Indian knitwear industry: A promising market of future
Covid 19 pandemic has changed the dynamics of the global knitting industry with leading fashion brands scouting for new suppliers. Indian knitwear makers can take advantage of this situation provided they invest in right product and technology, says Rakesh Rao.
The growing popularity of comfort wear among the young Indian population in the recent years has prompted many textile companies to expand their knitwear range. Covid 19 pandemic has had tremendous impact on the clothing and apparels segment with many people being forced to work-from-home (WFH). As result people started preferring comfort over fashion; thus, further increasing demand for comfort wear (i.e knitted apparels). “Pandemic has changed the world of fashion with ‘casualisation’ trend driving knits demand,” observes Abhay Sidham, CEO, Batliboi Textile Machinery Group, which represents Mayer & Cie – a leading global player in circular knitting machines.
Concurring the same, Vinod Kumar Gupta, Managing Director, Dollar Industries Ltd, says, “As casualisation trends are picking up momentum, the knitwear industry has been constantly registering a significant upsurge. As per reports in 2018, the knitwear market is expected to grow at a promising rate of 9 percent over the next decade to reach Rs 161,700 crore. Key segments of knitwear industry are innerwear, T-shirts, winter wear, knitted bottom-wear, and sleepwear.”