The Textile and Apparel Market is estimated to be valued at US$ 2662.69 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Textile refers to flexible materials woven, knitted or bonded with fibers or fabrics. This industry deals with manufacturing of fabrics and garments. The textile industry produces various fabrics like natural fibers such as cotton, wool, silk, and man-made fibers like nylon and polyester. The textile industry dominates globally due to its applications in fashion, clothing, home furnishing, medical and industrial uses.
Market key trends:-
The textile and apparel industry is increasingly adopting sustainable practices driven by demand for eco-friendly products from consumers and regulatory measures. Manufacturers are utilizing organic, recycled and biodegradable fibers to make textiles. They are also investing in renewable energy, recycling technology and zero discharge technologies to reduce environmental footprint. Adoption of sustainable practices helps companies cut costs, secure favorable regulatory clearances, attract ESG investors and appeal to environment conscious consumers. The trend towards sustainability is expected to drive innovation and growth in the textile and apparel market over the forecast period.
- Threat of new entrants: The textile and apparel industry has moderate threat of new entrants due to high capital requirements and established brand value of existing players. However, emergence of small scale manufacturers pose low threat.
- Bargaining power of buyers: Large retail chains and brand have significant bargaining power over manufacturers due to their global operations and demand concentration. However, product differentiation mitigates buyers power to some extent.
- Bargaining power of suppliers: Yarn and fabric producers have low-to-moderate bargaining power due to availability of substitutes and dependence on retail chains for marketing.
- Threat of new substitutes: Synthetic fabrics, emergence of advanced technical textiles pose threat to cotton and traditional materials.
- Competitive rivalry: Intense competition exists among existing players globally to gain market share.
- Strength: Wide product portfolio, global presence, brand recognition, well established supply chain provides strength to major players.
- Weakness: Rising labor and compliance costs, vulnerability to seasonality and lower entry barriers for small players.
- Opportunity: Growing e-commerce, demand from emerging markets, technical textiles offers opportunities.
- Threats: Trade barriers, climate change impacting raw materials, changing consumer preferences poses threats.
The Global Textile And Apparel Market Size is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing disposable incomes in emerging economies and recovery of demand post pandemic.
Regionally, Asia Pacific dominates the market currently and is expected to retain its position during the forecast period, owing to strong manufacturing base in China, India and Bangladesh. The North American region is also expected to grow at a substantial rate during the same period, driven by increasing health and wellness trend spurring demand for activewear and performance fabrics.
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). These players are focusing on sustainable and innovative fabrics to cater changing preferences and comply with regulatory norms. They are also investing in automation to enhance productivity and competitiveness.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it