India’s apparel market, second largest retail market after food & grocery, is expected to hit US $ 85 billion by the year 2021, according to the India Business of Fashion Report.
The study was conducted by Rajat Wahi, Partner, Deloitte India, under the title, ‘Apparel and fashion industry and the importance of innovation and sustainability’.
The report also mentions that the current value of the market is US $ 65 billion and the CAGR for the apparel market to reach the value of US $ 85 billion will be 11 per cent in 2017-2021.
The market grew at 11.5 per cent CAGR during the 2012-2017 period.
The report further illustrates that the country’s fashion market has some major growth drivers, including young demographics, rising urbanisation, increasing affluence, a growing middle income segment, greater brand awareness, better accessibility and availability and increased formalisation of the sector.