By floating 80-85 % of the project cost back to the Indian economy, the revitalization of the INS Vikrant retorted to what is the need of a mega-investment amid the post-pandemic financial suffering? Reincarnation of the IAC-1 which will be soon called INS Vikrant after being commissioned kindled the flame of India’s hunt for the ‘Atmanirbhar Bharat.’
Hail to the Indian Innerwear Market on this National Underwear Day, for it is estimated to be worth INR 32, 000 crore, which accounts for 9 % of India’s fashion retail market. Among the core apparel technology, the innerwear market is in the latent category and is expected to reach INR worth 68, 270 crores by 2024. Preceding what the current status is, the Indian Innerwear market worth INR 15, 870 crores, extended to INR 27, 000 crores by 2017 witnessed ceaseless annual CAGR growth of 12 %. Urban areas, being the pivot to the innerwear market growth are providing them with the majority of the market scope.
Growth Pilots in the Innerwear manufacturing
As more people are joining the workforce, more people are acquiring the ability to sustain themselves financially. Thus, they are becoming more aware of better brands. Elevated due to pandemic, there has been a transition from official to casual and leisure inner-wears, as consumers are mostly spending time indoors and working from home
The inclination towards western outfits along with the occasion based innerwear is portraying pace to the market demand, thereby upholding the grip on the global market share. Fostering the new brands in the market segment, the Innerwear market has encompassed significant growth. Accommodating the transformation of a need-oriented to a fashion-conscious need, the demand for innerwear is soaring high in the global market.
As far as the market is concerned, there are e-commerce players like Amazon, Flipkart, Myntra which are boons for the wholesale manufacturer. As mentioned in reports, online purchase sentiment has increased by 5 to 10 per cent across categories.
Accounting for 64 % of the total innerwear market, the women innerwear market is leading. Also, the female innerwear market in India will nearly double to 11 billion dollars by 2025 as estimated in the reports. Innerwear market is poising to witness the massive growth in the coming years with the booming population and distinct factors like nuclear-family system and more expenditure due to brand awareness. With the exposition of different textile exports trends, the innerwear market is standing on the optimistic prospects of market growth.
Understanding the psyche of the market, various brands are optimizing their industrial operations to emerging as a leader amid the market presence of distinct players in the race. Based on product pricing, the market segment includes super-premium, premium, medium and economy components. Among these, the premium and mid-price apparels contribute the most and are expected to witness higher growth in the innerwear market. The key trend in the Indian fashion industry is the combo pack of leisureliness with the urban and sporting lifestyle. This trend is duly checked by the Indian innerwear market.
Moving up the ladder of Made In India textile industry
With a 5 % share in the global trade in textile and apparel, the Indian Textile Industry stands second largest after China. As mentioned earlier, the innerwear market occupies 9 % of the Indian fashion retail market. To make the innerwear apparel more comfortable and exquisite, the latest fabrics are taking into consideration and thus, there is an upsurge in innovative manufacturing which in turn, is becoming the motorist for the textile industry to make them compliant with the latest fabrication technology. As a result, there is an influx of international and national brands thus, stepping into vibrant and sustainable growth.
Earlier innerwear market was dominated by a large number of small scale sectors which is gradually transiting towards the organized retail. The PAGE Industries and Dollar Industry are examples of capitalizing on the textile industry through embracing a wide distribution network and strengthening the revenue mix. Despite subjecting to the rapid changing consumer preferences, they managed to establish themselves in the global innerwear market.
There is a colossal opportunity for Indian Innerwear manufacturing from the perspective of Make In India’s eye. Dignified by enormous growth opportunities, Innerwear Market is poised to witness pace in the Future. The self-reliability, which is the key quote of India’s steps towards becoming Atmanirbhar, is going to arrive in Innerwear manufacturing. This will inculcate a thriving market presence of the Indian Innerwearing Manufacturing.
