India Apparel Market: Trends, Consumer Preferences, and Growth Forecast 2023-2030
BlueWeave Consulting
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India Apparel Market is thriving due to rising disposable incomes, urbanization, e-commerce growth, evolving fashion trends, growing brand awareness, and a growing young population seeking diverse, trendy, and affordable clothing options.
In its recent study, BlueWeave Consulting, a leading strategic consulting and market research firm, estimated India Apparel Market size by value at USD 106.87 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects India Apparel Market size to expand at a CAGR of 3.88% reaching a value of USD 139.54 billion by 2030. The growth of India Apparel Market is driven by rising disposable incomes, urbanization, and an expanding middle class with evolving fashion preferences. Increasing e-commerce adoption offers convenience and variety, attracting tech-savvy consumers. Additionally, brand-consciousness and demand for quality products are propelling premium and branded apparel. The rise of social media influencers and fashion trends also impacts purchasing decisions, while favorable government policies supporting textile manufacturing and exports contribute to the expansion of India Apparel Market in the coming years.
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Growth Drivers
E-commerce Boom Drives India Apparel Market
India Apparel Market is significantly driven by the e-commerce boom. The rise of online shopping platforms has made it easier for consumers to access a wide range of clothing options, leading to increased sales. The convenience of shopping from home, coupled with the availability of diverse styles and brands, has attracted a large customer base. Additionally, the growing internet and smartphone penetration has further fueled this trend, making fashion more accessible to a broader audience.
Challenges
Competition from International Brands
India Apparel Market faces significant restraint due to competition from international brands. The entry of global fashion retailers and fast fashion brands has intensified competition, making it challenging for local brands to maintain market share. These international players often have strong brand recognition, extensive distribution networks, and substantial marketing budgets, which can overshadow domestic brands. As a result, local manufacturers must innovate and differentiate their offerings to stay competitive in the market.
Opportunity – Growing Middle Class Population
The growing middle class across the country is a major growth driver for India Apparel Market. The People Research on India’s Consumer Economy (PRICE) and India’s Citizen Environment estimated there were more than 430 million Indians (about 31% of the country’s total population) in the middle class with an annual income ranging from about INR 1.10 to INR 6.5 lakhs during 2020–2021. And by 2046–2047, the percentage of middle class people in the total population is expected to almost double (61%). The World Economic Forum (WEF) projects that about 140 million Indians will join the country’s middle class by 2030.
Competitive Landscape
India Apparel Market is fiercely competitive, with numerous companies vying for a larger market share. Major companies in the market include Aditya Birla Fashion and Retail Limited, Alok Industries Ltd, Arvind Limited, Gokaldas Exports, Kitex Garments, KPR Mill, Lux Industries, Page Industries, Raymond Ltd, Relaxo, The Bata Corporation, Trident, Welspun India, Vardhman Textiles Ltd, Westside, and Zudio. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in India Apparel Market.
Scope of the Report:
By Women’s Apparel
By Men’s Apparel
By Children’s Apparel
By Footwear
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By Region
Frequently Asked Questions (FAQs):
1. What is the current Market size of India Apparel Market by value?
Ans: India Apparel Market size by value was estimated at USD 106.87 billion in 2023.
2. What is the expected growth rate of India Apparel Market by value during the forecast period?
Ans: India Apparel Market by value is expected to grow at a CAGR of 3.88% during the forecast period between 2024 and 2030.
3. What is the forecast value of India Apparel Market size by 2030?
Ans: India Apparel Market size is forecast to reach a value of USD 139.54 billion by 2030.
4. What are the major factors driving the growth of India Apparel Market?
Ans: Growth of India Apparel Market is primarily driven by rising disposable incomes, urbanization, increasing fashion consciousness, and the booming e-commerce industry, which enhance accessibility and demand for diverse clothing options driving factors.
5. Which is the leading women’s apparel segment in India Apparel Market?
Ans: The dresses segment accounts for the largest market share of India Apparel Market by women’s apparel.
6. Name the key players in India Apparel Market.
Ans: Key players in India Apparel Market include Aditya Birla Fashion and Retail Limited, Alok Industries Ltd, Arvind Limited, Gokaldas Exports, Kitex Garments, KPR Mill, Lux Industries, Page Industries, Raymond Ltd, Relaxo, The Bata Corporation, Trident, Welspun India, Vardhman Textiles Ltd, Westside, and Zudio.
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