MUMBAI : FICCI-Wazir Advisors today released a knowledge report ‘Textile Industry’s Amrit Kaal: Roadmap for US$ 350 Billion Market by 2030 during the FICCI TAG 2023 Annual Textile Conference. The report highlights the key global trends, market scenario and opportunities for India in the textile and apparel market. It further elaborates the key initiatives that India will need to navigate towards US$ 350 Billion by 2030.

The report also highlights that Indian textile and apparel market size is estimated around US$ 165 bn in 2022, with domestic market constituting US$ 125 bn and exports contributing US$ 40 bn. Given the long-term positive outlook, the Indian textile and apparel market size is projected to grow at a 10% CAGR to reach US$ 350 billion by 2030.

The global apparel market is estimated at around US$ 1.7 trillion in 2022 and expected to grow at a CAGR of around 8% to reach US$ 2.37 trillion by 2030. Global Textile & Apparel trade was around US$ 910 billion in 2021 and is expected to grow at a CAGR of 4% to reach US$ 1.2 trillion by 2030.

The report suggested that export competitiveness, attaining manufacturing excellence, strengthening the textile value chain, embracing sustainable practices and circular economy, and leveraging government schemes are the key enablers to attain the US$ 350 billion market.

The report further suggested that Industry should also focus on automation and digitalization to improve processes and efficiency levels; bring Strong focus on people and skill development, start leveraging FTAs to tap new markets; develop capabilities and build capacities in synthetic textiles and technical textiles and adopt global best practices for manufacturing excellence. The government should bring additional support to the existing textile clusters which will help build capabilities and allow MSMEs to compete globally, highlights FICCI-Wazir Advisors report.