Cotton is one of the leading cash crops in North America, which is the major regional market for cotton export. The North American cotton market is estimated to record a CAGR of 2.5% during the forecast period. The United States is the largest cotton producing and exporting country in North America with 85% and 95% of the share, respectively, in 2018. The cotton cultivation in the United States has been continuously increasing due to the global demand from the textile industry, which is also the prime driver of the market.
Key Market Trends
Demand from the Global Textile Industry Drives the Market
Demand from the textile industry is one of the prime drivers of the North American cotton market as cotton is the most important raw material used by the textile industry in cloth manufacturing. The textile industry is one of the key aspects of the US apparel market. In 2018, the US textile and apparel shipment market was valued at USD 76.8 billion. The global textile industry is estimated to record a CAGR of 4.5% in the future, accelerating the cotton market.
United States Dominates the Export Market
The United States is the top cotton exporting country of North America, accounting for 39% of global cotton exports in 2018. Vietnam, China, Turkey, and Pakistan are the major importers of cotton from the United States with an import value share of 20%, 14%, 9.5%, and 9.3%, respectively, in 2018. The key reason for such a huge import demand from those countries is the vast textile industry. Even though the United States is the third-largest supplier of cotton in the world, the country imports minimal quantities of cotton from Egypt and Germany. Mexico is the leading importer of cotton in North America with an import value of USD 387 million in 2018.
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