Textile and Apparel Market Is Estimated To Witness High Growth
The textile and apparel Market is estimated to be valued at US$ 2670 Billion In 2022 and is expected to exhibit a CAGR of 3.88% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The textile and apparel market includes products like fabrics, fibers, yarns which are used to manufacture apparels, home furnishings and industrial use. Key segments in this market are woven apparel, knitted apparel, home textiles, industrial textiles, non-woven fabrics, etc. Rapid growth in technology has enabled mass customization and connectivity in textile industry.
Market Dynamics:
The textile and apparel market is witnessing high growth owing to increasing women employment and rising urban population. Rising women employment globally has increased disposable income in households which in turn driving demand for fashionable apparels. According to World Bank, women labor force participation increased from 57.5% in 2021 to 58.5% in 2022 globally. Further, rapid urbanization in developing countries such as India, Bangladesh and China is contributing to growth of textile and fashion industry as urban population spends more on apparels and home textiles compared to rural population. Over 50% of world population currently lives in urban areas which is projected to increase to 70% by 2050 according to United Nations. This rising urban population base presents immense growth opportunities for textile and fashion brands and retailers.
Read More : https://www.zupyak.com/p/3895056/t/textiles-and-apparel-market-outlook-in-the-coming-decade
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