The Indian textile and apparel market was worth US$ 102.2 Billion in 2018. The market is further projected to reach US$ 225.7 Billion by 2024, growing at a CAGR of 14.2% during 2019-2024. Textile is a term widely used for referring to woven fabrics, yarns and fibers made from jute, polyester, cotton, wool, etc. In India, the textile and apparel industry is one of the oldest industries that has witnessed numerous developments over the years. The modern textile industry, however, came into recognition in the early 19th Century with the establishment of the first textile mill in Calcutta. Today, the textile and apparel market has become a vital contributor to the Indian economy. This can be attributed to the abundant availability of raw materials used for manufacturing apparel such as cotton, silk, wool, etc. The Government is also making investments under the Scheme for Integrated Textile Parks and the Technology Upgradation Fund Scheme for training workforce and to encourage private investment in the Indian textile and apparel industry.
Indian Textile and Apparel Market Drivers:
- India represents the largest producer of jute and cotton, and the second largest producer of silk. Due to the high abundance of raw materials coupled by cheap labour costs, the cost of manufacturing textile and apparel is significantly lower than many other competing countries.
- India currently has one of the world's largest young population. Currently around half of the total population is below 25 years of age. This age group represents one of the biggest consumer group of textiles and apparel and is expected to drive the spending over the next five years.
- Catalyzed by increasing penetration of the internet, online retailing has witnessed strong growth in the country. Consumers are now looking for ease of shopping, multiple options, better offers and easy return policies. The growth in online sales have enabled the textile industry to reach consumers residing across every corner of the nation.
- Due to a change in buying habits, consumers are now shifting from need-based clothing to aspiration-based clothing. Contrary to previous years, where Indian consumers purchased fashion items as and when required, buying clothes has become more than a basic need; it is now a reflection of aspiration, personality, and a status symbol. Though basic textiles continue to represent a part of the consumer's basket, the demand for aspirational clothing has increased significantly in recent years.
Breakup by Application:
- The textile and apparel market has been segmented on the basis of applications which mainly include clothing, technical, household and fashion. Amongst these, clothing is the largest segment.
Breakup by Raw Material:
- Based on raw materials, the market has been segmented into natural and man-made fibers. Currently, natural fibers represent the largest segment.
Breakup by Product Type:
- On the basis of product type, the market has been categorized into yarn, fabric and fiber. Amongst these, yarn is the most popular product type.
Breakup by State:
- On a regional basis, Maharashtra represents the largest market for textiles and apparels in India. Some of the other major markets include Uttar Pradesh, Tamil Nadu, Gujarat and Karnataka.
- The competitive landscape of the Indian textile and apparel market has also been examined in this report along with the profiles of the leading players operating in the market.
- This report provides a deep insight into the Indian textiles and apparels market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Indian textile and apparel industry in any manner.
Key Questions Answered in This Report:
- How has the Indian textile and apparel market performed so far and how will it perform in the coming years?
- What are the key states in the Indian textile and apparel market?
- Which are the popular product types in the Indian textile and apparel market?
- What are the various application segments in the Indian textile and apparel market?
- What are the major raw materials in the Indian textile and apparel market?
- What are the various stages in the value chain of the Indian textile and apparel market?
- What are the key driving factors and challenges in the Indian textile and apparel market?
- What is the structure of the Indian textile and apparel market and who are the key players?
- What is the degree of competition in the Indian textile and apparel market?