Global Apparel Manufacturing Market to Grow: Report
14 November 2024: The global apparel manufacturing market size is estimated to grow by USD 119.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.3% during the forecast period. Growing e-commerce industry globally is driving market growth, with a trend towards a shift toward sustainable and ethical fashion. However, fluctuations in prices of raw materials used in apparel production poses a challenge.
Key market players include Aditya Birla Fashion and Retail Ltd., Arvind Ltd., Asian Apparels Ltd., Beximco Apparels Ltd., Crystal International Group Ltd, Epyllion Group., Fakir Apparels Ltd., Gokaldas Exports Ltd., Hongyu Apparel, Jay Dee Exports, Jiangsu Lianfa Textile Co., Ltd., Kitex Garments Ltd, KPR Mill Ltd., Luen Thai Holdings Ltd, MAS Holdings (P) Ltd., Plummy Fashions Ltd, Reliance Industries Ltd., Shahi Exports (P) Ltd., Vardhman Textile Ltd. and Youngor Group Co., Ltd.
The apparel manufacturing market is experiencing a notable transition towards sustainable and ethical fashion. This shift is driven by growing consumer consciousness and industry initiatives. In May 2024, SU.RE (Sustainable Resolution), an Indian industry-led initiative, announced a partnership with the British Council to boost sustainability in the Indian apparel sector. SU.RE, launched in 2019, is the largest voluntary commitment of the Indian apparel industry to sustainability, with 16 major brands pledging to establish sustainable supply chains by 2030.
This collaboration includes mentorship sessions, actionable plans, and strategies to help signatories address challenges such as consumer perception and stakeholder alignment. The first phase of this project involved a UK Study Tour, where delegates engaged with sustainable fashion leaders and participated in a leadership roundtable at the Global Fashion Summit in Copenhagen.
Globally, consumers are increasingly seeking transparency, ethical practices, and eco-friendly products from apparel brands. This trend is compelling manufacturers to adopt sustainable practices, such as using eco-friendly materials, minimizing waste, and enhancing labor conditions. The apparel manufacturing sector’s move towards sustainability is a reaction to both consumer demand and regulatory pressures.
As more brands adopt sustainable practices, the industry is expected to continue innovating and collaborating to minimize its environmental impact and promote ethical standards. This trend is poised to shape the future of fashion, making sustainability a crucial aspect of the global apparel manufacturing market during the forecast period.
The apparel manufacturing market is witnessing various trends in 2023. Fashion preferences continue to evolve with a growing interest in traditional ethnic attire and minimalist fashion. Technology is transforming the industry with innovations like 3D printing and artificial intelligence. Fast fashion remains popular, while luxury and premium kids wear are on the rise.
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