The market for Indian textiles and apparel manufacturers could reach USD 350 billion by 2030, owing to the long-term positive outlook for the Indian economy and a strong focus on emerging areas such as technical textiles, home furnishing, specialised fabrics and fashion apparel, according to the FICCI-Wazir Advisors report.
“The transformational change for the textile industry at large would need to be based on manufacturing excellence, responsible production, embracing sustainable practices, leveraging technological capacities, and developing assurances in product and process by collaborative efforts of us all,” said Roop Rashi, Textile Commissioner, Ministry of Textiles, Government of India.
The global apparel market is anticipated to be worth over USD 1.7 trillion in 2022, with a compound annual growth rate (CAGR) of around 8 per cent expected to reach USD 2.37 trillion by 2030.
The global textile and apparel trade was worth approximately USD 910 billion in 2021 and it is predicted to expand at a CAGR of 4 per cent to reach USD 1.2 trillion by 2030.
The Indian textile and apparel sector is expected to be worth USD 165 billion in 2022, with a domestic market of USD 125 billion and exports of USD 40 billion. Given the optimistic long-term outlook, the industry is expected to increase at a 10 per cent CAGR to USD 350 billion by 2030, the report said.
