The Indian apparel retail market is poised for remarkable growth, with projections indicating a revenue surge to US $ 105 billion in 2024 and an anticipated annual growth rate of 3.58 per cent from 2024 to 2027. Among the diverse segments within the market, women’s apparel emerges as the frontrunner, holding the major share with a market volume of US $ 50 billion in 2024, while menswear and kidswear share US $ 35 billion and US $ 20 billion worth of market volume approximately, as per Statista. However, when it comes to per person revenues, India seems to be lagging behind the major apparel markets such as USA, China and Japan, generating approximately US $ 72 in 2024. Looking ahead, the Indian apparel market is expected to witness a substantial increase in volume, reaching 38.8 billion pieces by 2027. The average volume per person in the market is projected to be over 24 pieces in 2024, reflecting the diverse wardrobe needs of the Indian consumer.

Source: Economic Times December 30, 2023 17:45 UTC