May 25, 2024
Textile and Apparel Market

Textile And Apparel Market is estimated to Propelled by Sustainability and Eco-Friendliness in Product Development

The textile and apparel industry manufactures clothing by weaving or knitting fabric from natural and synthetic fibers into yarns and fabrics. Fabrication further involves cutting, sewing, and embellishing the material into apparel, clothing, and fashion products. The global textile and apparel industry caters to people across different age groups and genders with a huge variety of fabrics, apparel, innerwear, footwear, and fashion accessories. The textile industry focuses on developing sustainable and eco-friendly fabrics like organic cotton, recycled fibers, and natural dyes to meet rising consumer demand for sustainable fashion.

The global Textile And Apparel Market is estimated to be valued at US$ 2662.69 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends: The growing sustainability movement has vastly influenced product development strategies across the textile industry. Manufacturers are investing in renewable and recycled resources to reduce environmental impact. For instance, many companies are utilizing post-consumer recycled polyester, organic cotton, and transitional natural dyes. recycled plastics are also being transformed into innovative fabrics. Research is also ongoing for developing sustainable alternatives to synthetic fabrics derived from petroleum. In addition, recycling and upcycling of pre- and post-consumer textile waste is gaining momentum to achieve circular economy goals in the industry.

SWOT Analysis

Strength: The textile and apparel market has a large and growing customer base globally. It caters to basic clothing needs of people across income segments.

Weakness: The textile and apparel industry is highly fragmented and unorganized in many regions. It faces challenges related to quality control, compliance with environmental and labor standards.

Opportunity: Emerging trends like sustainability, customization and fast fashion offer new opportunities for textile and apparel businesses. Growth of e-commerce is facilitating entry of new players and buyers.

Threats: Intense competition from low-cost manufacturers. Vulnerability to fluctuations in raw material prices and foreign exchange rates. Risks from climate change impacting cotton/fiber production.

Key Takeaways

The global textile and apparel market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising disposable incomes, changing fashion trends and expanding middle class population globally. Global Textile And Apparel Market Demand is estimated to be valued at US$ 2662.69 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030.

Regional analysis: The Asia Pacific region currently dominates the global textile and apparel market with countries like China, India, Bangladesh and Vietnam accounting for a major share of textile production and exports globally. The region is expected to maintain its leading position over the coming years backed by large production bases, availability of raw materials and labor.

Key players analysis: Key players operating in the textile and apparel market are IBM, Microsoft, Amazon Web Services, Google, Cisco, NTT Data, VMware, DXC, Rackspace, Informatica, Accenture, WSM, Zerto, Virtustream, RiverMeadow, OpenStack, CloudEndure, Cloudreach, Apps Associates, Rigs IT. They are focusing on innovative fabrics, sustainability initiatives and leveraging digital technologies like AI, IoT and blockchain for supply chain management and customer engagement.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it