The report states the initiatives that are needed to achieve a target of US$ 250 billion in 2025-26
Mumbai: India’s textile and apparel market has the potential to swell to $ 250 billion by 2025-26, up from an estimated size of $ 153 billion in 2021, a report said on Monday.
The report ‘Building a Roadmap for US$ 250 Billion Sustainable Textile Industry,’ by FICCI and retail consultancy Wazir Advisors said the domestic market constituting $110 billion while exports contributing $ 43 billion.
The report highlighted key global trends impacting the textile and apparel industry including the top focus on sustainability and circular fashion, the ‘China+1’ strategy of global brands will provide opportunities for countries like India to increase their export share, Increasing need for digitalization across the fashion supply chain and growing consumption of synthetic based textile and apparel.
The report also states the initiatives needed by India to achieve a target of $ 250 billion by the financial year 2025-26.
It is estimated that Global apparel consumption will be around $ 1.5 trillion in 2021 and US$ 2 trillion by 2025, the report said. Currently, the Global textile and apparel trade is estimated at $ 869 bn and is expected to reach $ 1000 bn by 2025-26 with an annual growth rate of 3.5%.
Lubeina Shahpurwala, Member of FICCI and co-founder of Mustang Enterprises, said, “Innovation and efficiency will be the key pillars for Indian textile businesses to further enhance their footprint in global textile & apparel markets.”
