30 January 2023, Mumbai
The shirt-wear industry in India has been rapidly growing over the past few years and is expected to continue its upward trend. According to a market research report, the Indian shirt wear market was valued at INR 113.5 billion in 2020 and is expected to reach INR 205.5 billion by 2025, growing at a CAGR of 12.5% during the forecast period.
The increasing popularity of formal and casual shirts among the Indian population, particularly among the youth, is driving the growth of the shirt-wear industry in India.
Changing trade landscape
Trade Dynamics; In addition, the rise of e-commerce platforms and the increasing penetration of smartphone users in India have made it easier for customers to purchase shirts online, thereby boosting the growth of the shirt-wear industry.
Moreover, the growth of the organized retail sector and the entry of global brands in India are also contributing to the growth of the industry.
The men's shirt market has changed from restricted color and design options to different categories of formal and fashionable shirts in the past few years. Demand for stylish shirts is rising as consumer preferences for semi-formal and casual clothing change.
Challenges
Despite the rapid growth of the shirt-wear industry in India, there are still a few challenges that need to be addressed. The unorganized sector still dominates the industry, which affects the quality and pricing of shirts. The increasing competition from global brands and the need for innovative designs and patterns are also challenges that the industry needs to overcome.
Despite the challenges, the industry is well-positioned to capitalize on the growing demand for shirts in India and emerge as a major player in the global shirt-wear market.
Market size The domestic shirt market was forecast to be worth Rs 39,659 crore in 2017; by 2027, it was predicted to increase at a CAGR of 6% to reach Rs 69,361 crore.
Twelve percent of India's overall apparel market is made up of shirts. Men's shirts account for 94% of the global shirt market, with women's shirts accounting for the remaining 6% of sales and expanding twice as quickly as the men's segment.
The market for men's shirts in India is estimated to be worth 37,132 crores, and it is the largest category of men's clothing, accounting for 28% of the overall market for men's clothing. Formal and semi-formal shirts make up about 40% of the need for men's shirts.
In conclusion
With the constantly shifting fashion needs of both formal and semi-formal shirt customers, companies and retailers have much room to grow in the Indian shirt industry which is expected to continue its upward trend in the coming years.
