The Indian textile and apparel market is set to grow at a CAGR of 13.80 per cent during 2021-2026; currently, the same is worth US $ 133 billion.
A report of IMARC Group titled “Indian Textile and Apparel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026 has claimed so.
India is the largest producer of cotton and the second-largest producer of silk globally.
On the geographical front, Maharashtra holds the leading position in the market. Some of the other major markets include Uttar Pradesh, Tamil Nadu, Gujarat and Karnataka.
The increasing penetration of high-speed internet has contributed to the rapid expansion of online retailing in the country. Supported by changing lifestyle patterns, favourable demographics and inflating disposable incomes, in confluence with the enhanced convenience offered by online portals, such as a vast array of options and flexible payment modes, are creating a positive outlook for the market.
The market is being further driven by shifting purchasing patterns in the country. A large pool of young population is now adopting the trend of fast fashion instead of need-based clothing as a status symbol and fashion statement.
The shifting preference for aspiration-based clothing has significantly provided an impetus to the market growth.
It is also pertinent to mention here that the Union and States Governments are also promoting textile industry and offering lot of incentives and subsidies. Recently, the Union Government came up with schemes like PLI and MITRA.
