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Textile & Fashion Industry
Dress to Impress, Inspire the World...
India hails the second position when it comes to garment manufacturing. The country has successfully paved its way into diverse sectors in the textile industry
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such as hand weaving, mills, hand spinning, and more.
MARKET GROWTH
More than 100 million people work in the textile industry in India to produce more goods and diversify the sector. It’s also estimated that India’s textile industry will reach a whopping market value of US $209 billion by 2029.
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Currently, Indian textiles contribute around 4% to GDP, 17% to exports, and 14% to industrial production. The Indian textile market is also anticipated to grow at a 10% CAGR between 2019 and 2026 and contribute more than 7% to the country’s GDP. The exponential growth is observed in the exports of handlooms, yarn goods, and cotton.
MARKET TRENDS
1. Spike in demand for natural fibers:
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The skyrocketed demand for natural fibers such as cotton, flax, hemp, and milkweed has contributed to the emerging textile market trend in the country. The natural fibers are derived from natural sources such as plants, minerals, and animal fur.
With the spike in demand for natural fibers, the production rate is also growing tremendously. Some of the notable benefits of natural fibers are:
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Natural fibers are highly durable as these fibers possess more durability compared to other synthetic fibers.
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Natural fibers are more versatile due to their high tendency to work in all different conditions and environments.
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The natural fibers are biodegradable resulting in becoming more environment-friendly.
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"This increased demand for the textile industry has resulted in rapid growth in revenue."
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2. Digital Textile Printing- A Breakthrough in the Textile Industry:
Digital textile printing has become the latest trend. Its easy-to-use technique makes it far better and more cost effective than traditional textile printing. Unlike the traditional textile process, it can easily print the data on the material rather than running dyes through the screens.
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Besides, the designers constantly bring more upgrades to digital printing, resulting in a higher efficiency rate and boosted revenue. Some of the notable benefits of digital printing are:
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Digital printing is cost-effective as it uses far fewer materials than the typical textile machinery.
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Digital printing has a quick turnaround, resulting in easy fixing of the digital designs through the computer.
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Digital printing is highly flexible for graphics resulting in creating more unique and appealing designs for the consumers without any restrictions.
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Its high sustainability results in causing less environmental impact.
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3. Increase in demand for Sustainability:
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The surge in demand for sustainability is yet another driving trend that has become persistent in the market. With the rise in the climate crisis, consumers are drifting more towards eco-friendly and sustainable options, leading textile brands to opt for more sustainable strategies to lure consumers.
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Some of the prominent strategies adopted by most brands include recycling, which is done to encourage consumers to reuse textile materials as textile products are more circular than linear.
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According to the PreferredFibre Report, more than 25% of companies believe in developing a circular textile strategy for better reusability of textile materials. Besides, the companies are also reassessing the chemical processes by gravitating more towards less chemical or safe chemical processes and saving more water.
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4. Acceleration in demand for organic fabrics:
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Most leading brands are moving towards using organic fabrics due to their ease of maintenance. The demand for organic fabrics is increasing at a rate of 40%, regardless of its low market share. The designers are working more towards making the clothes from organic fabric.
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Brands like Nike have also started using organic fabric in their sportswear collections. The adverse effects of chemicals such as formaldehyde and pesticides have increased the demand for and use of organic fabrics due to their detrimental effect on the environment.
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5. Drifting more towards non-woven fabrics:
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Non-woven fabrics involve materials or sheets that are made with thermal processes. The woven fabrics involve the conversion of fabrics into yarn, while the non-woven fabrics are chemically bonded. These fabrics are mostly used in industries that are actively looking for cost-effectiveness, softness, stretchability, and washability. Besides, these fabrics are known to be highly versatile and can also be used in agricultural coverings and automotive products.
TECHNOLOGY
1. The availability of 3D technology:
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The use of 3D technologies has turned out to be successful in increasing the efficiency of textile manufacturing. Also, 3D printing enables experiments to be more imaginative when it comes to prototypes, shapes, and structures. It results in the production of various materials, be it soft or rigid. Another silver lining of 3D printing is the use of green materials, which leads to minimal waste. In addition, its visualization of clothes before production makes it more captivating to the users. 3D printing is best to cut down on overproduction and operating costs for companies, resulting in more sales.
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2. Increase in demand for more personalization:
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There’s an exponential rise in demand for customization or personalization by customers. They are more likely to gravitate towards brands that offer more personalization or are tailored to their preferences and tastes. The incorporation of modern software has made it possible to help each customer with product sizing and fitting, and with this, they can directly coordinate with manufacturers to create and design accordingly. Also, there is software that can help with enhancing customer satisfaction by keeping track of their tastes and behaviors with the help of data. It’s a great way to boost leads and sales.
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3. Incorporation of Artificial Intelligence:
Artificial intelligence and data analytics can be used in different ways in product inspection or management automation. The textile companies make the most of these technologies by measuring wrinkles and catching visual defects. Besides, artificial intelligence and data solutions also work best in tracking consumer behavior for precise recommendations, improving product quality, enhancing workflows, controlling the labor pool, and more.
4. The use of Immersive technologies:
Immersive technologies work best towards brand enhancement, virtual platforms backed by AR and VR technologies, and digital sampling. It helps the brands enhance their cost efficiency and cut down on fashion waste by substituting real objects with digital assets. Also, with the help of AR, brands can drift more towards gamification for presenting their new collections, and with VR, they can easily let the consumers have virtual experiences.
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POLICY
The Indian textile market holds a share of around 4.5% in the worldwide textile market. The main garment brands have considered starting their operations in the country. The government plays a proactive role in boosting the textile industry by devising relevant policies and programs to extend assistance and support to the growing textile businesses.
Some of the schemes planned by the government involve insurance coverage, social welfare schemes, tax benefits, and area development to encourage more production in the textile industry and expand the market.
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The major policies offered by the government are:
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The Amended Technology Upgradation Fund Scheme (ATUFS)- This policy was enacted to primarily focus on providing one-time capital subsidies to textile business owners for upgrading technologies and types of machinery.
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The Scheme for Integrated Textile Park (SITP)- This policy was enacted to offer extensive support for developing top-notch infrastructure facilities and setting and operating textile units.
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The National Textile Policy- This policy was enacted to promote large-scale modernization and technology upgrades in the textile industry.
FUTURE
The textile industry is facing a number of challenges. However, the industry also has a number of opportunities. The industry is expected to recover in the second half of 2023, but it is important to monitor the situation closely. According to the ITMF’s Global Textile Industry Survey (GTIS) conducted in the first half of July 2023, the business situation improved on average worldwide in July 2023. An increasing number of companies have adapted to the harsh business environment and are now reporting improvements. A regional analysis shows that Asia is struggling the most and South America is back in positive territory. In recent years, the industry has grown significantly, tapping into current trends while facing challenges that require strategic interventions.
By focusing on innovation, sustainability, talent, and Operational Consulting efforts, the textile industry can overcome these challenges and seize the opportunities that lie ahead. The global textile industry is facing a number of challenges. TTS is committed to helping the textile industry achieve excellence by overcoming global competition and challenges. We believe that by working together, TTS can help the industry thrive in the years to come.