Textile Garment Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Textile Garment Market is segmented By Material (Cotton, Denim, Wool, Silk, Others) By Product (Women, Men, Kids) By Distribution Channel (Supermarket/Hypermarket, Clothing Stores, E-commerce, Brand Stores, Wholesale Marts, Others) and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Report Overview

Global Textile Garment Market reached US$ 10.1 billion in 2022 and is expected to reach US$ 13.2 billion by 2031 growing with a CAGR of 4.0% during the forecast period 2024-2031.

The latest industry trend of smart textiles that interact with the environment using optical fibers, metals and various conductive polymers is likely to fuel the global textile garment market growth over the forecasted period. Emerging economies in developing nations are assisting the textile sector to build modern facilities capable of high-efficiency fabric production.

During the forecast period, Europe is estimated to account for almost 1/3rd of the global textile garment market. Europe is an important market region due to female economic independence and increased fashion knowledge among its population. Furthermore, the region has a higher purchasing power parity than most countries. Europe is home to the most recognisable brands, including Chanel, Dior, Lacroix, Gucci, Prada, Versace and others.

Market Summary

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Market Dynamics

Digital Marketing and Growing Design Innovations in Garments

The apparel industry benefits from innovative designs, popular fashion choices and effective advertising strategies. Consumers' more exposure to the internet and e-commerce has improved their fashion awareness and availability of high-end brands and limited-edition products. The use of influencers has influenced how beauty companies sell their goods and seek to increase sales. With the majority of social media marketers reporting an influencer marketing spend, it is apparent that marketers admire influencers. 

Local startups with sustainable methods are capturing the attention of customers across the world. The companies provide a variety of styles, including formal, casual and traditional clothing, as well as distinctive ideas and concepts that attract the clients' interest. Furthermore, online garment sales have increased in recent years as consumers have grown more comfortable making wardrobe purchases from their computers and handheld devices. Web-only firms are primarily responsible for the increase in online garment sales. 

Growing Preference Towards Sustainable Products

The growing customer preference for sustainable products has driven large textile companies to focus on restructuring their businesses and investing in sustainable production practises. Over the forecast period, DuPont's plant-based faux fur for performance fashion clothes and Eastman's use of abandoned carpets in new materials are likely to open numerous key industry routes.

The growing supply of natural fibres, particularly cotton, in China, India and U.S. is greatly contributing to the growth of the global textile garment market. Silk is utilised in textiles and clothing because it comes in both fine and coarse variants. Wool and jute are popular textile materials because to their durability, flexibility and softness. During the forecast period, the global textile garment market would be driven by rising consumption of natural fibres such as cotton, silk, wool and jute.

Rise in Wastage of Resources

Despite a long history of resource conservation in the textile industry, garment manufacture generate a large amount of undesired waste. The amount of textile waste generated relates to the amount of textile product produced; the more product produced, the more trash generated. It is a result of consumer demand, which is dependent on the country's economic growth. 

The textile industry's dominance of fast fashion and just-in-time production has resulted in more frequent seasons with brief collections in-between seasons, resulting in the introduction of new cheap products in stores every week and in some cases, every day. The fast-changing fashion industry produces a large amount of waste, which is a bottleneck in the expansion of the global textile garment market.

Market Segmentation

The global textile garment market is segmented based on material, product, distribution channel and region.

Rising Focus on Sustainable Cotton 

The cotton segment led the market and accounted for about 40% of the total revenue of global textile garment market in 2022. Cotton's growth can be due to its unique characteristics, which include great strength, absorbency and colour retention. China, India and U.S. are the largest producers of cotton and cotton-based products. Cotton demand is expected to rise as the textile sector expands in response to increased demand for textiles and clothing in the countries. 

By 2025, the Textile Exchange aims to boost the industry's use of more sustainable cotton from 30% to 50%. By 2020, recognised programmes and initiatives will have supplied 30% of all cotton used in the industry. The challenge aims to increase this to more than 50% by 2025 as participating companies increase the required amount, ensuring that all of their cotton comes from one or more sources.

Source: DataM Intelligence Analysis (2023)

Geographical Share

The Rising Government Initiatives in Asia-Pacific

During the forecast period, Asia-Pacific holds a share of approximately 40% of the global textile garment market, led by China and India. Various government efforts for the textile sector also contribute to the country's garment market revenue. For example, the CNTAC, China's textile and apparel industry's regulating body, announced its 14th five-year plan, describing the development objectives, growth strategies and key tasks for China's textile and apparel sector for 2021-2025. 

China is also a big garment exporter, which contributes to the apparel market's revenue. For example, the General Administration of Customs, China (GACC) reported that China exported US$ 170.26 billion in clothes and accessories in 2021. Increased population, increased disposable income and changing fashion trends have boosted India's garment sector. India is also a major textile exporter, which contributes to the expansion of the apparel sector.

Source: DataM Intelligence Analysis (2023)

Market Key players

The major global players include PVH Corp., The TJX Company Inc., Christian Dior, Hyosung Tnc, YOUNGOR, Apparel Production, Alok Industries Ltd., Arvind Ltd., Grasim Industries Ltd and KPR Mill Ltd.

COVID Impact

Despite the negative impact of COVID-19 on the garment industry, the market is rebounding when market limitations are repealed. Increased internet shopping is expected to drive growth in the garment manufacturing business. Manufacturers may now sell their products on a far bigger platform than before, helping them to geographically expand their client base. 

E-commerce portals, for example, have increased sales of traditional clothing in countries such as India by promoting makers who were previously limited to a specific geographic area. According to Forbes, UK apparel business declined 34.8% in March 2020 compared to the same period in 2019. Global lockdown restrictions pose significant hurdles to suppliers. Governments restricting commercial operations during this time have even brought some factories to a halt.

Russia-Ukraine War Impact

Russia's apparel retailing business has been severely affected. Major local companies have ceased operations in the country. International apparel retailers such as H&M, Zara, Marks & Spencer and Nike have followed suit. Importing and exporting textile material will be difficult for garment producers due to higher freight costs. It might result in massive losses for the companies. 

Fuel price increases have also caused transportation businesses to increase their prices. It has had a direct impact on retailers and suppliers. Payment issues caused by sanctions are the main source of concern for economic flows with Russia, especially among Asian nations such as Bangladesh and Vietnam. It had an influence on the textile and garment industries in Asia and India, although Russian demand for the products is not as significant.

Key Developments

• In January 2022, PVH, an American clothing company, launched its new Tommy Hilfiger fashion range under one of its brands. Outerwear, cold-weather accessories and AAPE's streetwear style with TOMMY JFANS' famous street prep are all part of the collection. Puffer coats, a 2-in-1 plaid sherpa fleece windcheater, the classic TOMMY JFANS flag denim jacket and a reversible camo vest are among the key segments.
• Versace and Fendi's collaboration, Fendace, was available in stores in May 2022. Donatella Versace's Fendi by Versace collection and Kim Jones' Versace by Fendi collection were included in the collaboration. Apparel, shoes and accessories were among the items included in the Fendace collaboration.
• In October 2022, Indian cosmetics and fashion retailer Nykaa partnered with Dubai-based lifestyle and fashion company Apparel Group to use its retail infrastructure to expand in UAE, Saudi Arabia, Qatar, Oman and Kuwait as part of its expansion plans.

Why Purchase the Report?

• To visualize the global textile garment market segmentation based on material, product, distribution channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of textile garment market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global textile garment market report would provide approximately 61 tables, 62 figures and 205 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies