by The textile and apparel market is estimated to be valued at US$ 2,670.45 Bn in 2022 and is expected to exhibit a CAGR of 3.88% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The textile and apparel market consists of fabrics for various uses such as clothing, home furnishing, industrial uses among others. Key products include cotton, polyester, nylon and other blended fabrics used across different application sectors.
Market Dynamics:
The growth of the textile and apparel market is majorly driven by growing demand for sustainable and eco-friendly fabrics from consumers and brands. Rising awareness about environmental issues has increased focus on reducing waste and utilizing renewable resources in fiber and fabric production. Growing adoption of plant-based fibers like bamboo, hemp andbanana fibers is opening new opportunities in the market. Also, advancements in fabric recycling technologies allow greater reuse of post-consumer textile waste, promoting circular economy principles. These factors are supporting the market growth over the forecast period.
Market key trends:
The textile and apparel market has been witnessing a rise in demand for organic and eco-friendly materials. Consumers are increasingly preferring sustainable fabrics like organic cotton and recycled polyester due to rising environmental concerns. Textile companies are also investing in renewable energy sources and adopting methods to reduce water usage and carbon footprint during manufacturing to meet sustainability goals.
SWOT Analysis
Strengths: The Textile and Apparel Market has a large global customer base and high demand for affordable clothing. Brands have strong distribution networks and economies of scale.
Weaknesses: The industry faces risks from strict environmental regulations and rising labor costs in major manufacturing countries. It is also susceptible to fluctuations in raw material prices.
Opportunities: Growth in e-commerce is allowing brands to directly reach customers. The market can expand in developing economies with a growing middle class. Adopting latest technologies for automation can improve efficiencies.
Threats: Increased trade protectionism poses risks. Changing consumer preferences and rise of sustainability trends can impact products with high environmental footprint.
Key Takeaways
The global textile and apparel market is expected to witness high growth, exhibiting CAGR of 3.88% over the forecast period, due to increasing disposable incomes and rapid urbanization in developing regions. The market size for 2021 was US$ 2467.5 Billion.
Regionally, Asia Pacific dominates the market currently due to presence of major manufacturing hubs and low production costs. China, India and other Southeast Asian countries account for over 50% of the global textile trade. North America and Europe are other significant markets, although facing stiff competition from Asian players.
Key players operating in the textile and apparel market are Arvind Ltd, Toray Industries Inc., Tjx Companies Inc., Far Eastern New Century Corp., Vf Corporation, and Industria De Diseno Textil Sa (Inditex). Arvind Ltd is one of the largest textile producers in India while Inditex is a leading global clothing retailer known for its Zara brand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
