Global Textile Garment Market - 2023-2030

Global Textile Garment Market - 2023-2030

Global Textile Garment Market reached US$ 10.1 billion in 2022 and is expected to reach US$ 13.2 billion by 2030 growing with a CAGR of 4.0% during the forecast period 2023-2030. The increased demand for sustainable products has driven major textile companies to restructure their businesses and invest in sustainable manufacturing practices. During the forecast period, it is another driving force for the textile market. Rapid industrialization in emerging economies and new technologies promise to improve revenue generation in the textile business.

The cotton segment led the market, accounting for over 40% of total revenue in the global textile garment market in 2022. Cotton demand is expected to rise as the textile industry advances in response to increased demand for textiles and clothing in the countries. According to a Textile Exchange research, more than 95% of all industry-grade cotton is produced in Brazil, India, China, Pakistan, U.S., Australia, Cameroon and Côte d'Ivoire.

Market Dynamics
Rising Growth of Smart Textiles
Continuous innovation in the market, combined with a growing trend, may lead to extreme growth in the global textile garment market in the near future. Some smart textile applications include color changes in clothes in radiation zones or areas where hazards to the environment are more common. There are other examples of medical observation of patients for the pharmaceutical companies as well.

Actuators and sensors built into synthetic fabrics enable some wearables to collect exact information on health and fitness. In 2022, for example, MIT researchers created smart textiles that snugly conform to the body and can sense the wearer's posture and actions using a unique production technique.

Growing Promotional Schemes and Government Support
Various governments across the world are boosting the global textile garment market over the forecast period. For example, the government's plans to establish 7 huge textile parks across India will not only offer job opportunities but also improve the MSME sector. The parks have advanced facilities and offer textile companies tax breaks and other advantages. An additional proposal, worth US$ 1.4 billion, was released, which will help textile and apparel manufacturing facilities in realising their capacity potential.

The measures taken by the government are positive moves towards helping the industry's growth. Darshana V Jardosh, Minister of State for Textiles, declared during the 68th India International Garment Fair (IIGF) that India is the world's second largest textile and garment exporter. Historically, apparels has contributed the most to exports, followed by home textiles and fabric.

Intense Competition and Fluctuating Raw Materials Price
The textile garments market is highly competitive, with several producers and brands doing business worldwide. Prices, profit margins and market share face pressure from competition, making it difficult for companies to differentiate themselves and retain profitability. Cotton, wool, synthetic fibers and dyes are all important raw materials in the textile garment industry.

Price fluctuations in these raw materials can have a significant effect on production costs, influencing the total profitability of textile garment producers. Manufacturers and industry stakeholders must negotiate the hurdles in order to remain competitive and grow in the global market.

COVID-19 Impact Analysis
Changes in aggregate demand, a slowing global economy, the closure of manufacturing stores and production shutdowns as a result of the COVID-19 outbreak have caused global structural supply shocks. The pandemic has had the same effect on the textile and fashion supply chain. China is an important source of textile inputs. As a result, when the disruptions began in China, the impact spread throughout the global market.

As per Forbes, the Centre for Global Workers' Rights conducted a survey of 319 Bangladeshi garment manufacturing companies between March 21st and March 25th, 2020 and found that upon cancelling orders, more than 72% of buyers refused to make payments for raw materials (fabric, etc.) already purchased by the supplier. Over 91% of buyers refused to accept the supplier's reduced make-trim cost (production cost). As a result of order cancellations and nonpayment, 58% of the firms polled indicate they had to shut down most or all of their operations.

Russia-Ukraine War Impact Analysis
As a result of increased energy and raw material costs, numerous brands have closed their retail networks in Russia, causing the global apparel sector to suffer both directly and indirectly. The decision to withdraw from Russia has had an undeniable impact on sales and earnings for some fashion firms, like Inditex, H&M and LPP, because the country was a source of rapid development with high margins due to cheap labour.
While the exit had a significant impact in 2022, the impact will decrease in 2023 and beyond as the main apparel companies have the means to focus their attention on creating growth in other parts of the world. The Ukraine war encouraged commerce re-routing and led to an energy crisis, while outdated port structures around the world are causing transportation bottlenecks. Input costs have risen due to global inflation, with cotton and wool prices rising.

Segment Analysis
The global textile garment market is segmented based on material, product, distribution channel and region.

The Presence of Variety of Products
Women's tops and dresses are estimated to account for almost 1/3rd of the global textile garment market in 2022. The availability of a wide range of products is driving growth. A random shopping website or retail store sells a large variety of shirts, tops, t-shirts and other items. The availability of a diverse range of patterns, such as polos, ruffles and frills, wraps, tanks and crops, is likely to increase growth.

Silk, denim, cotton, shear, chiffon, crepe, georgette, rayon, leather and faux are among the fabrics available for all of the goods. To add to the variety, clothing patterns such as solids, prints, flowers, polka dots, checks and stripes are available. The variety, combined with the mix-and-match trend, has been driving growth. The changing trends have created a solid foothold among millennials, which is expected to stimulate demand even more.

Geographical Analysis
The Growing Exports from EU
Europe is expected to hold about 1/3rd of the global textile garment market during the forecast period 2023-2030. The presence of countries such as Germany, Spain, France, Italy and UK drives the European textile sector. According to the European Commission, the European Union's textile and garment industry is a global market leader. EU exports to the rest of the world account for more than 30% of the global market and the EU Single Market is one of the largest in terms of size, quality and design.

The Commission aims to guarantee that international trade is conducted on a level-playing field. It does so globally by carrying out World Trade Organisation agreements, individually by negotiating Free Trade Agreements and through dialogues like as the Euro-Mediterranean Textile and Clothing Industry Dialogue and bilateral meetings with Colombia and China.

Competitive Landscape
The major global players include PVH Corp., The TJX Company Inc., Christian Dior, Hyosung Tnc, YOUNGOR, Apparel Production, Alok Industries Ltd., Arvind Ltd., Grasim Industries Ltd and KPR Mill Ltd.

Why Purchase the Report?
• To visualize the global textile garment market segmentation based on material, product, distribution channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of textile garment market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global textile garment market report would provide approximately 61 tables, 62 figures and 205 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies