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India's apparel retail market's revenues expected to reach $105 billion in 2024

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Published: Thursday, 11 January 2024 10:43

India's apparel retail market is poised for significant growth, with revenues expected to reach $105 billion in 2024, according to Statista. The market is anticipated to experience a Compound Annual Growth Rate (CAGR) of 3.58% from 2024 to 2027.

Among the segments, women's apparel is projected to lead this growth, reaching a market volume of $50 billion in 2024. Additionally, menswear and kidswear are expected to contribute to the surge, reaching market volumes of approximately $35 billion and $20 billion, respectively.

The volume in India's apparel market is anticipated to see substantial growth, reaching 38.8 billion pieces by 2027. Despite this positive trajectory, India's per-person revenues in the apparel market are projected to be around $72 in 2024, indicating a gap compared to major apparel markets such as the US, China, and Japan.

In terms of volume per person, India is expected to have over 24 pieces in 2024, highlighting the diverse wardrobe needs of the Indian consumer. This growth trend underscores the expanding market and consumer preferences, positioning India as a key player in the global apparel retail landscape.