India Readymade Garments Market to Grow with a CAGR of 3.85% through 2030
The India Readymade Garments
Market is vibrant and diverse, driven by fashion trends, rising disposable
incomes, and increasing urbanization. It encompasses a wide range of products
catering to varied consumer preferences and demographics.
According
to TechSci Research report, “India Readymade Garments Market – By Region, Competition,
Forecast & Opportunities, 2030F”, the India Readymade Garments market stood
at USD 103.45 billion in 2024 and is anticipated to grow USD 129.34 billion by
2030 with a CAGR 3.85% during
forecast period. The India Readymade
Garments market has experienced significant growth over the past few decades,
driven by a combination of demographic shifts, changing consumer preferences,
and an expanding retail landscape. With a population exceeding 1.4 billion, India
boasts a large and youthful demographic, creating a substantial consumer base
for the apparel industry.
This market encompasses a wide range of
products, including casual wear, formal wear, ethnic wear, and activewear,
catering to diverse tastes and occasions. The rapid urbanization across the
country has also contributed to the burgeoning demand for ready-to-wear
clothing, as urban consumers increasingly favor convenience and accessibility
in their shopping experiences.
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" India Readymade Garments Market”
One
of the primary factors propelling the growth of the readymade garments market
in India is the rising disposable income among consumers. As economic
conditions improve, more individuals have the financial means to invest in
fashion and lifestyle products. This trend is particularly evident among the
younger population, who are more inclined to experiment with their clothing
choices and embrace global fashion trends. Consequently, brands that offer
stylish, affordable, and quality garments are finding favor in the marketplace.
The influence of social media and fashion influencers further amplifies this
trend, with consumers often seeking clothing that aligns with the latest trends
showcased online.
The
Indian readymade garments market is also characterized by a rich tradition of
textile production and craftsmanship, which adds a unique dimension to the
industry. India is renowned for its diverse range of textiles, from cotton and
silk to wool and jute, and many brands leverage this heritage to create
garments that resonate with consumers. Furthermore, the popularity of ethnic
wear, such as sarees, lehengas, and kurtas, remains robust, particularly during
festive seasons and weddings. This segment not only reflects cultural values
but also showcases the craftsmanship and artistry of local artisans, thus
contributing to the market's overall appeal.
The India Readymade
Garments market is segmented into type, material, distribution channel, regional
distribution, and company.
Based on the distribution
channel, the online segment is the fastest-growing sector in the India
Readymade Garments market, driven by increasing internet penetration,
smartphone usage, and a shift in consumer shopping habits. E-commerce platforms
offer convenience, a wide range of choices, and competitive pricing, attracting
a diverse consumer base, especially among tech-savvy youth. The COVID-19
pandemic further accelerated this trend, as many consumers turned to online
shopping for safety and convenience. Brands are increasingly investing in
digital marketing and enhancing their online presence to cater to this demand.
As a result, online sales of readymade garments are expected to continue
expanding rapidly in the anticipated years.
Based on region,
the South region of India is emerging as the fastest-growing segment in the
Readymade Garments market, fueled by rapid urbanization, rising disposable
incomes, and a diverse cultural landscape that influences fashion choices.
Cities like Bangalore, Hyderabad, and Chennai are witnessing increased demand
for both ethnic and western wear, driven by a youthful population keen on
expressing personal style. The proliferation of organized retail formats and
e-commerce platforms has made fashionable clothing more accessible, further
stimulating growth. Additionally, regional festivals and occasions drive sales
in ethnic wear, solidifying the South's position as a key contributor to the
overall expansion of the garments market.
Major companies
operating in India Readymade Garments market are:
- H&M Hennes
& Mauritz Retail Private Limited
- Aditya Birla
Fashion and Retail Limited
- Arvind
Lifestyle Brands Limited
- Fabindia
Limited
- Benetton India
Pvt. Ltd.
- BIBA Fashion
Limited
- Raymond Limited
- Future
Lifestyle Fashions Ltd.
- Levi Strauss
(India) Private Limited
- Shoppers Stop
Limited
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“Government initiatives have also played
a crucial role in shaping the landscape of the Indian readymade garments
market. Programs such as the Production-Linked Incentive (PLI) scheme aim to
promote manufacturing and attract investments in the textile sector. By
offering financial incentives and facilitating easier access to technology and
resources, these initiatives are designed to bolster domestic production and
enhance the global competitiveness of Indian apparel. Such measures not only
benefit manufacturers but also contribute to job creation and economic
development within the sector,” said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based management consulting firm.
India Readymade Garments
Market , By Type (Kid’s Wear, Men’s Wear, Women’s Wear), By Material
(Cotton, Wool, Silk, Leather, Synthetic Fibers, Others), By Distribution
Channel (Online, Offline), By Region, Competition, Forecast & Opportunities,
2020-2030F”, has evaluated the future growth potential of India Readymade
Garments market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the India Readymade
Garments market.
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