Indian apparel market to more than double by 2023

Driven by a young population with high disposable incomes, the Indian textile and apparel market is estimated to more than double by 2023 from 58 billion US dollars in 2013 to 138 billion US dollars. It is expected that all three segments - apparel, home textiles and technical textiles - will double their market size.

Textile and apparel exports are supposed to more than double too - from 40 billion US dollars to 95 billion US dollars by 2023, thus taking the total size of the industry to 233 billion US dollars from 98 billion US dollars according to the latest report by management consulting firm Technopak Advisors.

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

Apart from a growing young population with disposable incomes, the rapid penetration of internet-supporting devices is also a growth driver, contributing immensely to the growth of alternative retail like direct selling, home shopping, and e-tailing channels, with fashion and lifestyle being two segments where the shift from traditional retail channels to alternative avenues is especially pronounced. Fashion and fashion accessories currently have a 15 percent share in the Indian home shopping market worth 0.2 billion US dollars and a 35 percent share in the 1 billion US dollar e-tailing market.

Thus, many brands like most of Madura Garments' brands including Peter England, Louis Philippe and Allen Solly, are now actively pursuing younger customers. “We have been focusing more on customers in the early and mid 20s. We have been introducing a casual line of apparels,” said Kedar Apshankar, COO of Peter England.