The apparel and textile industry is broken into two main segments. The apparel segment is focused on production and sales of ready-to-wear apparel, while the textile segment includes the manufacturing of yarn and fabric that will be turned into clothes and accessories. The textile industry also includes commercial furnishings, carpeting, and upholstery.
Market Statistics:
The Textile And Apparel Market is estimated to account for US$ 2467.5 Bn in terms of value by the end of 2021.
Global Textile And Apparel Market: Drivers
The global demand for textiles is expected to increase at a strong pace over the period, as the population of the world grows and the demand for apparel increases with the rising disposable earnings of the population. Moreover, increasing adoption of high-tech innovations, such as 3D printing, is expected to shape market future.
Global Textile And Apparel Market: Opportunities
Increasing adoption of smart textile is projected to hold significant growth opportunities for players over the forecast period. For instance, in May 2021, Textiles manufacturing startup Nextiles has launched into the sports and performance market to provide smart thread technology that captures biometric and biomechanics data. Nextiles blends traditional sewing techniques with printed circuit boards to make flexible material with sensors embedded within fabrics, such as everyday sportswear.
Global Textile And Apparel Market: Restraints
Intense competition and presence of counterfeit products are two major factors expected to hinder the market growth.
Global Textile And Apparel Market - Impact of Coronavirus (Covid-19) Pandemic:
The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Various companies had shutdowns their manufacturing units which had an adverse impact on textile and apparel market.
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https://www.coherentmarketinsights.com/market-insight/textile-and-apparel-market-5417
Key Takeaways:
The global apparel and textilemarket was valued at US$ 2467.5 Bn in 2021 and is forecast to reach a value of US$ 3637.5 Bn by 2030 at a CAGR of 3.88% between 2022 and 2030.
Clothing Textiles segment held dominant position in the Global Textile And Apparel Market in 2021, accounting for 38% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Textile And Apparel Market Trends:
Growing importance of technical textile is expected to be a key trend for textile and apparel market. Rising demand from automotive applications, geotextiles, vagrotextiles, and protective clothing are propelling demand for technical textiles. This in turn augmenting market growth.
Increasing investment in the textile industry by key players is a growing trend among vendors. For instance, in November 2019, The TJX Companies Inc. executed an investment in a 25% minority ownership stake in Familia, Russia’s only major off-price apparel and home fashions retailer. The USD 225 million investment gives TJX, the leading off-price retailer of apparel and home fashions in the United States and worldwide, the opportunity to invest in an established, off-price retailer with significant growth potential in the Russian market, which has significant potential for continued growth.
Global Textile And Apparel Market: Competitive Landscape
Arvind Ltd, Toray Industries Inc., Tjx Companies Inc., Far Eastern New Century Corp., Vf Corporation, and Industria De Diseno Textil Sa (Inditex)
Global Textile And Apparel Market: Recent Developments
In January 2018, VF Corporation, a provider of branded lifestyle apparel, footwear, and accessories, will expand into Jonestown, Lebanon County, Pennsylvania. The company plans to create more than 175 new jobs.
The company leased a 500,000-square-foot facility in Jonestown to serve as a distribution center for products in its Vans, The North Face, and Timberland brands. VF plans to invest up to USD 52 million into the project, which will create more than 175 new jobs over the next three years.
In September 2019, VF Corporation will invest nearly 7.5 million to expand its footprint in West Tennessee. The company will expand its current Workwear operations in Henning and locate a new facility in Covington, creating over 220 new jobs.
In February 2019, Inditex boosts premium brand Uterqüe: enters Zalando and Lamoda and launches e-commerce in Mexico. Inditex enhanced its online expansion in all its chains. The Spanish distribution giant, which set the objective of being online all over the world by 2020, keeps relying on marketplaces to carry out its online offensive.
In February 2019, Inditex's Pull & Bear enters US market. In the United States, Inditex's Pull & Bear brand will rival the likes of teen mall chains like Hollister, Abercrombie, Brandy Melville, and Forever 21. These specialty apparel retailers have begun to recover over the last few years after struggling to drive foot traffic and engage with the shopping behaviors native to Gen Z.
