The Textile & Apparel 360° Report 2024 by Groyyo highlights pivotal trends shaping the global textile and apparel (T&A) industry, with a focus on India’s growing significance in the sector. According to the report, the global T&A trade is expected to grow at a compounded annual growth rate (CAGR) of 5.8%, reaching USD 1.53 trillion by 2033. This growth presents India with a crucial opportunity to strengthen its position as a leading textile hub.
The report emphasizes the importance of innovation, sustainability, and localization in driving the future of the global T&A industry. It also acknowledges China’s continued dominance, contributing 30% of global apparel trade, with exports valued at $154 billion in 2023. The EU-27 remains the largest importer of T&A products, accounting for 41% of readymade garment (RMG) imports, followed by the US, with $82 billion in imports. Additionally, Bangladesh and Vietnam hold strong positions in apparel exports.
India’s dual role as both an exporter and an importer in the T&A sector is highlighted. While India’s apparel exports to major markets like the US, UK, and UAE remain significant, the country has also experienced notable growth in textile imports, particularly in yarn (+11%) and knit fabrics (+4.7%) between 2019 and 2023. These trends underscore both the opportunities and challenges facing India’s homegrown textile industries.
According to Pratik Tiwari, co-founder of Groyyo, the report demonstrates India’s increasing integration into the global textile ecosystem, offering businesses opportunities to enter new markets and achieve sustainable growth. Despite India’s share in global T&A exports standing at 4%, the country has seen mixed performance in recent years. While yarn and fabric exports have grown modestly, fibre exports have declined by 4%. However, the report suggests that India’s export performance will improve by the end of 2024 as export opportunities for Indian manufacturers continue to expand.
In terms of imports, the 11% increase in textile yarn imports reflects rising demand for synthetic fibres and fabrics. However, fibre imports fell by 5.6%, signaling improving domestic production capabilities. The Indian government’s anti-dumping duties policy aims to protect domestic producers from foreign competition, supporting the growth of local industries.
The “Make in India” initiative is playing a key role in driving growth in India’s T&A 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 while reducing import dependency. Additionally, a strategic focus on digital capacity building for Small and Medium Enterprises (SMEs) is fostering innovation, improving efficiency, and promoting inclusive growth in the sector.
Abhishek Yugal, managing partner at Groyyo, emphasized the evolving nature of the global textile industry and India’s potential 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 Textile & Apparel 360° Report 2024 aims to serve as a comprehensive guide for stakeholders across the T&A industry, helping them navigate the rapidly changing market through innovation, collaboration, and sustainable growth strategies.
