16 March 2024, Mumbai
Building on a $47 billion Success Story
The Bangladeshi garment industry has seen phenomenal growth over the past 45 years, reaching a remarkable $47 billion export sector and capturing 7.87% of the global market. However, to achieve our ambitious target of a $100 billion export sector by 2030 and increase our global market share to 12%, we need to embrace a strategic shift.
Shifting Gears: From Cotton to Non-Cotton
The global fashion landscape is undergoing a significant transformation, with a growing demand for non-cotton fibers. Consumers are drawn to the functionality, affordability, competitiveness, and sustainability of man-made fibers like polyester and nylon, regenerated fibers like viscose rayon, and even other natural options like linen.
A Global Trend, a Local Opportunity
While 75% of global apparel consumption and 57.5% of global textile trade are already non-cotton, our exports remain heavily reliant on cotton, with only 30% currently comprising non-cotton products. This shift presents a tremendous opportunity for Bangladesh.
Positive Signs and Future Potential
The encouraging increase in non-cotton exports over the past three years, coupled with rising imports of non-cotton fibers and textiles, indicates a promising future. However, to fully capitalize on this potential, we must address key challenges.
Charting the Course: The "Beyond Cotton" Report
The "Beyond Cotton" report, commissioned by Wazir Advisors Pvt. Ltd. with BGMEA's active involvement, tackles these challenges head-on. It outlines a roadmap for manufacturers, investors, policymakers, and other stakeholders to navigate the non-cotton textile and apparel market.
Key Insights and Actionable Steps
The report provides valuable insights from global leaders, industry evolution in competitor nations, and key enablers like investments, ecosystems, policies, and partnerships. It benchmarks our industry against leading non-cotton apparel producers and offers actionable recommendations for all stakeholders to enhance our collective competitiveness.
Cotton's Legacy, Non-Cotton's Future
While cotton remains a core strength, the "Beyond Cotton" report unlocks the exciting potential of diversification. This comprehensive analysis empowers you to plan your investments strategically and contribute to Bangladesh's garment industry reaching new heights.
CREDITS: BGMEA press release
