The global apparel consumption in 2021 is estimated to be around $1.5 trillion. India’s textile and apparel market has the potential to swell to $250 billion by 2025-26, up from an estimated size of $ 153 billion in 2021, says a report by Federation of Indian Chambers of Commerce & Industry and retail consultancy Wazir Advisors
Global Apparel Market
The global apparel consumption in 2021 is estimated to be around $1.5 trillion. The market recovered by approx. 16% compared to 2020. It is estimated to reach $2 trillion by 2025 growing at a CAGR of 4% from 2019. In 2021, the US was the largest apparel consumer market, worth $257 billion with a growing CAGR of 5%. EU-27 has declined at a CAGR of 11% in 2021 post-Covid impact and stood at $211 billion. China, the 3rd largest market in the world, grew marginally from 2019, due to pandemic, however, is expected to grow with 11% CAGR (highest among all markets) and becomes the largest apparel market, worth $340 billion by 2025. Other major markets include Japan, India, Brazil and Canada.
The report, titled Building a Roadmap for $ 250 Billion Sustainable Textile Industry, indicates that that growing economies such as China, India are growing at much higher rates then developed regions owing to the growing domestic market and increasing disposable income. Together these market account for 59% of the total apparel market while rest of the world accounts for remaining 41% share.