Global cotton lint production is estimated at 25.4 million metric tons (MT) in the 2023-2024 season, up 3.25% from 24.6 million MT in 2022-2023. But according to the International Cotton Advisory Committee (ICAC), production is projected to decline marginally to 23.4 million metric tons in 2023-2024 from 23.5 million metric tons in 2022-2023.
At the 81st Plenary Meeting in Mumbai, ICAC projected that in 2023-2024, India's share in global production will fall by 2% to 21%, but will remain at second position in the top list of cotton producers.
Meanwhile, India's share in consumption is projected to be as high as 21% by 2023-2024. Consumption in top producer China will fall by 2% to 30%.
The area under cotton in India is estimated to decline marginally. However, globally the trend is likely to reverse from 32 million hectares in 2022–2023 to 33 million hectares in 2023–2024. It was said, that the role of price volatility is affecting the cotton plantations across the world to a great extent.
It was further said that world trade will reach 8 million metric tons in 2022-23 and is estimated to increase to 9.2 million metric tons in 2023-2024. In 2023-2024, the top exporting country – the United States – is likely to see its share of exports globally decline to 29% – from 34% in 2022-23.
Additionally, long-staple (LS) and extra-long-staple (ELS) production in the US is expected to grow from 72,000 MT last year to 1,03,000 MT in 2022-2023. This growth will be driven by top producers in the category such as Egypt, India and China. India is likely to dominate consumption in this category even as demand declines – from 1,59,000 MT last year to 1,50,000 MT in 2022-2023.
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