The Federation of Indian Chambers of Commerce & Industry (FICCI), in collaboration with Wazir Advisors, hosted the Textile and Apparel (T&A) Growth (TAG) event on October 13, 2023, in Mumbai. The primary objective was to chart a course for India’s T&A sector to reach a remarkable milestone – a US$ 350 billion market by 2030. Eminent personalities from T&A industry shared valuable insights during the event.
Growth of Global T&A Market
The global T&A market is poised for significant growth. In 2022, the global apparel market was valued at approximately US$ 1.7 trillion and is expected to grow at an 8% CAGR, reaching US$ 2.37 trillion by 2030. China and India are expected to be the fastest-growing markets, driven by economic growth and increasing disposable income.
Notably, China is projected to become the largest apparel market by 2030. Despite challenges, the global Textile and Apparel trade is expected to continue its positive trajectory, with a projected growth rate of 4%, reaching US$ 1.2 trillion by 2030.
Trends Impacting Global T&A Industry
Several trends are shaping the global T&A industry, which can be listed as:
- Rise of Sustainable Practices & Circular Fashion
- Adoption of Disruptive Technologies
- Changing Sourcing Landscape (“China +1”)
Indian T&A market is poised to grow
In the Indian T&A market, substantial growth has been witnessed, with a value of approximately US$ 165 billion in 2022. This industry is projected to grow at a remarkable 10% CAGR, reaching US$ 350 billion by 2030. The domestic T&A market, currently valued at around US$ 125 billion, is also anticipated to grow to US$ 250 billion by 2030. India’s T&A exports are predicted to reach US$ 100 billion by 2030, in line with the global trade growth.
Navigating towards US$ 350 billion
To reach the ambitious US$ 350 billion target by 2030, the Indian T&A sector should focus on key enablers:
- Enhancing Export Competitiveness
- Attaining Manufacturing Excellence
- Strengthening the Textile Value Chain
- Embracing Sustainable Practices and Circular Economy.
- Leveraging Government Scheme
