The global textile and apparel market is estimated to be valued at US$ 2588 Bn in 2022 and is expected to exhibit a CAGR of 3.88% over the forecast period 2022-2030.
Market Overview:
Textiles and apparel cater to the basic necessity of protection and clothing. Textile products provide comfort, warmth, safety, and functionality. The materials used are versatile, durable, lint-free, easy to maintain and affordable.
Market key trends:
One of the key trends witnessed in the global textile and apparel market is the growing demand for sustainable textiles. Consumers are increasingly opting for apparel and textiles made from organic, recycled, and eco-friendly materials. Many textile manufacturers and retailers have launched sustainable product lines using recycled polyester, organic cotton, and other sustainable fibers to cater to this growing demand. The adoption of sustainable practices in textile production is expected to significantly drive the market over the forecast period.
Segment Analysis
The textile and apparel market is segmented into clothing, footwear, and home textiles. Within clothing, casual wear is the dominating sub-segment accounting for over 30% of the total clothing market share. This is due to the rising trend of casual dressing among millennials and Generation Z consumers who wear casual clothing for everyday use.
Key Takeaways
The global textile and apparel market is expected to witness high growth, exhibiting a CAGR of 3.88% over the forecast period, due to increasing consumer spending on fashion products and demand for trendy and innovative apparel among young consumers.
Regional analysis
Asia Pacific dominates the global Textile and Apparel Market holding over 40% of the total market share in 2021. This is attributed to the large presence of key players and textile hubs in countries like China, India, Bangladesh and Indonesia. North America is expected to grow at a steady pace due to strong demand from countries like the US and Canada.
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). Arvind Ltd and Toray Industries Inc. have emerged as the global leaders by gaining over 10% of the total market share through their wide range of clothing and fabric products.
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