WORLD: Apparel market worth US$2 trillion by 2025
The combined apparel market of China and India will grow to US$740bn by 2025 - surpassing the projected combined US and European market of US$725bn at that time - according to a report released at an international clothing conference on Friday (19 July).
Written by India-based management consultants Wazir Advisors Pvt Ltd, 'The Road to 2025' report estimates that year the global apparel market will cross the US$2 trillion mark from the current value of US$1.1 trillion.
The report - released at Texcon 2013, organised by Confederation of Indian Industries (CII) - also argues that intra-Asia trade of textile and apparel will grow from US$180bn in 2011 to US$350bn by 2025. And it said India's export share in this market would grow 3.5 times its current value of US$12bn.
It added that while China will remain the world's biggest clothing exporter, growth in domestic demand is expected to outpace its exports.
Also Chinese output growth will slow from today's 7% to 5-6% per annum by 2025. This will lead to an annual global shortfall in production compared to demand estimated to exceed US$100bn.
And with China's increased focus on domestic consumption and rising costs, other exporting countries such as India, Bangladesh, Pakistan and Vietnam will have an opportunity to gain global export market share, the report said.
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