The combined apparel market of China and India will grow to $740billion by 2025 -- surpassing the projected combined US and European market of $725billion at the time. This was revealed in a recent report by India-based management consultants Wazir Advisors, 'The Road to 2025'. The report estimates that in 2025 the global apparel market will cross the $2 trillion mark from the current value of $1.1 trillion.
The report released at Texcon 2013, organized by Confederation of Indian Industries (CII), also points out that intra-Asia trade of textile and apparel will grow from $180billion in 2011 to $350billion by 2025. And it said India's export share in this market would grow 3.5 times from its current value of $12billion.
The report added that while China will remain the world's biggest clothing exporter, growth in domestic demand is expected to outpace exports.Also Chinese output growth will slow from today's 7 per cent to 5-6 per cent per annum by 2025. This will lead to an annual global shortfall in production compared to demand estimated to exceed $100billion.
And with China's increased focus on domestic consumption and rising costs, other exporting countries such as India, Bangladesh, Pakistan and Vietnam will have an opportunity to gain global export market share, the report said.