Indian textile & apparel market projected to reach US$ 225.7 Bn by 2024
11 December 2020: The market is further projected to reach US$ 225.7 Billion by 2024, growing at a CAGR of 14.2% during 2019-2024. The Indian textile and apparel market was worth US$ 108 Billion in 2019, according to IMARC Group online report. On a regional basis, Maharashtra represents the largest market for textiles and apparels in India. Some of the other major markets include Uttar Pradesh, Tamil Nadu, Gujarat and Karnataka.
The textile and apparel market has become a vital contributor to the Indian economy. This can be attributed to the abundant availability of raw materials used for manufacturing apparel such as cotton, silk, wool, etc. The Government is also making investments under the Scheme for Integrated Textile Parks and the Technology Upgradation Fund Scheme for training workforce and to encourage private investment in the Indian textile and apparel industry.
India represents the largest producer of jute and cotton, and the second largest producer of silk. Due to the high abundance of raw materials coupled by cheap labour costs, the cost of manufacturing textile and apparel is significantly lower than many other competing countries.
Contrary to previous years, where Indian consumers purchased fashion items as and when required, buying clothes has become more than a basic need; it is now a reflection of aspiration, personality, and a status symbol. Though basic textiles continue to represent a part of the consumer’s basket, the demand for aspirational clothing has increased significantly in recent years.
