The fashion industry is innovative, creative, and most glamourous. The sector has state-of-the-art textile technology for making advanced products. The textile and garment industry is worth about USD 13.71 billion for the country’s economy.
The global textile market is expected to grow at a CAGR of more than 6% between 2019 and 2023, according to Tech News. And the textile industry is surely driving the global textile market with a great force. Best quality apparel products available all over the world.
In the year 2018, the fashion consumer spending was valued at 60.4 billion British pounds, and the expenditure is continuously increasing every year. The textile manufacturers produce 9.1 billion British pounds of products ranging from designers’ creations to fabrics used in defense, medical, and transport industries.
With the immense growth, the fashion industry is also full of challenges. The government understands the need and demand of continuously changing market and fix the fashion amazingly.
Here are three major market trends driving the fashion market.
Fashion is the last industry to embrace technology. From bricks to mortar to online shopping, technology has revolutionized the industry. Technologies that improve the fashion industry are artificial intelligence, data analytics, virtual technology, and digital marketing. The fashion industry has expanded the retail industry in a more modernized manner by embracing these technologies. World largest exporter, manufacturer and wholesaler.
In today’s time, both brands and consumers are counting on advanced technology to sell and shop better. Fashion-on-demand is no more a far big dream; automation and machine learning have made it a reality. The fashion industry is adopting fashion-on-demand, an alternative to mass production. The fashion-on-demand trends are streamlining the brand’s supply chain by internalizing production.
The rise of technology in the fashion industry is unstoppable and has forced companies to create a strong digital presence to compete with modern manufacturers. in recent years, fashion retailers have expanded big with the expansion of the digital world.
The next big trend in the fashion market is non-woven fabrics. In 2014, the global non-woven fabrics market was valued at USD 28.41 billion and is expected to exhibit a CAGR of 6.8 percent from 2015 to 2025.
In the last few years, non-woven fabrics have replaced polyurethane foams in major end-user industries, such as building and construction, furniture, automotive, and packaging. The major driving factor behind the non-fabric market is shifting consumer preferences towards hygiene products. Fashion consumers are more conscious of rising health awareness, changing lifestyles, spending power, and higher living standards. Other factors driving the growth are rapid industrialization and recent innovations in the textile industry. On the other hand, the high production cost is the major factor hindering the non-woven fabric market’s growth. Moreover, non-woven fabrics have less initial cost due to mass production compared to woven and knit fabrics.
In a report “Fixing Fashion”, the government has identified the impact of textile production on climate change more than the aviation and shipping combined. Furthermore, the fashion industry leads to a reduction in water resources and local microfiber pollution. To move towards a cleaner environment, the fashion industry has taken the crucial first step to meet the future carbon budgets and reach net zero emissions by 2050. Textile companies guarantee to reduce their carbon footprint to almost zero.
Sustainable fashion will require both a change in consumption patterns and an improvement in resource productivity. All fashion players should come together to express their fashion for the world of pure zero emissions.
If the situation remains the same, the fashion industry will produce 26% of the world’s carbon footprint by 2050. For many years, the British Fashion Council has been at the forefront of eco-friendly fashion initiatives. In the textile industry, consumers and brands achieve the same stability. Local microfiber pollution.
Recently, the fashion industry has struggled to overcome these trends. Street retailers have a difficult journey to compete in the digital world. But the producers showed tremendous growth over the period. According to the British Fashion Council, both retailers and fashion designers are “taking steps” to achieve a sustainable, digital fashion world.
However, the journey has just begun and there is still a long way to go. And fashion players are ready to win all the challenges to change the interior and the world of fashion.