According to a report released Friday by India-based management consultants Wazir Advisors Pvt. Ltd., the combined apparel markets of China and India will reach $740 billion by 2025, surpassing the United States and European market totals of $725 billion.
In its “The Road to 2025,” Wazir estimates that total global apparel markets will surpass $2 trillion, nearly double the current value of $1.1 trillion.
The 2015 report—released at Texcon 2013, organized by Confederation of Indian Industries (CII)—also argues that intra-Asia trade of textile and apparel will grow from $180 billion in 2011 to $350 billion by 2025. And India’s export share in this market would grow 3.5 times its current value of $12 billion.
In both countries, the demand for clothing is expected to outpace the overall growth of each economy. In China, the per capita spend on apparel and textiles will rise from the current $109 billion to $377 billion. India is projected to grow from $36 billion in 2012 to $138 billion by 2015.
“This in value terms would cause the market size in China to swell from $150 billion in 2012 to $540 billion by 2025, whereas India’s apparel market size will reach $200 billion by 2025 from $ 45billion in 2012.”
Moreover, China’s increased focus on domestic consumption and rising costs, other exporting countries such as India, Bangladesh, Pakistan and Vietnam will have an opportunity to gain global export market share, the report said. www.wazir.in