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Indian textile and apparel market projected to reach US$ 350 billion by 2030: FICCI - Wazir Report
Oct 13, 2023
Global textile and apparel trade likely to reach US$ 1.2 trillion by 2030
Need transformational changes for textile industry - manufacturing excellence, responsible production, leveraging technological capacities: Roop Rashi, Textile Commissioner, Ministry of Textiles, GoI
MUMBAI, 13 October 2023: FICCI-Wazir Advisors today released a knowledge report ‘Textile Industry’s Amrit Kaal: Roadmap for US$ 350 Billion Market by 2030 during the FICCI TAG 2023 Annual Textile Conference. The report highlights the key global trends, market scenario and opportunities for India in the textile and apparel market. It further elaborates the key initiatives that India will need to navigate towards US$ 350 Billion by 2030.
The report also highlights that Indian textile and apparel market size is estimated around US$ 165 bn in 2022, with domestic market constituting US$ 125 bn and exports contributing US$ 40 bn. Given the long-term positive outlook, the Indian textile and apparel market size is projected to grow at a 10% CAGR to reach US$ 350 billion by 2030.
The global apparel market is estimated at around US$ 1.7 trillion in 2022 and expected to grow at a CAGR of around 8% to reach US$ 2.37 trillion by 2030. Global Textile & Apparel trade was around US$ 910 billion in 2021 and is expected to grow at a CAGR of 4% to reach US$ 1.2 trillion by 2030.
The report suggested that export competitiveness, attaining manufacturing excellence, strengthening the textile value chain, embracing sustainable practices and circular economy, and leveraging government schemes are the key enablers to attain the US$ 350 billion market.
The report further suggested that Industry should also focus on automation and digitalization to improve processes and efficiency levels; bring Strong focus on people and skill development, start leveraging FTAs to tap new markets; develop capabilities and build capacities in synthetic textiles and technical textiles and adopt global best practices for manufacturing excellence. The government should bring additional support to the existing textile clusters which will help build capabilities and allow MSMEs to compete globally, highlights FICCI-Wazir Advisors report.
Addressing the ‘FICCI TAG 2023’, Ms Roop Rashi, Textile Commissioner, Ministry of Textiles, Government of India said that the transformational change for textile industry at large would need to be based on manufacturing excellence, responsible production, embracing sustainable practices, leveraging technological capacities, and developing assurances in product and process by collaborative efforts of us all. The ecosystem is being enabled from raw material end to international market access initiatives during this Amritkaal and we are confident to achieve goal of USD 350 billion target, with sustainability at the core for planet as well as textile enterprise, she added.
Mr Mihir Parekh, Director, Textiles & Apparel, Commerce & Industries Department, Government of Telangana said that with anchor investors, state of the art infrastructure and large land availability in place, Telangana invites Textile and apparel industry to KMTP.
Mr Rajendra Agarwal, MD and Mentor, Donear Industries Ltd said, “Unlocking the potential of India's textile industry is not just a vision; it's an achievable reality. To reach the $350-400 billion mark by 2030, we must embrace global trends, foster partnerships, manage labor reforms and strengthen our value chain, reducing import reliance. Let's collaborate, innovate, and build a brighter future for the Indian textile & apparel industry."
Ms Sucheta Shah, Immediate Past Chair, MSME Committee, FICCI Maharashtra State Council said that FICCI recommends that the government should focus on developing mini sub sectoral roadmap within the larger macro picture with the support of Industry and help supporting each of the segments, which can not only contribute higher quantum but also provider faster growth to overall Textile Sector.
Mr R D Udeshi, President, Polyester Chain, Reliance Industries Ltd said that in country like India supply side capacities to be built as India has advantage of both domestic and export market. Synthetic fiber industry is equipped to take care of all needs of raw material as industry expands.
Mr Prashant Agarwal, Co-Founder and Jt. Managing Director, Wazir Advisors said that focus on sustainability, digitalization, and manufacturing excellence for profitable manufacturing growth to achieve 350 billion by 2030.
Mr Murugan Thenkondar, President & Global Head Marketing and Business Development, Grasim Industries Ltd said that there is need of creating product development centre and tie-up up with international institutes for new product growth and should focus on international experts in niche areas.
Mr Chetan Bhagat, General Manager – Sales, Oerlikon Textile India Pvt Ltd said that textile and apparel Industry of India has a bright future, and it will be a player to reckon with in next 4-5 years.
Mr Tushar Gurg, Director-Commercial Lifestyle Division, Raymond Ltd said that PM MITRA Parks and the PLI scheme are expected to boost investment in the industry, contributing to significant growth in production, employment and exports and will emerge as a strong competitor in the global market.