Textile & apparel expected to hit $250 bn by 2025-26: FICCI Wazir Report
29 November 2022, Mumbai
FICCI-Wazir Advisors released earlier this week a knowledge report ‘Building a Roadmap for US$ 250 Billion Sustainable Textile Industry’ during the FICCI TAG 2022 Annual Textile Conference.
Global apparel consumption in 2021 is estimated to be around US$ 1.5 trillion and it is estimated to reach US$ 2 trillion by 2025. Global textile and apparel trade is around US$869 bn and expected to grow at 3.5% CAGR to reach US$ 1000 bn by 2025-26.
The report highlighted key global trends impacting the textile and apparel industry, which included a High focus on sustainability and circular fashion, the ‘China+1’ strategy of global brands providing an opportunity for countries like India to increase their export share.
Indian Industry needs to focus on leveraging government support schemes like PLI, PM MITRA, Export incentives, etc.
The report further states that the Indian textile & apparel market is estimated at US$ 153 bn in 2021, with the domestic market constituting US$ 110 bn and exports contributing US$ 43 bn.
The report further suggested that Industry should also focus on automation and digitalization to improve processes and efficiency levels.
While delivering the inaugural address at FICCI TAG 2022, Mr. Ajit Chavan, Secretary, and CEO, of the Textile Committee, Govt of India said that adopting good regulatory practices, and sustainable chemistry, increased focus on quality and compliance issues.
Ms. Lubeina Shahpurwala, Member, of FICCI and Co-Founder, of Mustang Enterprises, said, “Innovation and efficiency will be the key pillars for Indian textile businesses.
Anil Biyani, Executive Director, Damodar Industries, during a panel discussion suggested that the key to achieving the targeted number of 250 billion US$ is to stand on the pillar of Innovation.
Prashant Agarwal, Co-founder of Wazir advisors said that the Industry in confident of achieving the US$ 250 billion target.
Shalendra Vasudeva, CMO, of Indo Rama Industries Ltd exhorted confidence in India meeting the challenges of building a concrete road map for the growth of the textile Industry.
The industry should also align with global buyer needs of sustainability, value chain traceability, and providing end-to-end services.
