South Korea's textile industry is observing changes and stages as the 7th largest exporter of textiles in the world. 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 rapidly the demand of home textiles in the market.
The residential segment is seeing rising demand for duvets in the home textiles segments, there have been a growing demand for the environment- friendly products in the market, thereby many players are investing in the products. Demand for home products and rising awareness among the 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.
Key Market Trends
Growing Bed Linen Segment
The bedding market of Korea was valued at 1.5 trillion won in the year 2016. Individuals in South Korea shows a lot of interest in bed linen as there is a rise in the demand of mattress and good sleep, which in turn is leading to the demand for bed linen in the market. New trends in the bedding market are showing up as the consumers are desiring for more functional bedding, eco-friendly bedding.
Households that have cafes at home and dining are mostly leading to the demand for healthy beddings at home. Social consensus for healthy bed linen that keeps away the 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 and the fluffy of goose is used for the special method of the down proof. 3-D printed textiles 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 has risen considerably with around 85% use of technologies in the market. Home textile consumption of the market through the online distribution of channels has been rising in the market. Technological innovations such as easy placement of the order and direct delivery of goods are increasing the consumption of products 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. Innovation in sleep technology is such as herbal, microbial and anti-mist are the future of the home textile market.
Competitive Landscape
South Korea Home textile market is fragmented with various small and local players present in the market, a large number of small companies present in the market. The home textile of the South Korean market is facing rising competition from manufacturers of China, India, and Vietnam. South Korean companies have been relocating to other destinations owing to competitiveness in the market due to minimum wage and high-quality workforce between players.
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