Fashion: Indian Textile and Apparel Market Growth and Analysis 2022
The global fashion and apparel industry is expected to grow at a CAGR of 7.5% during the period from 2018 to 2022, according to a report by Grand View Research, Inc. Factors such as increasing consumer spending, Urbanization and rising disposable incomes are expected to drive the growth of the Indian textile and apparel market. The report offers an in-depth analysis of the Indian textile and apparel market, including product offerings, distribution channels, end users, and market trends. It also provides insights into the competitive landscape and future prospects for Indian textile and apparel manufacturers. If you are interested in learning more about the Indian textile and apparel market, or would like to find out how your company can benefit from it, read on
The Indian textile and apparel market is projected to grow from USD 20.1 billion in 2017 to USD 32.8 billion by 2022, at a CAGR of 7.7%. This growth can be attributed to the increasing demand for premium garments and home textiles, as well as the increasing number of affluent people in India. In this blog post, we will explore the Indian textile and apparel market in detail and provide you with insights on key trends that will help you make smart business decisions.
Indian Textile and Apparel market overview
India is the second-largest apparel and textile producer in the world, with a market share of around 16%. The country is expected to account for a growth of 7% by 2020. The textile and apparel industry in India was worth $33 billion in 2016. The main drivers of this growth are increasing demand from domestic as well as overseas markets, factors such as rising incomes and awareness about quality garments.
However, there are some restraints on the growth of the Indian textile and apparel sector. These include lack of infrastructure and skill shortages, which are hindering exports. Additionally, there is a high level of competition from other countries such as China and Bangladesh. However, government initiatives such as Make in India are helping to address these issues.
Indian Textile and Apparel market size, by product type
The Indian textile and apparel market is expected to grow at a CAGR of 7.5% during 2017-2021, according to a new report by Rosland Research. The growth of the Indian textile and apparel market can be attributed to factors such as rising disposable income, growing awareness about environmental concerns, and increasing demand from rural and semi-urban regions.
The report focuses on the following product types: ladieswear ( skirts, blouses, shirts ), men’swear ( trousers, jackets ), childrenswear ( frocks, pyjamas ), home textiles ( bedsheets, curtains ), and accessories.
Ladieswear is the largest product type in the Indian textile and apparel market with a share of 43%. This is followed by men’swear products with a share of 27% and childrenswear products with a share of 14%. Home textiles products account for 10% of the total market share while accessories comprise 6%.
The key players operating in the Indian textile and apparel market include Hindustan Unilever Limited (HUL), Walmart Inc., YOOX India Pvt. Ltd., Airtel Digital Life Pvt. Ltd., Titan Company Limited, Godrej Consumer Co., Ltd., Denim & Co. Ltd., Lazada Pte Ltd., Inditex Group SA, Fast Retailing Co., Ltd., Eddie Bauer Holdings Inc., Lululemon Athletica Inc., Nike Incorporated, Hennesy India Pvt
Indian Textile and Apparel market growth drivers
The Indian textile and apparel market is expected to grow at a CAGR of 8.5% through 2021, owing to increasing demand from emerging economies such as China and Brazil, coupled with improving infrastructure in the region.
Economic growth in these countries is driving increased demand for textiles and apparel produc
Indian Textile and Apparel market challenges
Indian textile and apparel market is growing at a very high rate currently. The main reason for this is the increase in disposable incomes of Indians. Another reason for the growth in the Indian textile and apparel market is the increasing demand from foreign countries. The textile and apparel industry in India has been growing steadily for the past few years and it is expected to grow further in the next few years.
The key challenges that are facing the Indian textile and apparel market are:
• Lack of infrastructure: This is one of the major challenges that is facing the Indian textile and apparel sector. Apart from lack of infrastructure, other Challenges that are faced by this sector include lack of skilled manpower, low production rates, slow export growth rates due to infrastructural bottlenecks etc.
• Low productivity: The low productivity in the textile and apparel sector results in low returns to investors and hence deterring investments. One way to overcome this challenge is to focus on enhancing efficiency through technology upgradation and adopting best practices.
Indian Textile and Apparel market opportunities
The Indian textile and apparel market is expected to grow at a CAGR of 7.5% through 2021 owing to increasing demand from emerging economies and increasing spending on clothing items by consumers in developed economies.
The Indian textile and apparel market is highly fragmented, with a wide range of players including smallscale cottage weavers, large-scale industrial units, and foreign garment companies. However, lack of transparency in the industry and lack of an efficient regulatory framework are restraining growth of the textile sector in India.
The major drivers for the growth of the Indian textile and apparel market include increased demand from developing economies such as China, Brazil, and Russia; rising disposable incomes in developed economies; and growing awareness about environmental impact associated with traditional garments.
Conclusion
The Indian textile and apparel market is projected to grow at a CAGR of 7.5% over the forecast period, 2022-2025. This is mainly driven by increasing disposable incomes, growing population, rise in demand for quality and affordable clothing items, and increase in exports. There has been a recent focus on sustainable development initiatives by various governments across the world, which is expected to boost the growth of the Indian textile and apparel market.
The Indian textile and apparel market is forecast to grow at a CAGR of 6.5% from 2017 to 2022, according to a report by industry research firm Gartner. This growth is attributable to the increasing demand for textiles and garments in the country owing to rising disposable income and growing consumer awareness. In addition, the government’s focus on providing social welfare schemes such as MNREGA and crop insurance has helped promote sustainable economic growth in India’s rural areas. However, there are some challenges that the market is facing, including increasing production costs and weak international demand.
