The Textile & Apparel 360° Report 2024 by Groyyo Consulting highlights transformative trends shaping the $1.53 trillion global textile and apparel (T&A) market by 2033. With a projected CAGR of 5.8 per cent, the report underscores the growing importance of innovation, sustainability, and localization, spotlighting India's potential as a key player.
China remains the global leader in T&A exports, contributing 30 per cent of global apparel trade ($154 billion), while the EU-27 accounts for 41 per cent of readymade garment imports. Bangladesh and Vietnam sustain strong positions in apparel exports, while the EU and US dominate global imports, collectively worth $265 billion.
India’s dual role as an importer and exporter is under the spotlight. Between 2019–2023, apparel exports to the US, UK, and UAE thrived, but textile imports surgedyarn imports rose 11 per cent, and knit fabrics 4.7 per cent. This highlights challenges for local industries. India accounts for 4 per cent of global T&A exports, with yarn and fabric exports growing by 2 per cent and 1 per cent, respectively, between 2019 and 2023, although fiber exports declined by 4 per cent during the same period.
On the import side, rising demand for synthetic fibers led to an 11 per cent surge in yarn imports, while fiber imports decreased by 5.6 per cent, reflecting strengthening domestic production capabilities.
Growth in the sector is further driven by initiatives like ‘Make in India’ and the Production Linked Incentive (PLI) Scheme, which are enhancing technical and sustainable textile production while reducing dependence on imports.
“India’s integration into the global textile ecosystem presents tremendous opportunities for sustainable growth,” said Pratik Tiwari, Co-Founder, Groyyo.
The report calls for leveraging digital innovation, SME capacity-building, and government policies to solidify India’s position in the evolving global supply chain.
