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Panorama of Asia Pacific Textile Industry

Panorama of Asia's Textile Industry

The Asia-Pacific textile and garment market size is estimated to reach $381.47 billion in 2023 and is expected to reach $432.69 billion by 2028, growing at a CAGR of 2.55% during the forecast period (2023-2028).

Overview of the Asian Textile Industry

The Asia-Pacific textile market is highly competitive and fragmented. There are many local companies that are limited due to location, but technological advancement, internet penetration, and e-commerce have boosted the market here even in difficult times. Furthermore, market integration through partnerships and acquisitions will help companies create a strong foothold in the market.

Asian Textile Market Analysis

The Asia-Pacific textile and garment market size is estimated to reach $381.47 billion in 2023 and is expected to reach $432.69 billion by 2028, growing at a CAGR of 2.55% during the forecast period (2023-2028).

Growing demand for clothing and home furnishing products in the Asia-Pacific region are key growth factors. The COVID-19 crisis has caused significant damage and hardship in the global apparel industry, affecting brands, manufacturers, and workers at various levels.

Asia-Pacific is both the largest and fastest growing silk market. Due to the availability of raw silk, China has always led the Asia-Pacific silk market, accounting for about 80% of the region’s silk demand. China is also the world’s largest producer of raw silk yarn and silk yarn, after India, Thailand, and Uzbekistan. The Asia-Pacific silk market is expected to expand further due to the region’s growing economy, rapid advances in silkworm farming technology, and increased use of silk in the textile industry.

Thailand is famous worldwide as one of the world’s largest manufacturers of fabrics, sportswear, children’s wear, women’s wear, and casual wear. Thailand currently employs nearly one million people through 4,500 textile manufacturers. Most of these manufacturers, based in and around Bangkok and eastern Thailand, produce everything from man-made fiber mills, spinning, and weaving, to dyeing and printing.

According to the Export Promotion Bureau of Bangladesh (EPB), the country’s home textile export basket includes bed sheets, bedsheets and other bedroom textiles, towels, carpets and rugs, blankets, and spreads. beds, curtains, mattresses and cushion covers, and duvet covers.

Asia accounts for the majority of global apparel production, and the region remains at the forefront of supply chain impacts. Along with challenges come opportunities for Asian countries to cooperate with new alliances. Domestic consumers have pushed businesses to reconsider supply chains in terms of e-commerce and digitalization.

Asian Textile Industry Segments

The textile industry includes segments such as research, design, development, production, and distribution of textiles, fabrics, and clothing. The Asia-Pacific textile market is segmented by application (apparel, industrial and technical, household, and others), by material (cotton, jute, silk, synthetic, and wool), and by geography (China, India, Pakistan, Bangladesh, Australia, and the rest of Asia-Pacific).

Increasing Consumer Spending in Fashion Accessories in Asia

Consumer spending on clothing and footwear in Asia is estimated to be $756.84 billion in 2022, up 18% from 2021, about $647.26 billion. As demand for clothing from Asia (mainly China) increases, the importance of the European and North American markets in this sector is decreasing.

The Asia-Pacific region (Vietnam, Philippines, Indonesia, Malaysia, Thailand, and Singapore) is very attractive for the garment industry, due to a large proportion of young workers and increasingly improved digital solutions. The three largest e-commerce sites in the region (Lazada, Shopee, and Tokopedia) saw the total value of their merchandise sales increase sevenfold between 2018 and 2021.

Increased Exports Boost Revenue in Asia

Consumers are increasingly changing their perception of clothing, not only stopping at affordable ones but also prioritizing high-value fabrics, such as viscose, silk, and hemp, that feel comfortable again. Blended fibers are also growing exponentially due to the convenience of man-made fibers. This opens up new markets and growth opportunities in the coming years.

Polyester and cotton are widely used textile fiber products in the region. Key growth factors in the Asia-Pacific region include changing consumption patterns, population increase, disposable income, and growing demand for clothing.

Additionally, demand for home textiles is growing in the APAC region. Home textiles include products such as blankets, bedsheets, tablecloths, cleaning and kitchen towels, etc., used in the interior of homes, hotels, and offices.

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