The market for cotton processing is estimated at USD 59.7 billion in 2018 and is projected to grow at a CAGR of 4.0% from 2018 to 2023, to reach USD 72.6 billion by 2023. The increase in demand in the textile industry, adoption of cottonseed meal as feed for ruminants, and the rising number of surgeries and operations have been propelling the consumption of cotton, leading to the rising demand for cotton processing globally.
On the basis of application, the cotton processing market is segmented into textiles, medical & surgical, feed, consumer goods, and others. The textiles segment is projected to be the fastest-growing segment in the cotton processing market from 2018 to 2023. This is due to the rising per capita income and changing preferences of consumers, which is driving the market growth. Moreover, increasing investments and policy support by the governments have also fueled the growth of the textile industry in countries such as India and China.
Asia Pacific is projected to dominate the cotton processing market throughout the forecast period. Some factors influencing this dominance in the market include the rising textile industry, consumer goods, and animal feed. Rising chronic diseases and accidents along with increasing hygiene concerns among consumers have given rise to the consumption of processed cotton. Moreover, the technological advancements to increase the productivity is also propelling the market further.
Key players identified in cotton processing market include Lummus Corp (US), Bajaj Steel Industries Limited (India), Nipha Exports Private Limited (India), Shandong Swan Cotton Industrial Machinery Stock Co., Ltd. (China), Cherokee Fabrication (US), Reiter (Switzerland), and Toyota Industries (Japan). Key players are focusing on increasing their presence through undertaking investments and expansions and developing products specific to consumer preferences in these regions. These companies have a strong presence in Asia Pacific and North America.
