India’s apparel market is expected to grow at nearly 11 percent to reach US$ 85 billion by 2021, according to the India Business of Fashion Report released on Tuesday.
The estimates are part of a study by Rajat Wahi, Partner, Deloitte India, titled ‘Apparel and fashion industry and the importance of innovation and sustainability’ for the report.
“The Indian apparel market, pegged at around US$ 65 billion, is the second largest retail market after food & grocery in India. It grew at a Compound Annual Growth Rate (CAGR) of 11.5 percent in the period from 2012-17 and is expected to grow at nearly 11 percent CAGR in 2017-21 period to reach a value of US$ 85 billion by 2021,” the report said.
The report further illustrates that the country’s fashion market is majorly driven by key growth drivers, including young demographics, rising urbanisation, increasing affluence and a growing middle income segment, greater brand awareness, better accessibility and availability and increased formalisation of the sector.
