Textile and Apparel Market Is Estimated To Witness High Growth

The textile and apparel Market is estimated to be valued at US$ 2670 Billion 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 includes products like fabrics, fibers, yarns which are used to manufacture apparels, home furnishings and industrial use. Key segments in this market are woven apparel, knitted apparel, home textiles, industrial textiles, non-woven fabrics, etc. Rapid growth in technology has enabled mass customization and connectivity in textile industry.

Market Dynamics:
The textile and apparel market is witnessing high growth owing to increasing women employment and rising urban population. Rising women employment globally has increased disposable income in households which in turn driving demand for fashionable apparels. According to World Bank, women labor force participation increased from 57.5% in 2021 to 58.5% in 2022 globally. Further, rapid urbanization in developing countries such as India, Bangladesh and China is contributing to growth of textile and fashion industry as urban population spends more on apparels and home textiles compared to rural population. Over 50% of world population currently lives in urban areas which is projected to increase to 70% by 2050 according to United Nations. This rising urban population base presents immense growth opportunities for textile and fashion brands and retailers.

SWOT Analysis
Strength: The Textile and Apparel Market has a large global presence with regional manufacturing hubs. Over the years, companies have developed strong brand recognition and loyal customer base. Innovation and adoption of latest technologies has allowed players to improve production efficiency and quality.
Weakness: The market is highly fragmented and unorganized in many developing regions. Additionally, rising raw material and production costs pose challenges.
Opportunity: Growth in e-commerce has opened new sales channels. Growing population and rising disposable incomes in emerging economies will drive higher demand. Sustainable and eco-friendly fabrics present an opportunity.
Threats: Intense competition from local and international players. Vulnerability to fluctuations in cotton and polyester prices. Changing consumer preferences and rise of fast fashion poses threat.

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 demand for affordable and trendy clothing items. The Asia Pacific region dominated the market in 2021 with a share of over 60%, led by large production bases and presence of key players in countries such as China, India and Bangladesh. North America and Europe are other major markets, while growth in Middle East and Africa is projected to be fastest between 2022-2030, fueled by population expansion, urbanization and emerging middle class.

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). Regional analysis showed that Asia Pacific was the fastest growing as well as dominating region backed by presence of major manufacturers and low production costs. Countries like China, Bangladesh and India accounted for over half of global textile and apparel production in 2021.

The global textile and apparel market size in 2021 was US$ 2467.5 billion. Apart from affordable fashion, growing demand for performance, sports and outdoor apparel will also drive future market gains. The industry is expected to increasingly focus on sustainability and adopt advanced materials to meet consumers’ evolving needs and preferences.

Read More : https://www.ukwebwire.com/the-future-opportunities-in-sustainable-textile-and-apparel-market/

9 thoughts on “Textile and Apparel Market Is Estimated To Witness High Growth”

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