Thailand Garment Manufacturing Industry Research Report 2023-2032

Thailand Garment Manufacturing Industry Research Report 2023-2032

Thailand, as the second-largest economy in Southeast Asia, boasts a per capita GDP of approximately US$6,600, positioning it as a middle to high-income country. The country's population stood at 70.8 million by the end of 2022, and it possesses a robust labor force characterized by low labor costs. With over 40.24 million people aged 15 and above in the workforce, Thailand sustains a minimum daily wage of approximately US$10.

The textile industry in Thailand encompasses a comprehensive value chain, with more than 2,000 apparel and textile companies operating, primarily concentrated in Bangkok and eastern Thailand. This sector plays a pivotal role in contributing to the country's GDP and export earnings. Thailand stands out for its proficiency in the production, design, and marketing of home textiles, earning a global reputation as a silk producer and yarn manufacturer. Moreover, the nation excels in eco-friendly finishing, dyeing, and printing services that meet international standards, although there is room for further improvement.

Thailand's textile exports are primarily directed towards the United States, Japan, the United Kingdom, Russia, and China. The country's two economic drivers, the textile and garment industry, experienced a downturn in 2020 due to reduced foreign demand during the COVID-19 pandemic. Approximately 3,000 factories pivoted to producing masks and PPE protective clothing to survive the economic challenges. However, the Thai textile industry rebounded in 2021, restoring production to full capacity, and Thai garment and textile factories resumed operations at 100% capacity. The years 2021 and 2022 witnessed a surge in Thailand's apparel exports to the United States, driven by demand from apparel-producing regions like Vietnam, Cambodia, Indonesia, India, Europe, and U.S. garment factories.

In 2021, Thailand began relaxing control measures as the pandemic's impact waned. This, in turn, led to a rapid recovery of Thailand's textile and apparel industry exports in 2021 and 2022. During these years, textile and apparel exports amounted to US$6,526 million and US$6,850 million, respectively, representing year-on-year increases of 13.53% and 4.96%.

Overall, the global garment market presents substantial opportunities, with a steady upward trajectory fueled by the relocation of the global textile and apparel industry to Southeast Asia. Thailand's textile and apparel sector is experiencing rapid growth, supported and promoted by the Thai government, suggesting a promising future. CRI anticipates that Thailand's textile and apparel exports will reach US$11.8 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 5.6% from 2023 to 2032.

Topics covered:

• Thailand Garment Industry Overview
• The economic and policy environment of the Thai garment industry
• What is the impact of COVID-19 on the Thai garment industry?
• Thailand Garment Industry Market Size 2018-2022
• Analysis of major Thai garment companies
• Key Drivers and Market Opportunities in Thailand's Garment Industry
• What are the key drivers, challenges and opportunities for the Thai garment industry during the forecast period 2023-2032?
• Which are the key players in the Thailand Garment Industry market and what are their competitive advantages?
• What is the expected revenue of Thailand Garments Industry market during the forecast period of 2023-2032?
• What strategies have been adopted by the key players in the market to increase their market share in the industry?
• Which segment of the Thailand Garment Industry market is expected to dominate the market by 2032?
• What are the major unfavorable factors facing the Thai garment industry?