July 14, 2024
Textile And Apparel Market

Textile And Apparel Market Is Estimated To Witness High Growth Owing To Rapid Urbanization

The textile and apparel market is estimated to be valued at US$ 2,500 Bn in 2022 and is expected to exhibit a CAGR of 3.88% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The textile and apparel market involves manufacturing of fabrics and various clothing materials such as cotton, silk, wool, and synthetic fibers. Textile fibers are processed into yarns through spinning and further processed into fabrics through weaving, knitting, and other processes. The fabrics are then used to manufacture various apparel products catering to different end-uses such as casual wear, outdoor wear, sportswear, protective clothing, formal wear and more. Major application sectors include apparel, home furnishing, automotive and technical textiles.

Market Dynamics:

Rapid urbanization is expected to drive the demand for the textile and apparel market over the forecast period. According to UN estimations, around 68% of the world population is expected to live in urban areas by 2050. Rising disposable incomes in developing regions such as Asia Pacific and Latin America have increased the spending power of consumers on apparel and other textile products. Additionally, advancements in fabric engineering technologies have enabled manufacturing of fabrics with enhanced performance properties like moisture-wicking, windproof, waterproof etc. These high-performance fabrics are finding increasing usage in various end-use industries like sportswear, outdoor clothing, protective gear etc. which is expected to support the market growth during the forecast period.

Segment Analysis

The textile and apparel market is segmented into fashionwear, household wear, technical textiles and others. The fashionwear segment dominates the market and accounts for more than 45% share. This is because of the increasing spending on clothing and fashion accessories by consumers across the globe. Younger population is more inclined towards new fashion trends, thereby driving the demand for fashionwear segment.

PEST Analysis

Political: The global Textile and Apparel Market industry is heavily dependent on trade policies and free trade agreements between countries. Frequent changes in import duties and quotas impact the growth of this industry.
Economic: The growth of the textile and apparel market is directly correlated to the economic growth and rise in disposable income levels. Emerging economies with strong GDP growth presents lucrative opportunities.
Social: Changes in lifestyle and increasing brand consciousness among consumers fuels the demand for new styles and designs. Emphasis on looks and appearance influences the preferences.
Technological: Digital technologies like 3D weaving, RFID tags and automation enhance productivity. Innovation in fabric material allows usage across different applications.

Key Takeaways

The global textile and apparel market is expected to witness high growth, exhibiting CAGR of 3.88% over the forecast period, due to increasing urbanization and evolving lifestyle of consumers. The market was valued at US$ 2467.5 Billion In 2021.

Regional analysis: Asia Pacific dominates the textile and apparel market with more than 50% share led by countries like India, China and Indonesia. This is owing to the availability of raw materials, cheap labor and strong manufacturing base. North America and Western Europe are other prominent regions driven by high consumer spending on clothing and fashion.

Key players: Key players operating in the textile and apparel market are Arvind Ltd, Toray Industries Inc., Tjx Companies Inc., Far Eastern New Century Corp., Vf Corporation, and Industria De Diseno Textil Sa (Inditex). Arvind Ltd is the largest textile company in India focusing on bottom-wear and home textiles. Inditex, the owner of Zara brand, leads the global apparel retailing segment.

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