The market was 3,299.36 million metres in 2016. It grew to 3,429.93 million metres in 2017, 3,576.68 million metres in 2018, 3,737.21 million metres in 2019, 3,914.09 million metres in 2020 and 4,105.64 million metres in 2021. It is expected that the market will reach 4,313.56 million metres in 2022 and 4,541.05 million metres in 2023. The average annual growth is expected to be 4.89 per cent between 2018 and 2023, according to Fibre2Fashion’s market insight tool TexPro. 

India’s market is smaller than China, Latin America, and the US but it is likely to have the highest growth between 2018-2023. India’s market is expected to reach 419.26 million metres in 2023 from 228.39 million metres in 2016. It can grow to 382.49 million metres during this year. The market size was estimated at 349.51 million metres in 2021 and 319.99 million metres in 2020, as per TexPro. 

The US will remain the largest market for the world, but its average growth will be lower than the global average. It may grow by 2.59 per cent (between 2018-2023) to reach 876.76 million metres by the end of 2023. Latin America and China may see an average growth of 7.31 per cent and 7.34 per cent respectively. Latin America’s market will reach 573.24 million metres in 2023 from 354.56 million metres in 2016. China may grow to 495.51 million metres in 2023 from 305.84 million metres of 2016. 

Fibre2Fashion News Desk (KUL)