Global apparel market likely to reach US$ 2.28 trillion by 2030: FICCI-Wazir Report on Textiles
Pune (Voice news service):- FICCI-Wazir today released a knowledge report ‘Embracing Transformation: Sustainability, Digitalization and Innovation’, which was released by Ms Roop Rashi, Textile Commissioner, Ministry of Textiles, Government of India during the 15th edition of FICCI’s Annual Textile conference ‘TAG 2024’, organized by FICCI and Department of Textiles, Govt of Maharashtra. The report highlights key trends in shaping the textile industry. These trends include buyers diversifying from China; Growing demand for synthetic textiles and evolving sourcing strategies of buyers including sourcing consolidation and preference towards vertically Integrated setups.
FICCI Wazir report provides a roadmap on the policy support required from government on each of the key pillars of Sustainability, Digitization and Innovation as well as Infrastructure support for the textile clusters for the sustainable growth. It also suggests role of private sector by way of bringing increased focus on value-added products as well as Product Diversification.
The report highlights how global brands are embracing sustainability amidst changing regulatory landscape, and how sustainability can be achieved through various measures. The report also provides an overview of the impact of digitalization for global competitiveness and how key technologies viz. Automation and Robotics Artificial Intelligence (AI), Blockchain, 3D Printing and Virtual Prototyping are driving digitalization.
Ms Roop Rashi, Textile Commissioner, Ministry of Textiles, Government of India said, “The Indian textile industry must ensure that emerging global trends in sustainability, digitalization, and innovation are effectively captured and utilized not only by large companies but also by MSME clusters. This will enable the entire textile value chain in India to make the most of new opportunities while simultaneously augmenting value returns and reinforcing quality assurance along the textile value chains across fibres.”
Ms Rashi also called for bringing greater support for MSME clusters for whom specific schemes and incentives are available from both the state as well as central government, however lack of awareness or capacity is hampering the optimum utilisation of some of the schemes. She also called for stronger participation from startups to bring innovative solutions to the market and also get support from various government schemes.
Mr Sanjay Arora, Business Director, Wazir Advisors stated that the global apparel consumption, which stood at US$ 1.7 trillion in 2023 is expected to cross US$ 2.3 trillion by 2030, growing at a CAGR of 4% from 2023. Whereas global textile and apparel trade is growing at a CAGR of 3% since 2010. “This has helped Asian economies greatly including India which grew at CAGR of 5%. Overall, the Indian textile and apparel industry is worth US$ 172billion in FY 24 and is growing at a CAGR of 6% over the last decade and requires more support to further grow at a higher pace,” he added.
The conference also deliberated on various issues concerning Aligning India Textile industry with global standards and transformation; Realigning Business to Build Sustainable Industry, Incorporating Digitalisation and Innovation in business DNA.
