India Apparel Market Grows at Steady CAGR to Touch USD 140 Billion by 2030

Published | 13 November 2024

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.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, 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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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. As growing number of people with increasing disposable income, more consumers can afford a variety of clothing, including branded and designer wear. This demographic shift is leading to an increasing demand for both traditional and Western-style apparel across urban and semi-urban areas. The middle class's evolving preferences for fashion-forward and quality products are expected to fuel the growth of India Apparel Market over the forecast period.

Impact of Escalating Geopolitical Tensions on India Apparel Market

Escalating geopolitical tensions could negatively impact India Apparel Market by disrupting supply chains, increasing raw material costs, and creating uncertainties in export and import activities. Trade restrictions, tariffs, and border tensions could limit access to key markets and suppliers, affecting production timelines and profitability. Additionally, consumer confidence may decline, leading to reduced demand for non-essential goods like apparel. However, a shift toward local sourcing and diversification of markets could mitigate some of these challenges.

Casual Footwear Segment Leads India Apparel Market

The casual footwear segment dominates India Apparel Market, primarily driven by the growing demand from younger consumers for stylish and comfortable shoes ideal for everyday use. The surge in popularity of athleisure and casual fashion trends plays a key role in the expansion of this segment. Casual footwear, such as sneakers and slip-ons, is preferred for its versatility and comfort, appealing to both urban and semi-urban populations. Additionally, rising disposable incomes and evolving fashion preferences further boost the demand for casual footwear.

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.

Don’t miss the business opportunity India Apparel Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Apparel Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Apparel Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Scope of the Report

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