Apparel, home textile and technical textiles likely to double their market size by 2023

India’s apparels, home textiles and technical textiles segments are expected to double their market size. According to the latest report by Technopak Advisors, India’s leading management consulting firm, textile and apparel exports too are expected to grow from $40 billion to $95 billion by 2023 – taking the total size of the industry to $233 billion from $98 billion.

Indian textile and apparel market is estimated to more than double in a decade to Rs $138 billion by 2023, growing from Rs $58 billion in 2013. Young population, with high disposable incomes, is driving growth for apparel brands

Due to the increasing corporatization of retails, the domestic market for apparels will be growing from $41 billion to $102 billion. The share of corporatized retail in apparel has increased from 14 percent in 2008 to 19 percent in 2013, the study found.

Kedar Apshankar, COO of Peter England said that they have been focusing more on customers in the early and mid 20s. They have been introducing casual line of apparels. Most of the brands of Madura Garments, including Peter England, Louis Philippe and Allen Solly, are now aggressively pursuing younger customers.

Fashion and lifestyle market is also shifting their focus away from the traditional retail channels towards alternative avenues like direct selling, home shopping, and e-tailing channels.

The rapid penetration of internet-supporting devices is contributing immensely to the growth of alternative retail, the study found.