The global Textile and Apparel Market is estimated to be valued at US$ 2662.69 Bn or Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:-

Textile and apparel products refer to fabric-based products including clothing, home furnishing, technical textiles and industrial textiles. Key advantages include comfortable wear, lightweight, durable, high performance, fashionable and cost effective. There is growing demand for apparel and home textiles worldwide.

Market key trends:-

One of the key trends witnessed in the global textile and apparel market is sustainable fashion. There is significant rise in demand for eco-friendly and sustainably produced textiles and apparel worldwide. Consumers are increasingly preferring sustainable fabrics like organic cotton, recycled polyester and natural fibers over conventionally produced textiles due to rising environmental consciousness. Manufacturers are focusing on sustainable production techniques and reducing environmental footprint to meet this consumer demand for sustainable fashion.

Here is the segment analysis and key takeaways for the given Textile And Apparel Market:

Segment Analysis:-

The global textile and apparel market is segmented into apparel, home textile, technical textile and others. The apparel segment dominated the market in 2022, accounting for over 40% of the global market share. This is because apparel is considered a basic necessity and consumption does not diminish even during economic slowdowns. Within apparel, the casual wear segment has emerged as the largest sub-segment, growing at a CAGR of 5% during the forecast period due to the changing lifestyles and preferences of consumers towards comfortable and easy to wear clothing.

Key Takeaways:-

The Global Textile And Apparel Market Demand is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing disposable income and changing fashion trends among consumers globally.

Regional analysis – Asia Pacific region dominates the global market with over 35% share majorly due to strong presence of key players in China and India. The region is expected to witness highest growth during the forecast period owing to rise in working population and improved economic conditions in developing countries such as India, China and Vietnam.

Key players – Key players operating in the Textile And Apparel market are Arvind Ltd, Toray Industries Inc., Tjx Companies Inc., Far Eastern New Century Corp., Vf Corporation, and Industria De Diseno Textil Sa (Inditex). These players are focusing on new product innovations and expanding their product portfolios as well as global footprint to strengthen their market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it