20 July 2023, Mumbai
Indian Textile Market Skyrockets; Prominent market research firm, IMARC Group, has recently released a report titled "Indian Textile and Apparel Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028."
The report reveals that the Indian textile and apparel market achieved a significant milestone, reaching US$ 172.3 Billion in 2022.
Exciting projections indicate a remarkable growth trajectory, with the market expected to soar to US$ 387.3 Billion by 2028, reflecting an impressive Compound Annual Growth Rate (CAGR) of 14.59% during 2023-2028.
Market Overview:
The Indian textile sector presents a diverse range of materials, encompassing both natural and synthetic fibers, while apparel offers an extensive selection of products such as shirts, pants, dresses, skirts, jackets, hats, shoes, and more, tailored for personal wear.
Expert weavers skillfully utilize various materials like cotton, leather, satin, lace, linen, chiffon, silk, crepe, denim, or blends, enhancing the appeal with intricate embroideries and embellishments.
The manufacturing process involves handlooms or electricity-powered power looms, often accompanied by chemical or polymer coatings to ensure enhanced durability and aesthetics.
Key Trends:
The Indian market experiences a surge in response to consumer preference for affordable and trendy fast fashion. Luxury brands also contribute significantly by incorporating premium fabrics like silk and leather into their footwear, clothing, and accessories. The export of silk, jute, and cotton materials further bolsters the market outlook.
Additionally, the online presence of e-commerce brands offering budget-friendly clothing options plays a pivotal role in driving market growth. Government initiatives, including A-TUFS, Power-Tex, and SITP, are actively fortifying the textile industry and paving the way for future growth.
