Indian textile and apparel industry size to be $221 billion by 2020: Technopak

AHMEDABAD: During the next decade when the $662 bn global textile and apparel trade would clock a CAGR of 5%, the $89 bn Indian textile and apparel industry would grow 9.5% to become $221 bn by 2021, according to Technopak’s Textile and Apparel Compendium 2012 released on Wednesday.

India’s $58 bn domestic market would also clock a CAGR of 9% to be $141 bn by 2021. Although dominated by menwear, India’s domestic market would see growing share of womenswear and kidswear over the decade. Men’s share in the basket would drop to 40% from 43%, the report indicates.

With Indian’s increasingly taking to buying new homes and decking them up, the share of home textiles in the basket would grow by 8% to become $9 bn by 2021. The technical textiles market would however, clock a faster growth at 10% to become $34 bn during the period.

With growth slowing down in major consumer markets in the West, the dynamics of the global textile and apparel trade that would be $1 trillion by 2020 is likely to change dramatically, notes Technopak. BRIC economies and other South-East Asian manufacturing destinations would be the major growth drivers for the sector during the period.