5 Bangladesh
5.1.4 South America
5.1.4.1 Brazil
5.1.4.2 Argentina
5.1.5 Middle East & Africa
5.1.5.1 South Africa
5.1.5.2 Turkey
5.1.5.3 Egypt
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cotton Industry Segmentation
Cotton, primarily utilized in the textile industry, is a perennial crop. It thrives in moderate rainfall and is harvested during frost-free periods abundant in sunshine. The cotton market is segmented by geography (North America, Europe, Asia-Pacific, South America, and Middle East & Africa). The report includes production analysis (volume), consumption analysis (value and volume), export analysis (value and volume), import analysis (value and volume), and price trend analysis. The report offers the market size and forecasts in terms of volume in metric tons and value in USD for all the above segments.
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Cotton Market Research FAQs
How big is the Cotton Market?
The Cotton Market size is expected to reach USD 43.96 billion in 2024 and grow at a CAGR of 2.70% to reach USD 50.22 billion by 2029.
What is the current Cotton Market size?
In 2024, the Cotton Market size is expected to reach USD 43.96 billion.
Which is the fastest growing region in Cotton Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Cotton Market?
In 2024, the North America accounts for the largest market share in Cotton Market.
What years does this Cotton Market cover, and what was the market size in 2023?
In 2023, the Cotton Market size was estimated at USD 42.77 billion. The report covers the Cotton Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Cotton Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the biggest challenges in sustainable Cotton Production?
The biggest challenges in sustainable Cotton Production are a) Water scarcity b) Use of pesticides & soil degradation
What are the biggest challenges in sustainable Cotton Production?
The biggest challenges in sustainable Cotton Production are a) Water scarcity b) Use of pesticides & soil degradation
Cotton Industry Report
The global cotton market is on a significant growth trajectory, projected to see notable expansion, driven by increasing demand from textile mills and apparel manufacturing sectors. Consumer preferences are crucial in shaping market dynamics, with cotton being the most utilized natural fiber. Predominantly produced in China and India, cotton's applications are global, spanning cotton fiber, cottonseed, and cottonseed oil. The market is shifting towards more sustainable, pollution-free fibers, with cotton preferred over synthetic alternatives like polyester due to environmental concerns. Despite challenges like fluctuating weather patterns, the demand for cotton remains strong, supported by its use in clothing, home decor, and medical products. The market, segmented by type, application, and geography, highlights cotton's diverse uses and global reach. With Asia-Pacific leading in production and consumption, the cotton market is set for continued expansion, driven by the textile sector's dominance in major producing countries and increasing global demand for cotton products. For detailed market insights, including forecasts Mordor Intelligenceā¢ offers comprehensive analysis available as a free report PDF download.
