The global apparel market will cross the US$ 2 trillion mark from the current value of US$ 1.1 trillion, which suggests an addition of nearly US$ 1 trillion in the market presenting huge business opportunities for sector players, according to ‘Road to 2025: Textile and apparel sector report’, released by Wazir management consultants.
A major share of this market creation is expected to happen in China, India, Brazil and Russia where the growth of per capita spent on apparel (PCA) will be higher than the growth of each economy, according to the report.
The report states that the growth rate of apparel consumption is expected to slowdown in developed countries such as Europe and the US whereas the emerging economies like Brazil, China, India and Russia will drive the market growth.
According to the report, the current global apparel market is estimated at US$ 1.1 trillion which forms nearly 1.8 percent of the world Gross Domestic Product (GDP). Almost 75 percent of this market is concentrated in Europe, US, China and Japan.
In terms of population, these regions are home to only one-third of the global population, signifying high PCA in these developed markets.
The report states that in developed economies the growth of PCA will slowdown or stagnate due to the changed consumption behavior, while in value terms the spending on apparel will continue to grow.
In line with this, it is expected that by 2025, PCA will grow at a faster rate than the economy in Brazil, Russia, India and China; whereas it will be slower or at par with the economic growth in developed markets.
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