Textile and apparel market is estimated to be valued at USD 2,783.62 Bn in 2024, exhibiting a CAGR of 4.1% over the forecast period 2024-2031. The market is experiencing steady growth due to factors such as rapid urbanization and increasing penetration of internet and e-commerce. Furthermore, increase in disposable incomes in developing countries i boosts demand for apparel and textiles.
Rapid urbanization has resulted in change in lifestyles and fashion trends especially among young population, and this boosts demand for new designs and products. Furthermore, increasing penetration of internet and boost in e-commerce has made a wide range of products available to consumers easily. This has boosted the sales of textile and apparel globally. Rising disposable incomes in developing countries can drive the market growth as consumers are now able to spend more on apparel and textiles. Changing consumer preferences towards fashionable and trendy clothing along with growing working women population offers opportunities in the market.
Growing Demand for High Quality Fabric Products
One of the main drivers for the global textile and apparel market is growing demand for high quality fabric products across the world. Consumers nowadays want clothing and other textile products that last longer and look better. People are willing to pay premium prices for brands that offer superior fabric quality, intricate design work and finish. This has encouraged textile manufacturers to invest heavily in advanced looms, fabric treatment technologies and skilled labor to produce top notch fabrics. Rising demand for items made of cotton, silk, linen and other luxury fabrics is expected to drive the market growth.
Rising Population and Urbanization Trends
Another key market driver is rising global population and unprecedented urbanization rates in recent decades. As more people migrate to cities for employment and better standards of living, the demand for clothing, home textiles and other fabrics has increased. Currently, over half the world's population lives in urban areas and this rate is projected to increase further. The swelling middle class in emerging economies also represents a massive untapped consumer base for textile brands. Their rising disposable incomes allow them to spend more on apparel, furnishings and other fabric items needed to furnish modern lifestyles. This expanding consumer demographic boosts textile production volumes worldwide.
Stringent Environmental Regulations
One major challenge faced by the global textile industry is the stringent environmental regulations imposed in many countries. The production processes generate huge amounts of wastewater containing chemicals like dyes, greases and other contaminants. If not properly treated before disposal, this can pollute aquatic bodies and soil. Many governments are now enforcing strict laws regarding wastewater discharge quality and chemical usage. Complying with such norms requires expensive treatment plants and procedures, whichincreases production costs for textile manufacturers.
Fluctuating Raw Material Prices
Volatility in raw material prices, particularly cotton, can hamper the market growth. Cotton is a staple crop that is heavily dependent on climate conditions, soil quality, diseases and geopolitical tensions in producing regions. Even minor disruptions can cause prices to shoot up substantially. This makes business planning and cost control difficult for textile companies. The prices of other raw inputs like wool, linen, synthetic fibers and chemical dyes fluctuate frequently due to global supply-demand imbalances and energy costs. Such uncertainties in procurement add financial risks, and this can hamper the market growth.
Growth of E-commerce Segment
One of the major opportunities for textile manufacturers is booming e-commerce industry worldwide. Online retailing platforms have made high fashion apparel, home furnishings and other fabric products more accessible to consumers even in remote areas. These offer a much wider variety than traditional brick-and-mortar stores at highly competitive prices due to lower overheads. This attracts both newer customers as well as those shifting from offline to online purchases. Leading brands are partnering with popular e-tailing sites and building their own robust online presence and mobile apps to capitalize on the e-commerce growth trajectory.
Rising Demand for Technical Textiles
Another market expansion avenue lies in the rising demand for technical textiles used in industrial and medical applications. These include high-performance fabrics employed in sectors like construction, transportation, sports and healthcare. Areas such as protective clothing, roofing materials, artificial tendons/ligaments, filtration fabrics and geosynthetics are seeing increased uptake of technical textiles due to their durability, strength and specialized functional properties. Many players are developing advanced fabric varieties suitable for these specialized application areas through extensive R&D. This presents a major new revenue stream for textile manufacturers worldwide.
Link: https://www.coherentmarketinsights.com/market-insight/textile-and-apparel-market-5417
Key Developments
- In March 2024, Kyocera, a leading technology company, launched the 'TRUE BLUE TEXTILE' project to promote a new fashion concept called 'Wear to Save Water'. This innovative initiative aims to raise awareness about the importance of water conservation and encourage the adoption of more sustainable practices in the fashion industry.
- In March 2024, TextileGenesis, a leading technology company specializing in traceability solutions for the fashion industry, unveiled the 2.0 version of its innovative traceability platform. This updated platform represents a significant advancement in transparency and sustainability within the fashion supply chain.
- In 2023, H&M India, a popular fashion retailer known for its trendy and affordable clothing, expanded its presence by opening its third store in Hyderabad at the Next Premia Mall. This strategic move signifies the brand's commitment to catering to the growing demand for fast fashion in the region and strengthening its foothold in the Indian market.
- In 2023, Reliance Retail, the retail arm of the Reliance Industries conglomerate, launched its new youth-focused fashion brand, Yousta, with the opening of its first store in Hyderabad's Sarath City Mall. This strategic move marks Reliance Retail's foray into the rapidly growing youth fashion market, catering to the evolving style preferences and aspirations of the younger generation.
Key Players
BSL Limited, Lu Thai Textile Co., Ltd., Paramount Textile Limited, Paulo de Oliveira, S.A., Successori REDA S.p.A., Shijiazhuang Changshan Textile Co., Ltd, Solvay S.A., JCT Limited, The Bombay Dyeing & Mfg. Co., Ltd, Raymond , DBL Group, IBENA Inc., Adamjee Textiles, Heytex , TIROTEX, Fratelli Balli S.p.A., Lakhmi Woollen Mills, Australian Textile Mills, Mayur Fabrics, Helm Textile Mills
