South Korea's textile industry is observing changes and stages as the world's 7th largest exporter of textiles. The textile industry of South Korea is undergoing a major transformation with an increase in home furnishing. Home textiles are increasing the protection and decoration of home furnishings in the market. In the past, home textiles were mostly used for decoration purposes. However, consumer desire for health space is growing the demand for home textiles in the market rapidly.
The residential segment is seeing rising demand for duvets in home textiles. There is a growing demand for environmentally friendly products in the market. Thereby many players are investing in the products. Demand for home products and rising awareness among customers are expected to drive the growth of textiles in the forecasted period. Green Star certification announced by the Korean government will further add to the cost of the government.
The rapid COVID-19 outbreak affected the South Korean economy. It spread several difficulties to the home textile industry, where most of the market is under pressure, and disturbed the textile supply chain from fabric to garments. The lockdown of factories and retail stores completely affected the home textile. Due to this situation, the pricing also fell in the domestic and International markets.
South Korea Home Textile Market Trends
Growing Bed Linen Segment
The bedding market in Korea is valued at USD 1.5 trillion the previous year. Individuals in South Korea shows a lot of interest in bed linen as there is a rise in the demand for mattress and good sleep. It is, in turn, leading to the bed linen demand in the market.New trends in the bedding market are showing up as consumers are desiring more functional and eco-friendly bedding. Households with cafes at home and dining are mostly leading to the healthy bedding demand at home.
Social consensus for healthy bed linen that keeps away dust linen is growing in the market. Reduced costs and mass customization is expected to drive the market. Crown Goose bedding is popular in the market owing to technology famous for high quality. The fluffy goose is used for the special method of down proof. 3-D printed and cotton textiles using nanotechnologies are getting traction in the market.
Rising E-commerce in The Market
The technological level in the textile industry of South Korea rose considerably, with around 85% use of technologies in the market. The market for home textile consumption through online distribution of channels is rising. Technological innovations such as easy order placement and direct goods delivery are increasing product consumption, such as bedspreads, duvets, and linen in the market.The market competition is rising due to the growth in the e-commerce channel. With the rise in the number of websites, the market is also experiencing growth. Innovations in sleep technology, such as herbal, microbial, and anti-mist, are the future of the home textile market.
South Korea Home Textile Industry Overview
South Korea Home textile market is fragmented, with various small and local players and a large number of small companies present in the market. The home textile of the South Korean market is facing rising competition from manufacturers from China, India, and Vietnam. South Korean companies relocated to other destinations due to market competitiveness, minimum wage, and high-quality workforce between players.Additional Benefits:
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Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Evezary
- IKEA Korea
- Allerman co., Ltd.
- The Willbes & Co., Ltd.
- Texview Corporation
- Seo Yoon Fabrics Co., Ltd
- Songwol Co., Ltd.
- Hyosung Tnc.
- Songpa Terra Tower
- Bogwang I&t*
Methodology
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