According to the latest report from the IMARC group, entitled “India Textile and Apparel Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2021-2026”, the India textile and clothing market size reached a value of US $ 133 billion in 2020. Textile refers to materials composed of woven materials made from plants or animals, such as linen, cotton, silk and wool. Clothing, on the other hand, includes outerwear and indoor clothing that is worn by users to wrap and protect their body. These materials are made from comfortable and breathable yarns, fabrics and fibers which can be derived from natural and synthetic sources. Widely available in a wide range of colors and materials, they are also used in the manufacture of clothing, fashion and household applications.
We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of related industries. These observations will be incorporated into the report.
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Indian textile and clothing market trends:
The market is mainly driven by the well established textile and clothing industry in India, the largest producer of jute and cotton and the second largest producer of silk in the world. This can be attributed to the abundant availability of raw materials, such as silk, jute, and cotton, coupled with cheap labor costs in the country. In addition, the increasing penetration of broadband internet has contributed to the rapid expansion of online retailing in the country. Supported by changing lifestyles, favorable demographics and disposable income inflation, coupled with the increased convenience offered by online portals, such as a wide range of options and flexible payment methods, create a positive outlook for the market. The market is further stimulated by the evolution of purchasing habits in the country. A large number of young people are now embracing the trend of fast fashion instead of tailored clothing as a status symbol and fashion statement. The changing preference for clothing based on aspirations has drastically driven the growth of the market. Supportive government initiatives, such as the introduction of programs that encourage private investment in the sector, such as the Textiles Ministry’s Technology Upgrade Fund (TUFS) program, are other major growth drivers. The increasing use of environmentally friendly enzyme-based treatment processes in textile manufacturing is some of the other factors creating positive outlook for the market. Looking ahead, IMARC Group expects the Indian textile and clothing market to grow at a CAGR of 13.80% during 2021-2026.
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Key market segmentation:
- Based on the application, the market has been divided into clothing, technical, household and fashion, with clothing representing the largest market segment.
- On the basis of the raw material, the market has been divided into natural and man-made fibers. Among these, natural fibers show a clear predominance on the market.
- On the basis of the type of product, the market has been classified into yarns, fabrics and fibers. At present, yarn accounts for the majority of the total market share.
- Geographically, Maharashtra holds the leading position in the market. Some of the other major markets include Uttar Pradesh, Tamil Nadu, Gujarat, and Karnataka.
- The competitive landscape of the market has been examined in the report along with the detailed profiles of the major players operating in the market.
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