As per a report ‘Global Cotton Market and Volume by Consumption, Production, Export, Import, Countries, Companies,’ Forecast by ResearchAndMarkets.com, the worldwide cotton market is expected to reach $46.56 billion by 2027, with a CAGR of 2.74 per cent from 2020 to 2027.
The report states, Cotton is a labor-intensive cash crop mass-produced across the globe. It majorly supports the global textile mills market and the global apparel manufacturing market. It is also a very political crop since its importance is in the world exchange of many evolving countries. It has many other uses, across many different industries like in woven fabrics, clothing, bed sheets and towels, home decor, cottonseed oil, pharmaceuticals, etc.
Asian countries dominate cotton production and they are also one of the biggest consumers of cotton. For years, China, Bangladesh and Vietnam have been major importers of cotton while exporters include the United States, Brazil and India.