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1、A N N U A L R E P O R TIndian Textile&Apparel Industry20252ContentsDISCLAIMERThis document is a copyright of Wazir Advisors Pvt.Ltd.,India.No part of this publication may be reproduced,stored in,or introduced into a retrieval system,or transmitted in any form or by any means without the prior permis

2、sion of Wazir Advisors.Efforts are made to ensure the accuracy of information,however,neither Wazir Advisors nor its office bearers or employees can be held responsible for any financial consequences arising out of the use of information provided herein.In case of any discrepancy,error,etc.,same may

3、 please be brought to the notice of Wazir Advisors for appropriate corrections.Global Industry Overview 3 Indian Industry Overview 9 Indian Production&Trade Statistics17 Leading Indian Companies 27Global Industry Overview4Global Apparel Market SizeData Source Euratex,US Census Bureau,HKTDC,METI Japa

4、n,TEXBRASIL,Statistics Canada,IMF,and Wazir AnalysisThe global apparel market is estimated to be US$1.8 trillion in 2024.It is expected to reach US$2.3 trillion by 2030,growing at a CAGR of 4%from 2024.Note Low growth rate in Chinese and Japanese market is mainly due to the currency depreciation aga

5、inst the US Dollar Region20192021202220232024(E)CAGR 2019-24CAGR2024-30(P)2030(P)EU-273002973043153161%1%345United States2402602722812884%3%345China1842191731901870.3%*5%250India7880921021087%8%175UK40344346525%3%62Japan10178666155-11%*1%60Brazil48393949511%2%57Canada23221927252%2%28RoW6134386466337

6、344%5%978World1,6281,4681,6551,7031,8172%4%2,300Values in US$Bn.5Global Textile and Apparel TradeData Source UN Comtrade and Wazir AnalysisIn 2024,the global textile and apparel trade was estimated to be US$875 billion,having grown at 1%CAGR since 2019.Apparel was the largest traded category with a

7、share of approx.60%in 2024.*Textile includes Fibre,Yarn,Fabric,Home Textiles,and OthersValues in US$Bn.343136 4437524054 544815099121 133119360482410492 544503515514960 585670142106 10495840771869937858875201920202021202220232024(E)FibreYarnFabricTextile*ApparelHome TextilesOthersTotal6RankCountryEx

8、ports Value(2024)*Total T&A ExportShare%TextileApparel1China14415129634%2Extra EU-27*2838668%3Vietnam737445%4Bangladesh338425%5India2116374%6Turkey1518324%7USA146202%RoW12821133939%World360515875-Global Textile and Apparel Trade Country RankingData Source Customs Statistics,Eurostat,GSO,EPB,DGCI&S,T

9、UIK,OTEXA and Wazir AnalysisChina was the largest exporter in 2024 with a global trade share of approximately 34%.Vietnam emerged as the 2nd largest exporter followed by Bangladesh and India.Values in US$Bn.*Advanced Estimates*Includes T&A exports to countries excluding EU-277Key Happenings in 2024T

10、rend Reversal:Signs of Recovery The textile and apparel market is beginning to recover following the challenges of 2023.Improving consumer sentiment,a gradual resurgence in demand for casual&athleisure wear and easing supply chain disruptions were the key drivers of this change.While the recovery re

11、mains cautious,it signals a potential positive trajectory for the industry.01Geopolitical Conflicts:Continued Impact on the IndustryThe ongoing Russia-Ukraine war remained a major reason of high inflation and subdued consumer demand across Europe.The Red Sea conflict disrupted freight costs and tran

12、sit times in the early 2024,adding to logistical challenges.Meanwhile,civil unrest in Bangladesh following the change in leadership,impacted the countrys supply chain.02Sustainable Transformation:Transition towards Circularity and SustainabilityThe global textile industry is accelerating its adoptio

13、n of initiatives aligned with circular economy&sustainability principles,with each passing year.It is being driven by emphasis of policymakers as well as fashion brands and retailers.This collective push is fostering innovation in materials,production processes,and waste management.038What to Expect

14、 in 2025?Improved Prospects in Global Trade:A Year of RecoveryWith threat of recession in the west now in hindsight,coupled with the potential end of Russia-Ukraine war,demand growth is expected to revive.The supply chain disruptions that have hindered trade in recent years are anticipated to ease,f

15、urther contributing to overall industry recovery and growth.01Higher Tariffs on China:Reduced Trade Share and Investment OutflowPossibility of higher tariff on Chinese originating goods by US will lead to further reduction in Chinas global trade share.The ongoing trend of shifting trade&investment t

16、o countries like Bangladesh,Vietnam,Cambodia,and India is poised to persist,fostering export growth in these nations.02Sourcing Consolidation:Buying More from LessIn the last few years,buyers have increasingly embraced an integrated sourcing approach,favoring fully vertically integrated suppliers ov

17、er smaller,fragmented ones.This trend is set to accelerate,driving the rapid and continued consolidation of smaller players into fully integrated suppliers.03Digitalization&AI:Growing Influence in the Textile SectorDigitalization&AI are progressively being integrated into the textile sector in proce

18、ss control,demand forecasting,quality control,inventory management,etc.With likely positive results,role of these technologies is expected to expand,transforming various aspects of the industry.04Indian Industry Overview10Indias Textile and Apparel Market SizeData Source DGCI&S and Wazir AnalysisInd

19、ian textile and apparel market size is estimated to be US$184 billion in 2024-25.Domestic market contributes 80%to the market size while exports have a share of 20%.Within domestic market,apparel accounts for 75%share.Indian T&A Market Size(2024-25)*US$184 BnDomestic Market US$147 BnApparelUS$108 Bn

20、Home TextilesUS$11 BnTechnical TextilesUS$28 BnExportsUS$37 BnApparelUS$16 BnTextilesUS$21 Bn*Advanced Estimates117855809210210818020182224262854878910111610680110125138147250*2019-202020-212021-222022-232023-242024-25(E)2030-31(P)ApparelTechnical TextilesHome TextilesIndias Domestic Textile and App

21、arel MarketData Source DGCI&S,Ministry of Textiles and Wazir AnalysisThe Indian domestic T&A market has grown from US$106 billion in 2019-20 to US$147 billion in 2024-25,registering a CAGR of 7%.The market needs to grow at 9%CAGR from 2024-25 to reach US$250 billion by 2030-31,which is the target se

22、t by Ministry of Textiles,Govt.Of India.*Target of Ministry of Textiles,GoIValues in US$Bn.12Indias Textile and Apparel ExportsData Source DGCI&S and Wazir AnalysisIndias T&A exports have grown with a CAGR of 2%since 2019-20 to reach US$37 billion in 2024-25.Apparel forms the largest share of the ex

23、ports accounting for approx.45%in 2024-25.The Ministry of Textiles has set an ambitious target to achieve US$100 billion in exports by 2030-31,necessitating an accelerated growth rate of 14%from 2024-25.Values in US$Bn.2342225485665465551612161615 16 56766622222234 31 43 36 35 37 2019-202020-212021-

24、222022-232023-242024-25(E)FibreYarnFabricApparelHome TextilesOthers13Indias Textile and Apparel ImportsData Source DGCI&S and Wazir AnalysisIndias T&A imports have grown with a CAGR of 1%since 2019-20 to reach US$9.2 billion in 2024-25.The imports of fabric holds the largest share of 30%followed by

25、fibre,which is 25%.Values in US$Bn.2.41.11.52.81.82.30.51.31.92.32.01.72.31.72.52.62.52.71.10.91.31.81.51.51.50.20.20.30.30.30.80.80.80.80.80.88.65.98.310.68.99.22019-202020-212021-222022-232023-242024-25(E)FibreYarnFabricApparelHome TextilesOthers14Category20182023Export Value Global RankGlobal Sha

26、re Export Value Global RankGlobal ShareFibre3.24th9%1.65th4%Natural2.63rd10%1.25th5%Manmade0.68th5%0.49th3%Yarn6.22nd12%5.42nd11%Spun4.82nd16%4.52nd17%Natural4.12nd19%3.91st20%Manmade0.73rd8%0.64th9%Filament1.42nd6%0.94th4%Fabric4.16th3%4.34th4%Knit0.410th1%0.510th1%Woven3.73rd4%3.83rd5%Apparel15.67

27、th3%14.58th3%Knit7.67th3%6.78th3%Woven8.17th3%7.89th3%Home Textiles5.42nd10%5.82nd10%Indias Position in Global TradeData Source UN Comtrade and Wazir AnalysisIndia was among the top 5 global exporters of natural fibre,natural spun yarn,MMF spun yarn,filament yarn,woven fabric and home textiles in 20

28、23.Values in US$Bn.15Key Happenings in 2024Revival in ExportsAfter a sluggish performance in the past couple of years,textile and apparel exports showed signs of recovery in FY2024-25.However,the overall growth over the last five years has been modest,at just 2%CAGR.01Quality Compliance OrdersQualit

29、y Compliance Orders(QCOs)dominated discussions for the better part of the year,with value chain stakeholders either strongly opposing or supporting them based on their position in the supply chain.However,the implementation of QCOs for both manmade fibers and cotton were deferred by a year.02High Gr

30、owth of Sportwear and AthleisureSportswear and Athleisure garment demand witnessed a significant surge,driven by rising health consciousness and the growing preference for comfort-centric apparel.Organized brands in this segment,from D2C to large multinational ones,registered revenue growth in the r

31、ange of 15-20%.03New State PoliciesStates such as Andhra Pradesh,Gujarat,and Tamil Nadu announced revised/new textile sector policies aimed at enhancing investment,employment and exports.0416What to Expect in 2025?Industry ConsolidationThe growth slowdown in recent years has placed small and ineffic

32、ient companies under financial strain,accelerating industry consolidation.This trend is expected to persist,with the key beneficiaries being companies that prioritize vertical integration and capacity expansion to achieve scale and enhance their competitiveness.01Growth of Mass Market BrandsMass mar

33、ket brands and retailers like Zudio,Vishal,V2 and V-mart will continue driving growth by offering affordable and stylish apparel,catering to value-conscious consumers.Their focus on competitive pricing and retail expansion,even in smaller towns,is reshaping the retail landscape and bridging the gap

34、between premium and unbranded segments.02GST Threat on Domestic DemandIn recent months,a proposal to increase the GST rate on higher-priced garments has raised concerns.While aimed at taxing premium products,the move could also impact demand for wedding wear,woolen wear,handmade products,etc.If impl

35、emented,this change is likely to exert downward pressure on the industrys overall growth.03Accelerating Sustainability TrendsAs pressure from Western brands intensifies,exporters are rapidly embracing sustainable practices.Larger domestic brands and their suppliers are expected to follow suit soon.T

36、his trend is set to gain momentum in the coming year,with an increased emphasis on eco-friendly production,resource efficiency,and circularity to meet evolving consumer demands and global expectations.04Indian Production&Trade Statistics18Staple Fibre and Filament Yarn ProductionData Source Cotton C

37、orporation of India,Central Silk Board,Ministry of Textiles,Department of Agriculture,Grasim Industries Annual Report and Wazir EstimatesTotal production of staple fibre and filament yarn in India was 11 billion kg.in 2023-24,with cotton fiber having the highest share of 50%.Highest growth was repor

38、ted in production of Viscose staple fibre that has increased at a CAGR of 9%from 2019-20.Values in Mn.kgFibre2019-202023-242023-24Share(%)CAGRCotton6,2055,52950%-3%Silk36390.4%2%Wool45340.3%-7%Others(Jute,Mesta)1,6831,74516%1%Natural Fibre7,9697,34667%-2%Polyester Staple Fibre1,0851,020*9%-2%Viscose

39、 Staple Fibre5788107%9%Others7474*1%0%Manmade Staple Fibre1,7371,90417%2%Manmade Filament Yarn1,6881,800*16%2%Total Fibre11,39411,050-1%*Advanced Estimates19Staple Fibre ExportsData Source DGCI&SIndia exported staple fibre worth approx.US$1.9 billion in 2023-24.Cotton is the largest exported fibre w

40、ith a share of 60%in 2023-24.Exports of major manmade staple fibres of India i.e.Polyester and Viscose,have declined despite higher production indicating high domestic demand.Fibre2019-202023-242023-24Share(%)CAGRCotton1,0571,11760%1%Silk14402%30%Wool26100%-21%Others(Jute,Mesta)29130816%1%Natural Fi

41、bre1,3881,47579%2%Polyester Staple Fibre28922412%-6%Viscose Staple Fibre1481397%-2%Others66382%-13%Manmade Staple Fibre50340121%-6%Total Fibre1,8911,876-0%Values in US$Mn.20Staple Fibre ImportsData Source DGCI&SIndia imported staple fibre worth US$1.8 billion in 2023-24,which has declined at a CAGR

42、of-7%since 2019-20.Cotton used to be the highest imported staple fibre for India,which lost its share from 56%in 2019-20 to 34%in 2023-24.Values in US$Mn.Fibre2019-202023-242023-24Share(%)CAGRCotton1,32859934%-18%Silk1651539%-2%Wool24824914%0%Others(Jute,Mesta)14932318%21%Natural Fibre1,8901,32475%-

43、9%Polyester Staple Fibre134664%-16%Viscose Staple Fibre11217710%12%Others24519111%-6%Manmade Staple Fibre49143425%-3%Total Fibre2,3821,758-7%21Manmade Filament Yarn Exports and ImportsData Source DGCI&SIndia exported US$0.9 billion manmade filament yarn and imported US$1.4 billion in 2023-24.Since 2

44、019-20,import of polyester filament yarn has increased with a CAGR of 36%and that of viscose filament yarn has increased at 23%CAGR.Despite growth in production,the exports have declined at-8%CAGR and imports have increased at 14%CAGR,showcasing strong demand.Exports2019-202023-242023-24Share(%)CAGR

45、Polyester filament yarn1,09469579%-11%Viscose filament yarn37425%3%Nylon filament yarn3230.3%-45%Others5914216%25%Total Manmade Filament Yarn1,221882-8%Values in US$Mn.Imports2019-202023-242023-24Share(%)CAGRPolyester filament yarn17761045%36%Viscose filament yarn16136427%23%Nylon filament yarn67534

46、%-6%Others40233424%-5%Total Manmade Filament Yarn8071,361-14%22Spun Yarn ProductionData Source Ministry of Textiles,Government of IndiaIndias total spun yarn production was 5.2 billion kg.in 2022-23,which has declined at a CAGR of 3%since 2019-20.Cotton yarn alone holds approx.65%of total spun yarn

47、production.In 2023-24 first quarter,a growth of 3%is recorded against first quarter of 2022-23.Values in Mn.kgYarn2019-202022-23CAGR2022-23(Apr Jun)2023-24(Apr Jun)%ChangeCotton yarn3,9623,441-5%9039525%Blended&100%Non-cotton yarn1,7021,7441%447432-3%Total Spun Yarn5,6645,185-3%1,3501,3843%23Spun Ya

48、rn Exports and ImportsData Source DGCI&SIn 2023-24,Indias total spun yarn exports stood at US$4.6 billion,which had increased at a CAGR of 6%since 2019-20.India imported approx.US$0.6 billion worth of spun yarn in 2023-24.Imports of manmade spun yarn holds a share of 58%in 2023-24 indicating high de

49、mand.Both exports and imports for spun yarn has increased since 2019-20 at 6%and 5%CAGR,respectively.Values in US$Mn.Exports2019-202023-242023-24Share(%)CAGRCotton spun yarn2,7743,79283%8%Manmade spun yarn68059513%-3%Other spun yarn(Silk,Jute)1381734%6%Total Spun Yarn3,5934,560-6%Imports2019-202023-

50、242023-24Share(%)CAGRCotton spun yarn19275%9%Manmade spun yarn33434158%1%Other spun yarn(Silk,Jute)12622337%15%Total Spun Yarn478591-5%24Fabric Exports and ImportsData Source DGCI&SIndia exported fabric worth US$4.1 billion in 2023-24 which has declined at-5%CAGR since 2019-20.Despite decrease,woven

51、 fabrics dominated the total fabric exports with a share of 89%.India imported fabric worth US$1.6 billion in 2023-24 which has declined at-9%CAGR since 2019-20.Knitted fabric followed by synthetic woven holds highest share among total imported fabric.Values in US$Mn.Exports2019-202023-242023-24Shar

52、e(%)CAGRCotton Woven1,9051,98348%1%Synthetic Woven1,8731,47736%-6%Other Woven8661895%-32%Woven Fabric4,6443,64989%-6%Knitted Fabric42247211%3%Total Fabric5,0664,121-5%Imports2019-202023-242023-24Share(%)CAGRCotton Woven18223515%7%Synthetic Woven80141927%-15%Other Woven79118912%-30%Woven Fabric1,7748

53、4354%-17%Knitted Fabric55072846%7%Total Fabric2,3241,571-9%25Garment and Made-ups Exports and ImportsData Source DGCI&SIndia exported garments worth US$14.5 billion in year 2023-24,declined at a CAGR of-2%since 2019-20.Made-ups exports also dipped at-5%CAGR in the same period to reach approx.US$5.6

54、billion.India imported US$1.5 billion worth of garments and US$0.6 billion worth of made ups in 2023-24.Imports of synthetic garments has increased at 17%CAGR since 2019-20.Values in US$Mn.Exports2019-202023-242023-24Share(%)CAGRCotton Garments8,2057,98855%-1%Synthetic Garments3,3714,31430%6%Other G

55、arments3,9332,24315%-13%Garments15,51014,545-2%Made-ups6,9415,586-5%Imports2019-202023-242023-24Share(%)CAGRCotton Garments46466244%9%Synthetic Garments33662542%17%Other Garments34520214%-13%Garments1,1441,489-7%Made-ups1,022641-11%262,4232,3702,9782,6412,10722571,7031,3952,0341,6071,2931,2372019-20

56、2020-212021-222022-232023-242024-25(E)ExportsImportsTechnical Textiles Exports and ImportsData Source DGCI&S and Wazir AnalysisIndias exports of technical textiles in 2023-24 was approx.US$2.1 billion,and that in 2024-25 is estimated to be US$2.3 billion declined at a CAGR of-1%since 2019-20.The imp

57、orts of technical textiles in 2023-24 was approx.US$1.3 billion,and estimated to be US$1.2 billion which has declined at a CAGR of-6%since 2019-20.Values in US$Mn.Leading Indian Companies28#Company NameProducts2023-24 Sales5Yrs Sales CAGR2024-25H1 Sales2024-25 H1EBITDA%1Grasim Industries*Cellulosic

58、fibre,filament yarn,fabric2,0307%1,06911%2PDS*Apparel,accessories,home textile sourcing1,23510%7064%3Vardhman TextilesFibre,yarn,fabric,apparel1,1078%563 14%4Welspun LivingHome textiles9638%544 11%5Arvind LimitedFabric,apparel845 2%442 9%6TridentYarn,home textiles801 5%41013%7Raymond LifestyleFabric

59、,apparel7783%2749%8Alok IndustriesYarn,fabric,apparel,home textiles638 11%217-1%9Page IndustriesInnerwear,apparel,socks545 10%300 21%10Filatex IndiaPET chips,polyester yarn,specialty yarn,fabric5108%2505%11RSWMYarn,fabric483 7%283 4%12KPR MillYarn,fabric,apparel483 6%252 20%13Indo Rama Synthetics(I)

60、PET chips,polyester fibre,polyester yarn441 17%211 2%14Indo Count IndustriesHome textiles397 13%235 15%15Nahar Spinning MillsYarn,apparel3636%1954%Leading Indian Public Listed Companies(1/4)Data Source screener.in,Standalone financial numbers of public listed textile companies have been consideredCo

61、nversion Rate:US$1=Rs.84*Segment Numbers*Consolidated revenueValues in US$Mn.29Leading Indian Public Listed Companies(2/4)Data Source screener.in,Standalone financial numbers of public listed textile companies have been consideredValues in US$Mn.Conversion Rate:US$1=Rs.84*Segment Numbers#Company Nam

62、eProducts2023-24 Sales5Yrs Sales CAGR2024-25H1 Sales2024-25 H1EBITDA%16Nitin SpinnersYarn,fabric345 19%19115%17Sutlej Textiles and IndustriesYarn,home textiles318 1%158 3%18Sangam IndiaYarn,fabric,apparel315 7%163 8%19Himatsingka SeideFibre,yarn,home textiles303 8%141 20%20Sportking IndiaYarn,fabric

63、,apparel283 15%153 11%21Lux IndustriesInnerwear,apparel277 14%144 9%22Gokaldas ExportsApparel255 13%142 9%23Siyaram Silk MillsYarn,fabric,apparel,home textiles248 3%109 9%24Mafatlal IndustriesFabric,apparel,technical textiles247 15%172 4%25Nandan DenimYarn,fabric,apparel239 7%187 4%26SRF*Technical T

64、extiles226 2%126-27Jindal WorldwideFabric,home textiles221-3%130 7%28Century EnkaFilament yarn,tyre cord fabric208-1%127 8%29Bombay Dyeing PET chips,polyester staple fibre,home textile201-18%99-4%30Dollar IndustriesInnerwear,apparel184 9%91 11%30Leading Indian Public Listed Companies(3/4)Data Source

65、 screener.in,Standalone financial numbers of public listed textile companies have been consideredValues in US$Mn.Conversion Rate:US$1=Rs.84#Company NameProducts2023-24 Sales5Yrs Sales CAGR2024-25H1 Sales2024-25 H1EBITDA%31Nahar Industrial EnterprisesYarn,fabric,apparel175-5%853%32Vishal FabricsFabri

66、c173 8%86 8%33AYM SyntexYarn162 6%89 8%34Garware Technical FibersTechnical textiles151 5%9021%35Banswara SyntexYarn,fabric,apparel,technical textiles150-1%73 7%36Rupa and CompanyInnerwear,apparel142 2%60 10%37DCM NouvelleYarn129 10%62 7%38Monte Carlo FashionsApparel12610%416%39GHCL TextilesYarn125-7

67、110%40Sumeet IndustriesPET chips,filament yarn117 3%61 0%41PrecotYarn,hygiene textiles116 4%58 11%42Ganesha EcosphereRecycled polyester fibre116-1%59 10%43TCNS ClothingApparel114-4%50-19%44Maral OverseasYarn,fabric,apparel114 5%62 2%45Pearl Global IndustriesApparel114 3%65 3%31Leading Indian Public

68、Listed Companies(4/4)Data Source screener.in,Standalone financial numbers of public listed textile companies have been consideredValues in US$Mn.Conversion Rate:US$1=Rs.84#Company NameProducts2023-24 Sales5Yrs Sales CAGR2024-25H1 Sales2024-25 H1EBITDA%46S P ApparelsApparel1134%5617%47Loyal Textile M

69、illsYarn,fabric,apparel,home textiles112-6%45-12%48Bannari Amman Spinning MillsYarn,fabric,apparel110-2%53 5%49United PolyfabYarn,Fabric108 40%35 7%50Kewal Kiran ClothingApparel102 11%48 20%51Rajapalayam MillsYarn,fabric102 16%53 10%Wazir Advisors is a management consulting firm assisting its client

70、s in strategy formulation and implementation,forming alliances and joint ventures,investments and market understanding,sector analysis and due diligence-thereby providing end to end solutions spanning the complete business cycle in the textile value chain.WAZIR ADVISORS:YOUR TRUSTED ADVISOR IN TEXTI

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