India's Textiles Market to Reach ₹14.95 Lakh Crore by 2024 with 8.3% CAGR Growth
Textiles market size grows by 8.3% CAGR to Rs 14.95 lakh crore in 2024
The Economic Times
Image: The Economic Times
India's textiles market is projected to grow from ₹4.89 lakh crore in 2010 to ₹14.95 lakh crore in 2024, achieving an 8.3% compound annual growth rate (CAGR). The growth is driven by increased domestic demand, particularly for man-made and blended fibre products, which now account for over half of the market.
- 01The textiles market in India is expected to reach ₹14.95 lakh crore by 2024.
- 02Man-made fibre and blended products contribute 52.2% to the market.
- 03Cotton-based products maintain a significant share with a CAGR of 10.53%.
- 04Women's purchases account for 55.5% of textile purchases in the domestic market.
- 05Sustainable textiles are gaining traction, with an estimated demand of ₹37,000 crore in 2024.
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According to a survey by India's Ministry of Textiles, the textiles market is set to grow from ₹4.89 lakh crore in 2010 to ₹14.95 lakh crore in 2024, reflecting a compound annual growth rate (CAGR) of 8.3%. The report, unveiled by Textiles Minister Giriraj Singh, indicates that man-made fibre (MMF) and blended products dominate the market, contributing 52.2% of the total demand. Cotton products follow, holding a 41.2% share, with their demand increasing at a CAGR of 10.53%. The study highlights a significant rise in per capita demand, which has grown from ₹2,119 in 2010 to ₹6,066 in 2024, showing a 7.8% CAGR. Notably, women consumers are the primary buyers, accounting for 55.5% of textile purchases. The report also emphasizes the growing preference for sustainable textiles, with an estimated demand of ₹37,000 crore in 2024, and a notable increase in the consumption of technical textiles, particularly in rural areas.
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The growth in the textiles market indicates increased job opportunities in manufacturing and retail sectors, benefiting both urban and rural households. Consumers may also find a wider range of sustainable textile options available in the market.
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