by The textile and apparel industry includes natural and synthetic fibers into various fabrics and finished products like clothing, home textiles, and industrial textiles. The industry is a major source of employment and exports globally. Key players in the industry design, develop, manufacture, and market an extensive range of clothing, home furnishing, and other items. The industry caters to both retail and institutional/business customers. Fiber producers and textile processors convert fiber into yarn and fabric, dye and finish fabrics, and produce finished apparel and home textile items for distribution.
The global textile and apparel market is estimated to be valued at US$ 2,662.69 billion in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics: The textile and apparel market is expected to flourish due to the growing e-commerce industry. E-commerce platforms have enabled direct interaction between brands and customers thus removing intermediaries. Companies can market products online at lower costs compared to physical stores. This has boosted sales for textile and apparel brands globally. The ease of browsing a large collection of products and cheaper home delivery have increased online shopping habits among consumers. Increased smartphone and internet penetration in developing regions is further fueling the growth of e-commerce. The popularity of online shopping is expected to drive demand in the global textile and apparel market over the forecast period.
Segment Analysis
The global textile and apparel market is dominated by the clothing sub-segment, which accounts for over 60% of the total market share. Clothing is a basic human necessity and demand remains robust. Developing regions with large populations and hot climates like Asia and Africa are prominent clothing markets.
PEST Analysis
Political: Trade policies impacting imports and exports can influence this global industry. Developing countries emphasize textile manufacturing due to job creation.
Economic: Rising incomes in developing nations fuel demand for affordable fashion. However, an economic downturn could negatively impact discretionary spending on apparel.
Social: Changing fashion trends and retail channels influence consumer choices. e-Commerce is increasingly popular for broader product selection.
Technological: Digital manufacturing tools aid design, production, supply chain efficiency and inventory management. Blockchain improves transparency in international trade and working conditions.
Key Takeaways
The global textile and apparel market is expected to witness high growth over the forecast period driven by steady demand and the relocation of manufacturing capacities to lower cost regions. Global Textile And Apparel Market Demand is estimated to be valued at US$ 2,662.69 billion in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market and is expected to maintain its leading position, owing to the large production bases and consumer markets in countries such as China, India and Bangladesh.
Key players operating in the textile and apparel market are IBM, Microsoft, Amazon Web Services, Google, Cisco, NTT Data, VMware, DXC, Rackspace, Informatica, Accenture, WSM, Zerto, Virtustream, RiverMeadow, OpenStack, CloudEndure, Cloudreach, Apps Associates, Rigs IT. The market is competitive with both global and regional players vying for leadership through innovative offerings and strategic partnerships. Technology is also enabling new business models and supply chain integration.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
