Indian Textile & Apparel Market to Reach US$ 250 bn by 2025-26: FICCI-Wazir Report
05 December 2022: FICCI-Wazir Advisors recently released a knowledge report ‘Building a Roadmap for US$ 250 Billion Sustainable Textile Industry’ during the FICCI TAG 2022 Annual Textile Conference. The Report elaborated the key initiatives that India will need to achieve the target of US$ 250 billion by 2025-26 and build a sustainable industry going forward. At the same time, the Report emphasised that Global apparel consumption in 2021 was estimated to be around US$ 1.5 trillion and it is estimated to reach US$ 2 trillion by 2025. Global textile and apparel trade is around US$869 billion and expected to grow at 3.5% CAGR to reach US$ 1000 billion by 2025-26.
The report further states that the Indian textile & apparel market was estimated at US$ 153 billion in 2021, with domestic market constituting US$ 110 billion and exports contributing US$ 43 billion. The Indian textile and apparel market has the potential to reach US$ 250 billion by 2025-26.
The report highlighted the key global trends, market scenario and opportunities for India in the textile and apparel market. It also highlighted key global trends impacting the textile and apparel industry, which included High focus on sustainability and circular fashion, the ‘China+1’ strategy of global brands providing opportunity for countries like India to increase their export share, Increasing need for digitalization across the fashion supply chain and Growing consumption of synthetic based textile and apparel.
The report suggested that, to achieve the target of US$ 250 billion market and build a sustainable textile industry going forward, Indian Industry needs to focus on leveraging government support schemes like PLI, PM MITRA, Export incentives etc. to invest in new products, build scale of operations, and improve competitiveness.
While addressing at ‘FICCI TAG 2022’, Ajit Chavan, Secretary and CEO, Textile Committee, Govt of India said that adopting good regulatory practices, sustainable chemistry, increased focus of quality and compliance issues, coupled with enhanced investments and continuous dialogue and engagement with the government are key mantras for achieving 250 billion USD target of Sustainable Textiles market in India by 2025-26.
Rahul Mehta, Chief Mentor, CMAI, said that India can achieve US$ 250 billion target easily by focusing on the Indian domestic textile and apparel industry and increasing the per capita consumption of consumer. He also stressed on the aspect of sustainability should be incorporated in the Textile policy.
Prashant Agarwal, Co-founder of Wazir advisors said that Industry in confident of achieving US$ 250 billion target. The key is to focus of creating own brand positioning, focus on investments and training. It will lead to investment by big players and MSME, as both will co-exist.
