Indian Textiles and Apparel industry [ Garment Sector ], accounts for approximately 4% of the global T&A market. The T&A industry is one of the largest and the most important sectors for the Indian economy in terms of output, foreign exchange earnings and employment.
The apparel industry in India contributes approximately 7% to industrial output in value terms, 2% to the GDP and 15% to the country’s export earnings. Exports and domestic consumption are both expected to be sluggish in the near term due to the impact of COVID-19.
Indian Apparel Market [Apparel retail industry analysis]
Apparel industry in India Indian Fashion Retail which is currently estimatedat Rs 3,61,160 crore (USD 54 billion) will grow at a promising CAGR of 8.1% for next ten years to reach Rs 7,88,532 crore (USD 118 billion) by 2028.
Inner wear Market Size & Growth
Apparel industry in India Among all the fashion categories, innerwear has emerged as one of the fastest growing categories over the last few decades. A commodity which was earlier depicted as a mere essential has in the last few years transformed itself into a fashion statement.
Read More Top Textile Company in India.
The Indian innerwear market currently estimated to be worth Rs 32,000 crore accounts for ~9 percent of the total domestic fashion retail market.
Domestic demand of innerwear has changed with consumer buying behavior, transforming from need based to aspiration based, coupled with increased fashion consciousness among millennials.
Women’s Inner-wear Market
The Indian innerwear market is primarily dominated by women’s innerwear, which accounts for 64 percent of the total innerwear market and accounts for 16 percent of the total women apparel market. The product categories in women’s innerwear includes
- shorts, etc.
Brassieres and panties contribute 85 percent of the total women’s innerwear segment.
Women’s innerwear segment is poised to grow at an impressive growth rate of 12.5 percent over the next decade to reach
68,000 crore by 2028 from current market size of21,000 crore.
Branded innerwear in women’s segment contributes 38-42 percent of the total women’s innerwear market and is expected to increase to 45-48 percent of the total market by 2023.
Men’s Innerwear Market
Apparel industry in India The men’s innerwear market is currently valued at
Rs 11,000 crore and is expected to grow at a CAGR of 7 percent over the next decade to reach Rs 21,800 crore by 2028. It contributes 7 percent of the total men’s apparel market.
The product categories in men’s innerwear includes
- boxer shorts among others.
The market has historically been highly fragmented and unorganized. Even today it is dominated by numerous small-scale players that cater to ~60-65 percent of the total demand.
However, the market segment is evolving and is gradually moving towards organised retail. Indian consumer spend on innerwear products is significantly lower than other Asian peers. This trend is visible across both men’s and women’s segments with gaps of over 90% against countries like Thailand and China.
This suggests that there is significant room for growth, driven by rising per capita spend on
Athleisure, a phenomenon in world fashion has in the last few years become the most dynamic and fast-growing segments in the India apparel market. Owing to its versatility, fit and soft comfortable knit fabrics, Athleisure as a range of apparel has been embraced and used by a wide consumer segment.
India’s athleisure market is growing at 18-20% currently and is expected to touch Rs 54,000 crore, or roughly $8 billion, by 2020.
The advancement in fabrics, materials and functionality in design has extended this category beyond fitness to include urban street styling. In recent times, celebrity frenzy on social media sporting the athleisure look in gyms and airports has helped increase the awareness and popularity of this category.
Kids wear Market
The kids wear market in India is estimated at Rs 81,900 crores and expected to grow at a CAGR of 8.5% in the next five years. With a booming kids population in India and owing to distinct factors like the growing trend of nuclear family system, increased spending on children, greater brand awareness among kids, and better focus on this segment by organized players, the kids wear industry is poised to grow in the coming years.
Albeit largely unorganized today, this segment is closely following suit the men’s and
women’s segment to become the next organized sector in apparel in India.
Garment Industry in India contributes approximately 7% to industrial output in value terms, 2% to the GDP and 15% to the country’s export earnings. Indian Garment Industry accounts for approximately 4% of the global T&A market.