India’s textile and apparel market is expected to hit $350 billion at a 10 per cent CAGR by 2030. The market size was also estimated to be around $165 billion in 2022, with the domestic market constituting $125 billion and exports contributing $40 billion, as per a report.
The global apparel market is anticipated to be worth over US USD 1.7 trillion in 2022, with a compound annual growth rate (CAGR) of around 8 per cent expected to reach US USD 2.37 trillion by 2030.
Global textile and apparel trade, valued at approximately $910 billion in 2021, is projected to grow at a 4% CAGR, reaching $1.2 trillion by 2030. This forecast is outlined in the FICCI-Wazir Advisors report titled ‘Textile Industry’s Amrit Kaal: Roadmap for $350 Billion Market by 2030,’ presented at the FICCI TAG 2023 Annual Textile Conference.
Rajendra Agarwal of Donear Industries Ltd. emphasizes that achieving $350-400 billion in India’s textile industry by 2030 is attainable through global trends, partnerships, and value chain strengthening.
Sucheta Shah from FICCI advises the government to develop a detailed sub-sector roadmap to drive faster growth in the textile sector.
RD Udeshi of Reliance Industries highlights the need to build supply-side capacities to meet both domestic and international demands in the synthetic fibre industry.
Chetan Bhagat of Oerlikon Textile India envisions a strong future for India’s textile and apparel industry within the next 4-5 years.
Prashant Agarwal of Wazir Advisors points out that focusing on sustainability, digitalisation, and manufacturing excellence is key to reaching the $350 billion target by 2030.
