The global Textile and Apparel Market is estimated to be valued at US$ 2662.69 Bn or Mn 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:-

Textiles are flexible materials made by creating an interlocking network of yarns or threads, while apparel consists of manufactured items designed to be worn on the body. Common textiles include fabrics such as cotton, silk and wool, while apparel includes items like shirts, pants and dresses.

Market key trends:-

The growing demand for comfortable and fashionable athletic and active wear has become a key trend over the past few years. Consumers are increasingly looking for versatile clothing that can be worn during workouts as well as in daily casual settings. The rapidly expanding athleisure market has prompted many textile and apparel companies to offer new lines of sports and active wear made with breathable, flexible and moisture-wicking fabrics.

SWOT Analysis:-

  • Strengths: Wide variety of fabric options available at affordable prices. Most global brands have established supply chains.
  • Weaknesses: High dependency on seasonality and fashion trends. Market dominated by unorganized small players.
  • Opportunities: Rising demand for sustainable and recycled fabrics presents an opportunity. Growing sports and outdoor activity segments also provide scope.
  • Threats: Intense competition from domestic and international players. Threat fromcounterfeit products and cheap imports.

Key Takeaways:-

The Global Textile And Apparel Market Growth is expected to witness high, exhibiting CAGR of 3.8% over the forecast period 2023 to 2030, due to increasing health consciousness. The market size for 2023 is estimated to be US$ 2662.69 billion.

Regional analysis: Asia Pacific dominates the global textile and apparel market currently, owing to presence of major manufacturing hubs in countries such as China, India, Bangladesh and Indonesia. China accounts for over 30% of the global textile and apparel production. North America and Europe are other major consumers of textile and apparel products.

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). Arvind Ltd and VF Corporation are market leaders in India and North America respectively, while Inditex has the largest global footprint.

 

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