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发布于:2019-10-5 22:45:17  访问:11 次 回复:0 篇
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Key Trends To Drive Global Textile And Apparel Industry In Future
In the last few decades, the global textile and apparel industry has gone through some major changes, developments, and witnessed some key innovations. A decade ago, the major textile markets were the US, the UK or Europe. However, the focus has now shifted to Asian countries due to the availability of low-cost labour, the abundance of raw materialsand the increasing domestic consumption in these countries. As a result, India has become one of the most competitive centres of textile and apparel manufacturing in the world.
As per the current economic scenario of different nations, there are some megatrends that will be shaping the future of textile and apparel industry in the coming decade.Let us discuss these trends:
Use of man-made fibre will increase: The global fibre demand is continuously increasing and until now, cotton captured the largest share of consumption. However, in future, the supply side pressure and the growing fibre demand will lead to an increase in the consumption of man-made fibre,Polyester. Today, the consumer is laying focus on fitness, becoming more aware of fashion trends and brands, and is conscious of hygiene. Polyester is the cost-effective and adaptable fibre that can fulfil these modern consumer`sdemands. Thus, it is expected that Polyester will dominate the textile industry in the foreseeable future.
China`s sagging exports: In the last decade, China`s apparel exports data showed an exponential growth. However, high growth of domestic demand, increase in minimum wages, movement of manufacturing towards more value-added segments and the relocation of manufacturing to neighbouring countries will affect the country`s apparel exports. On the other hand, domestic apparel market of China is also expanding. As a result, it is expected that other developing nations like India, Bangladesh and Vietnam will take the advantage if they can offer competitive manufacturing costs andstrengthen export infrastructure and production capacity.
Favourable FTAs will drive investments in the sector: In order to protect the interest of domestic manufacturers in this labour-intensive industry, countries have adopted a protection regime. The key markets have entered into special trade arrangements or giving special status to some countries.
In future, FTAs will play a key role in driving trade and investments inthe textile sector. The US and the EU have already begun negotiations on Transatlantic Trade and Investment Partnership (TTIP) and Trans-Pacific Partnership (TPP) that involves the participation of US and 11 other countries. Other than this, India, China, ASEAN nations and four others have initiated negotiations to establish the Regional Comprehensive Economic Partnership (RCEP). These major FTAs will definitely affect the global trade and investment flow.
Increased apparel consumption: Currently, the global apparel consumption is approximately US $1.7 trillion. However, the increasing disposable income of the developing countries will lead to a growth in the consumption of the apparels. On comparing projected GDP growth rate and its relation to apparel growth market, 더킹카지노주소 it is expected that apparel consumption will increase to US $2.6 trillion by 2025.
Big opportunities for developing nations (especially China and India): In the coming decade, the apparel markets of China and India will surpass several developed markets, representing a significant share in the global apparel market. The high growth rate of these economies, rising youth population, high purchasing power, availability of online retail options, aspiration-based purchasing and urbanisation are other major factors leading to these countries` apparel market expansion.
Mayank Mohindra is an author on apparel, fashion, and textile industry. His articles are based on latest apparel industry news , textile news and/or analysis of the dynamics of global apparel trade , and fashion industry.
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