The global textile and apparel market comprises clothing, footwear, and accessories made from various fabrics and materials such as cotton, wool, silk, synthetic fibers, and leather. Textiles and apparel are necessities and are widely used across homes, hospitals, and industries. They are durable, comfortable to wear, and are available in a wide variety of styles, designs, colors, and fabrics. The textile industry plays a crucial role in the global economy as it creates employment and generates foreign exchange. From yarns and fabrics to the latest streetwear and designer apparel, textiles and fashion have evolved to play an important role in consumers’ lives. The growing fashion consciousness among consumers and the demand for trendy and designer outfits are major drivers boosting sales in this industry.
The global Textile And Apparel Market is estimated to be valued at US$ 3067.42 Bn in 2024 and is expected to exhibit a CAGR of 20.% over the forecast period of 2024 to 2030, as highlighted in a new report published by Caoherent Market Insights.
Market key trends:
One of the key trends in the textile and apparel market is the rising demand for sustainable and eco-friendly fabrics. Consumers are increasingly concerned about the environmental impact of the products they use and demand clothing made from organic, recycled, and plant-based fibers that cause less pollution. Several textile brands have started using sustainable materials like bamboo fabric, organic cotton, Tencel made from wood pulp, and recycled polyester and nylon to cater to this consumer preference for ethical fashion. This shift toward environmentally friendly options is expected to accelerate in the coming years and significantly influence textile and apparel production processes.
Porter’s Analysis
Threat of new entrants: The textile and apparel industry requires high investments in machinery and raw materials. Established players enjoy economies of scale making it difficult for new players to enter.
Bargaining power of buyers: Buyers have significant bargaining power due to the availability of substitutes and transparency in pricing online. They can negotiate on prices and demand value-added services.
Bargaining power of suppliers: A few big suppliers control the global supply of raw materials like cotton, thus wielding pricing power. however, availability of alternatives and substitutes keeps their power in check.
Threat of new substitutes: Alternatives like digital fabrics and lab-grown materials pose a medium threat though they are at a nascent stage.
Competitive rivalry: The industry has many small and large players competing on quality, price, brand, and innovations.
Key Takeaways
The Global Textile And Apparel Market Size is expected to witness high growth over the forecast period. The market size is projected to reach US$ 3067.42 Bn by 2024, growing at a CAGR of 20%.
Regional analysis:
Asia Pacific currently dominates the market backed by large production capacities in major economies like China and India. The region is estimated to continue its dominance, expanding at a CAGR of over 18% owing to rapid urbanization and rising disposable incomes.
Key players:
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. They are focusing on new product innovations, mergers & acquisitions and digital technologies to cement their position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it