2025/26 global cotton use is forecast up slightly from the previous year to 118.1 million bales, a 5-year high if realized. Ample cotton supplies are expected to cap any significant rise in futures prices and support demand. Consumption is expected to rise for the third consecutive year but remain below trend-line growth as competition from synthetic fibers and economic uncertainties limit any dramatic rise. A pivotal factor supporting stable 2025/26 consumption is the expectation of steady replenishment of inventories along the cotton supply chain. Three years ago, burdensome inventories of finished product for wholesalers and retailers in developed countries depressed cotton consumption in 2021/22 and 2022/23. Since that time, a significant drawdown in inventories has led to consumption growth in the past 2 marketing years which is expected to continue in 2025/26.