Textile Market Value To Reach US$ 1,315 Billion By 2027: Acumen Research and Consulting
18 May 2021: Acumen Research and Consulting, a global provider of market research studies, in a recent report titled “Textile Market-Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027” says Global Textile Market is anticipated to grow around 4.4% CAGR during the period 2020-2027 and reach around US$ 1,315.0 Bn by 2027.
Increasing demand for smart textile form various end use industries across the globe and high government spending are aspects that drive the growth of global textile market. The market in North America is expected to account for major revenue share in the global textile market due to increasing demand for fashion industry.
Chancing lifestyle pattern and high spending capacity is resulting in high consumer spending on apparels. Retail sales from women’s clothing stores reached approximately 39 billion U.S. dollars in 2019, with a revenue for the women’s apparel market in USA reaching a total of 187.8 billion U.S. dollars.
Availability of e-commerce platform is making it easy for consumer to order the required design in required material. Major players are focused on selling the clothes online which aid them in reaching wider customer base and increase the revenue. Players are investing high in R&D activities with the focus to deliver better textile material. Their approach towards introduction of enhanced product in order to increase the customer base and enhance the product offerings is expected to impact the growth of regional market.
The market in Asia Pacific is expected to witness faster growth in the target market due to presence of large number of manufacturers operating in the region. Changing regulatory scenario and government of developing countries is spending high on strengthening the regional manufacturing capabilities are factors expected to boost the growth of regional textile market.
www.acumenresearchandconsulting.com/textile-market
