The Textile & Apparel 360° Report 2024 by Groyyo was released highlighting pivotal trends shaping the global textile and apparel (T&A) industry. The report examines India’s growing significance in this dynamic sector. With the global textile and apparel (T&A) trade expected to grow at a compounded annual growth rate (CAGR) of 5.8%, reaching USD 1.53 trillion by 2033, India stands at a critical juncture to harness its potential as a leading textile hub.
As the global T&A market races towards $1.5 trillion, Groyyo Consulting’s report underscores the critical role of innovation, sustainability, and localization in shaping the future. China continues to dominate T&A exports, contributing 30% of global apparel trade with exports worth $154 billion in 2023, while the EU-27 remains the largest importer of T&A products, accounting for 41% of readymade garment (RMG) imports.
Key Findings in Global T&A Trade:
- China leads in yarn and fabric exports, while Bangladesh and Vietnam maintain strong positions in apparel exports.
- The EU and the US are the largest importers, with EU imports worth $183 billion, followed by the US at $82 billion.
- Increased focus on regional partnerships and supply chain optimization highlights significant growth potential across value chains.
The report underscores India’s dual role as a rising exporter and importer in the T&A sector. While apparel exports from India to the US, UK, and UAE dominate, India also experienced notable growth in textile imports, particularly yarn (+11%) and knit fabrics (+4.7%) between 2019 and 2023, a concern for the growth of homegrown industries.
Speaking on the findings, Pratik Tiwari, Co-Founder, Groyyo, the company that brought out the report analyzing ITC Trademap data, emphasized, “This report demonstrates India’s increasing integration into the global textile ecosystem, offering significant opportunities for businesses to tap into new markets and drive sustainable growth.”
Key Trends from India:
- Export Highlights – India’s share in global T&A exports stands at 4%, with a mixed performance in recent years. While yarn and fabric exports grew by 2% and 1% respectively (2019–2023), fiber exports declined by 4%. This should improve by the end of 2024 in response to improving export opportunities for Indian manufacturers.
- Import Shifts – Imports of textile yarn surged by 11% during the surveyed period, driven by increasing demand for synthetic fibers and fabrics. However, fiber imports decreased by 5.6%, indicating growing domestic production capabilities. In this regard, the Indian government’s anti-dumping duties policy will help protect the producers at home.
- Growth Prospects – India’s “Make in India” initiative is driving significant growth in the textile and apparel sector, positioning the country as a regional hub for sustainable and technical manufacturing. Policies like the Production Linked Incentive (PLI) Scheme are boosting the production of man-made and technical textiles, enhancing exports, and reducing import dependency. Alongside this, a strategic focus on digital capacity building for Small and Medium Enterprise (SME) manufacturers is fostering innovation, improving efficiency, and enabling inclusive growth.
Abhishek Yugal, Managing Partner at Groyyo, stated, “The global textile industry is evolving rapidly, and India has the opportunity to emerge as a leader by focusing on high-value products and sustainable practices. By leveraging digital technologies and capitalizing on government initiatives, Indian manufacturers can achieve significant growth in exports and redefine their role in the global supply chain.”
The company aims for the Textile & Apparel 360° Report 2024 to serve as a comprehensive guide for stakeholders across the industry, from manufacturers to policymakers, charting a course toward innovation and collaboration in a rapidly evolving market.
