The global textile & clothing business 2017 is said to be worth roughly US €3660 billion. According to the World Trade Organisation forecast global trade is set to expand by 3.3% this year and 4% in 2018. Major investment into innovation has helped to foster the success of the industry. The success of the modern industry of world textiles is dependent largely upon continuing major investment in innovation and invention. Below is a table showing market size in billions from to 2013, predictions for 2025 and the projected Compound Annual Growth Rate (CAGR);
- EU-27, USA, Japan have 2% CAGR which shows the steady growth of Developed countries.
- Countries like China, India, Russia & Brazil are emerging as apparel retail markets and are set to form significant alternate markets to US, EU-27, Japan.
- India had 46 US$bn apparel market size in 2013 which is estimated to grow for 200US$ with 12% of CAGR in between 2013 – 2025. India is predicted to be the fastest growing market.
- In 2013, surpassing Italy and Germany, India exported textile & apparel garments goods worth $40 billion, with a share of about 5 percent of global textile & garment trade.
- China looks likely to continue to lead the global market with 540 US$bn in 2025. China has led 165 billion US$ market which is growing at CAGR of 10%.