TEXTILE AND APPAREL MARKET ANALYSIS

Textile And Apparel Market Size and Trends

Global textile and apparel market is estimated to be valued at USD 2,783.62 Bn in 2024 and is expected to reach USD 3,687.78 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.1% from 2024 to 2031.

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Emerging markets such as India and China is expected to boost demand for textiles and apparel. Furthermore, rising population, increasing disposable incomes, and changing fashion trends can drive the market growth. However, price fluctuations of raw materials and growing environmental concerns around synthetic textiles can hamper the market growth.

Global Population Growth and Rising Income Levels

The population of the world continues to grow at a steady pace, placing upward pressure on demand for textiles and clothing. According to the data by United Nations in 2020, the global population reached 7.7 billion in 2019 and is projected to increase to nearly 10 billion by 2050. With population expansion comes more consumers with growing spending power and a need for basic items like fabrics, apparel, and household goods made from textiles.  At the same time, incomes are rising around the world, especially in populous emerging markets. As living standards improve in these areas, consumers have more disposable income to allocate toward nonessential purchases beyond mere subsistence needs. Clothing and fashion have become desirable luxury items rather than just functional necessities. Consumers can afford to replenish their wardrobes more frequently with season- and trend-driven apparel rather than wearing articles until it fully deteriorate. People seek upgraded textile materials and finer craftsmanship rather than just bare basics to reflect their higher social status.  Particularly in Asia, the burgeoning middle classes in large developing nations represent enormous untapped potential demand. Local fashion sensibilities are evolving beyond simple utilitarian needs to incorporate more elaborate styles influenced by global trends. Brand names and designer labels take on greater prestige and cachet. Apparel consumption rises dramatically as a symbol of modernization and economic progress. The sheer number of new potential consumers gaining the economic freedom and psychographic readiness to actively participate in the retail market cannot be ignored.

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Increased urbanization around the world has truly accelerated the rise of a mobile-first consumer mindset and behavior. With more people living in densely populated urban centres, on-the-go lifestyles have become the new normal. Fast paced cities mean consumers now rely heavily on their smart devices not just for everyday communication but also for all of their needs including shopping, payments and more.  This fundamental shift to a mobile-first approach has massively disrupted the textile and apparel industry. Traditionally known for its brick-and-mortar stores, outdated inventory management and slow adoption of technology, the sector is now experiencing a digital transformation at rapid pace in response to evolving consumer preferences and habits. Apparel brands and retailers are investing heavily in their own e-commerce channels, streamlining their supply chains for faster turnarounds, implementing inventory management tools and ramping up their social media and influencer marketing presence. The entire buying and shopping journey is now optimized for smartphones with features like virtual and augmented reality options for trying outfits digitally, mobile payments and even delivery directly to consumers on the go.