India's textile & apparel market to reach $350 bn by 2030: Report

The global apparel market is estimated at around $1.7 trillion in 2022 and expected to grow at a CAGR of around 8 per cent to reach $2.37 trillion by 2030. Global textile and apparel trade was around $910 billion in 2021 and is expected to grow at a CAGR of 4 per cent to reach $1.2 trillion by 2030, according to a knowledge report titled ‘Textile Industry’s Amrit Kaal: Roadmap for $350 Billion Market by 2030’ by the Federation of Indian Chambers of Commerce & Industry (FICCI)-Wazir Advisors at the FICCI TAG 2023 Annual Textile Conference.

The report suggested that export competitiveness, attaining manufacturing excellence, strengthening the textile value chain, embracing sustainable practices and circular economy, and leveraging government schemes are the key enablers to attain the $350 billion market.

It was also recommended that the industry should focus on automation and digitalisation to improve processes and efficiency levels; bring strong focus on people and skill development; start leveraging FTAs to tap new markets; develop capabilities and build capacities in synthetic textiles and technical textiles; and adopt global best practices for manufacturing excellence. The government should bring additional support to the existing textile clusters which will help build capabilities and allow MSMEs to compete globally, highlighted the report.

“The transformational change for textile industry at large would need to be based on manufacturing excellence, responsible production, embracing sustainable practices, leveraging technological capacities, and developing assurances in product and process by collaborative efforts of us all. The ecosystem is being enabled from raw material end to international market access initiatives during this Amritkaal and we are confident to achieve the $350 billion target, with sustainability at the core for planet as well as textile enterprise,” said Roop Rashi, textile commissioner, ministry of textiles, government of India.

“With anchor investors, state-of-the-art infrastructure, and large land availability in place, Telangana invites the textile and apparel industry to KMTP,” said Mihir Parekh, director, textiles and apparel, commerce and industries department, government of Telangana.

“Unlocking the potential of India's textile industry is not just a vision; it's an achievable reality. To reach the $350-400 billion mark by 2030, we must embrace global trends, foster partnerships, manage labour reforms and strengthen our value chain, reducing import reliance. Let's collaborate, innovate, and build a brighter future for the Indian textile and apparel industry,” said Rajendra Agarwal, MD and mentor, Donear Industries Ltd.

“The FICCI recommends that the government should focus on developing mini sub sectoral roadmap within the larger macro picture with the support of Industry and help supporting each of the segments, which can not only contribute higher quantum but also provider faster growth to the overall textile sector,” said Sucheta Shah, immediate past chair, MSME Committee, FICCI Maharashtra State Council.

“In nations such as India, it is crucial to develop supply-side capacities, given the country's unique advantage in both domestic and international markets. Synthetic fibre industry is equipped to take care of all needs of raw material as industry expands,” said RD Udeshi, president, Polyester Chain, Reliance Industries Ltd.

“The focus on sustainability, digitalisation, and manufacturing excellence for profitable manufacturing growth will help to achieve $350 billion by 2030,” said Prashant Agarwal, co-founder and joint managing director, Wazir Advisors.

“There is a need for creating product development centre and tie-up up with international institutes for new product growth and should focus on international experts in niche areas,” said Murugan Thenkondar, president and global head marketing and business development, Grasim Industries Ltd.

“The textile and apparel Industry of India has a bright future, and it will be a player to reckon with in the next 4-5 years,” said Chetan Bhagat, general manager – sales, Oerlikon Textile India Pvt Ltd.

“The PLI scheme is expected to boost investment in the industry, contributing to significant growth in production, employment, and exports, and will emerge as a strong competitor in the global market,” said Tushar Gurg, director-commercial lifestyle division, Raymond Ltd.

Fibre2Fashion News Desk (NB)