18 April 2023, Mumbai
The outwear market in India has seen significant growth in recent years, reflecting changing consumer preferences, rising disposable incomes, and increased urbanization.
Let's take a closer look digging into breaking down the size of the market, raw material sourcing trends, and the production side of the business giving in-depth valuable insights and doing technical analysis of this category.
Indian Outwear: Market Potential & Production
Market Size; The outwear market in India has witnessed robust growth, with a compound annual growth rate (CAGR) of around 10% between 2016 and 2021. The market size is expected to reach USD 11.2 billion by 2023, according to a report by Market Research Future (MRF).
Balancing act; Building a quality business as this growth can be attributed to several factors, including changing lifestyles, increasing awareness of global fashion trends, and a growing preference for branded apparel diving deeper insightfully.
Technology, sustainability & global exposure; The raw material sourcing for the outwear market in India is diverse and evolving. Traditionally, India has been known for its production of natural fibers like cotton, silk, and wool. However, with changing consumer preferences and demand for performance materials, synthetic fibers like polyester and nylon are also being increasingly used.
India is also becoming a hub for sustainable and eco-friendly raw material sourcing. There is a growing demand for organic cotton, recycled polyester, and other sustainable materials in the outwear market.
Many domestic and international brands are now sourcing raw materials from India to meet the growing demand for sustainable and environmentally responsible products shaping the future of the sector by deepening the manufacturing footprint.
Making industry battle ready; The production side of the outwear business in India is also witnessing significant growth. India has a rich history of textile production, and the country has a large workforce skilled in traditional textile techniques. This has made ever-evolving India an attractive destination for outsourcing and manufacturing for global apparel brands. Popular Indian outerwear brands: Wildcraft, Puma, Nike, Woodland, Lee Cooper, Spykar, etc.
Future is here
Global focus; Additionally, the Indian government has launched various initiatives to boost the textile and apparel industry, such as the Make in India campaign and the Technology Upgradation Fund Scheme (TUFS). These initiatives have encouraged investment in the sector, leading to increased production capacities and the modernization of manufacturing facilities to facilitate trade step-by-step to a quantum jump.
Expanding Outwear Market in India
Writing a growth story; The production of outwear in India is not limited to domestic consumption alone.
Many Indian manufacturers are also exporting outwear products to international markets. India has emerged as one of the most preferred exporters of textiles and apparel (T&C) in the world, with countries like the United States, the United Arab Emirates, and the European Union being major export destinations.
Opportunities Unboxed in India's Outwear Market
Marching ahead; the outwear market in India is experiencing significant growth in terms of market size, raw material sourcing, and production. Changing consumer preferences, rising disposable incomes, and favorable government initiatives have all contributed to the growth of the industry.
With the increasing demand for sustainable materials and technological advancements, the outwear market in India is expected to continue its upward trajectory, offering opportunities for both domestic and international stakeholders.
India's Outwear Industry Overview
Growth, Growth, growth! India's outwear market holds immense potential with its growing market size, favorable raw material sourcing, and robust production capabilities, offering lucrative opportunities to capitalize on this promising market for businesses in the fashion industry.
Developing sector for global competition; However, no sector today is free from the odds in the challenging demand environment besides inherent issues the sector faces such as rising labor costs, competition from other low-cost manufacturing destinations, and the need for technology upgradation to remain in line with the changing needs of the industry.
But on the whole, the production side of the outwear business in India has shown remarkable growth and potential to set new benchmarks in delivering.
