Global Overview of the Textile and Leather Products Industry

Delivery

This report comes in PPT.

Key Findings

Global market contracts in 2022

In 2022, the global textile and leather products industry faced considerable challenges, evident in a decrease in turnover compared to the previous year, caused by factors such as the continuing impact of the global COVID-19 pandemic, constrained consumer spending amid skyrocketing inflation, and economic consequences arising from Russia’s invasion of Ukraine.

Asia Pacific countries lead textile industry’s growth

Emerging Asia Pacific countries, including Bangladesh, Vietnam, India, Pakistan and Indonesia, are witnessing the most rapid expansion in the global apparel and footwear industry as compared to other major textile-producing countries. This growth is driven by robust economic development, the growth of middle-class populations with rising incomes, abundant access to raw materials, evolving supply chains and continuous foreign demand for cheaper textiles.

Supply chains under review

Textile companies have been relocating their factories out of China for quite some time, driven by rising labour costs and intensifying trade tensions with Western partners. The supply disruptions caused by COVID-19 further fuelled the reshoring process. Brands seek to produce closer to their end-consumers, especially as the growth in online shopping amplifies the need for swift and timely logistics.

Sustainability to remain a major long-term trend

The garment industry is experiencing a rising focus on sustainability, and this trend is expected to intensify further, as the consequences of climate change become increasingly apparent. According to the United Nations Environment Programme (UNEP), the fashion industry is responsible for 10% of greenhouse gas emissions annually. At the current pace of growth, emissions are expected to increase.