Indian textile and clothing market is estimated to more than double from Rs $58 billion in 2013 to $138 billion by 2023 . All the three segments, apparels, home textiles and technical textiles, are expected to double their market size. As per the latest report by Technopak Advisors, textile and apparel exports too are expected to rise from $40 billion to $95 billion by 2023 ? taking the total size of the industry to $233 billion from $98 billion.
The domestic market for apparels will be growing from $41 billion to $102 billion owing to increasing corporatisation of retail. The share of corporatised retail in apparel has increased from 14 per cent in 2008 to 19 per cent in 2013, the study found.
Young population, with high disposable incomes, is driving growth for apparel brands. For instance, 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 away from the traditional retail channels towards alternative avenues like direct selling, home shopping, and e-tailing channels. Fashion and fashion accessories have a 15 per cent share in home shopping market worth $0.2 billion and 35 per cent share in $1 billion e-tailing market.
The rapid penetration of internet-supporting devices is contributing immensely to the growth of alternative retail, the study found. On the export front, textile fibres and yarns grew by a CAGR of 12 per cen