Explosive Growth in India's Textiles Market Spurs Demand for Sustainability

The Indian textiles market is projected to grow to Rs 14.95 lakh crore by 2024, driven by increased demand for man-made and blended fibers. A Textile Ministry survey highlights a shift towards sustainable products, with robust growth in domestic consumption, especially among women. Sustainable practices are gaining traction among consumers.

The Indian textiles industry is witnessing a significant surge, with the market size projected to reach Rs 14.95 lakh crore by 2024, according to a recent survey by the Textile Ministry. Unveiled on Monday, the report highlights a compound annual growth rate (CAGR) of 8.3 percent, underscoring a robust upward trajectory in domestic demand.

Man-made fiber and blended textiles have emerged as key growth drivers, contributing over half of the market share. Despite cotton products maintaining a strong position, the preference for man-made fibers has soared. The Textile Ministry emphasizes a notable consumer shift towards sustainable textiles, marking a crucial trend in the industry.

Women are identified as major consumers, reportedly driving 55.5 percent of textile purchases. The report also underscores the rise in demand for sustainable and technical textiles, such as masks and sanitary products, reflecting changing consumer priorities. These findings are anticipated to inform policy and business strategies, fostering growth and sustainability in the sector.

(With inputs from agencies.)