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Cotton processing market to reach $72.6 billion by 2023

"Cotton processing market, estimated at $59.7 billion in 2018, is projected to grow at a CAGR of 4.0 per cent to reach $72.6 billion by 2023. Growth is being driven by increasing demand for cotton in the textile industry and rising animal feed. The Asia Pacific is projected to be the fastest-growing regional market with countries like India and China, emerging as leading players due to the increasing cotton production. However, one of the major restraints in this growth is the high cost of production due to obsolete equipment."

 

Cotton processing market to reach 72.6 billion by 2023 002Cotton processing market, estimated at $59.7 billion in 2018, is projected to grow at a CAGR of 4.0 per cent to reach $72.6 billion by 2023. Growth is being driven by increasing demand for cotton in the textile industry and rising animal feed. The Asia Pacific is projected to be the fastest-growing regional market with countries like India and China, emerging as leading players due to the increasing cotton production. However, one of the major restraints in this growth is the high cost of production due to obsolete equipment.

Rising urbanization, changing lifestyle fuels lint growth

Rising urbanisation and changing lifestyle is likely to fuel the growth of lint segment, which is estimated to account for the largest share in the cotton processing market in 2018. However, rising number of accidents and chronic diseases will also increasing the consumption of processed cotton and cotton bandages globally. The rising exports of lint and cotton products are generating export income across many countries.

Spinning to be fastest-growing textile segment

Changing preferences of consumers towards different types of apparels in developing countries is likely to fuel growth of textile segment, which isCotton processing market to reach 72.6 billion by 2023 001 estimated to account for the largest share in the cotton processing market in 2018. Moreover, the increasing investments and policy support by governments is expected to fuel the growth of the textile industry in countries such as India and China.

Based on type, the spinning segment is projected to be the fastest-growing segment during the forecast period. Spinning is considered one of the most important processes in the textile and pharma industries and is used to convert baled cotton into yarn or thread to produce high-strength yarns. The rising textile and medical & surgical industries have increased the demand for spinning machinery in APAC, Europe, and African countries.

Automation to lead cotton processing ginning equipment market

High productivity provided by automatic machines in less time will make the automatic segment the largest shareholder in the cotton processing ginning equipment market in 2018. Installing, fully automated processing equipment leads to accurate processing, quick and reliable production processes, optimum utilisation of time, reduced labor costs, and controlled operations. These are some of the factors that are driving market growth. With the availability of fully automated and integrated processing lines, operational efficiencies and proper control of production processes have been achieved.

Asia Pacific to be fastest-growing market

Asia Pacific is projected to be the fastest-growing market for the period considered for this study, due to the rising disposable income, changing lifestyle of consumers and rapid urbanisation of the region. Increase in demand for cotton products such as clothing, cotton bandages, home furnishing products, animal feed, and paper is also driving the market growth.

 

 
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