ICAC: cotton enters transformative period
Global cotton consumption is expected to decline in the 2024/25 season, according to the International Cotton Advisory Board (ICAC), and production will trail consumption slightly, which could make prices fall.
In 2023/24, global consumption increased by 5.7% and Brazil surpassed the US as the world’s top exporter for the first time. Specialty cotton now accounts for about 31% of global production, identity programs for 29%, and long- and extra-long staple cotton increased by 46%, mostly in Egypt, China, the USA, and India.
The body discussed this among issues at its meeting in Tashkent, Uzbekistan.
Cotton demand has generally declined in recent years while synthetic fibres have seen substantial growth due to their lower costs and greater versatility. Price volatility has also negatively impacted cotton's competitiveness. “Between geopolitical concerns, increasing environmental regulations, sustainability requirements and a booming resale and second-hand clothing market, it’s clear we are in a transformative period for the industry, with far-reaching implications for future fibre demand and market trends,” said ICAC.
ICAC also said regenerative cotton farming has “significant, if not game-changing”, potential for capturing and storing carbon to mitigate climate change.
Genetics, genomics, and breeding can address the challenges posed by climate change in cotton production, it added.
