- According to Ken research, the India Hosiery market at a CAGR of ~12% during the forecast period (2023-2028).
- Factors driving the India Hosiery market are increase in demand for Hosiery clothes in India due to warmer temperature and better comfortability.
- Trends in India Hosiery market which are exaggerating the market by various key players.
- Competitive landscape of the India Hosiery market, which are making it, grow higher.
1. Growth of India Hosiery market is getting higher with ~12% CAGR
India Hosiery market is on a constant rise during the forecast years. They show a CAGR of ~12% during the forecast years 2022-2028 and will continue to grow exponentially. The basic reason for this growth is the availability of a wide range of products. Therefore, many online sites are giving discounts and sales are soaring high in India.
Demand of basic products like socks, leggings and other clothes is increasing because of better brands and styles and the market is growing due to increase in working population. Innovations are constantly. During the year 2022, the market showed a sudden growth with a CAGR OF 12% in a year. From 2017 to 2022, the market has grown with ~2 %. It got abstain due to Covid but still survived. In Hosiery Market India is becoming more competitive as the HHI index in 2022 was 5321 while in 2017 it was 8132. Herfindahl Index measures the competitiveness of exporting countries.
2. Which are the driving factors for the growth of India hosiery market?
The major reasons, which are driving the market of Indian Hosiery, are better penetration of online sales. Attraction of youth towards yoga and work out which need hosiery clothes. Changing lifestyles and demographic factors are bringing changes in demand patterns for hosiery.
Also due to the rise in disposable income and more number of the working population of women, the demand for fashion and luxury items is increasing in the region. Backed by a revival in rural demand, India’s hosiery industry is expected to see 18-20 per cent revenue growth this fiscal, reaching ₹36,000 crore, CRISIL Ratings has said. Rise in operating advantage from higher capacity utilisation will aid profitability in the India hosiery market over the years.
3. Trends which are hyping the growth of India Hosiery market
Innovations are fuelling the India Hosiery market. Mixing of fabrics to make the cloth more comfortable and having better styling. Major companies are doing mergers and acquisitions in this market.
Innovative clothing such as organic products, anti-bacterial sanitized yarn, non-compression, soft elastic leggings, and long socks to satisfy consumer needs are fuelling the growth of India hosiery market. For the last few years, with the price increase of 250% in cotton fibre in past nine to ten months, the entire textile industry has been tremendously affected and exports fell drastically.
The United Kingdom hosiery brand Elle re-launched a range of footless tights, leggings, above the knee, and shaping in more sizes than before. In India AEPC and FOHMA both were partners in the garment industry’s demand for the establishment of AEPC.
4. Outlook of India Hosiery market is expected to grow higher
The Hosiery Market is fragmented, with various regional and global players, such as Wolford AG, Hanesbrands Inc., Jockey International Inc., Gilfin S.P.A., and CSP International Fashion Group SpA. With the growing penetration of online sales, players have increased their focus on e-commerce sales. Players are also bringing innovations, such as a mix of fabrics, to attract more users. India has a large cotton production, which will fuel the market. The youth is attracted towards physical fitness and buying hosiery clothes for yoga and workout.
This is likely to grow in coming years and thus from 2022-2028, it is expected to grow with a CAGR of ~12-13%. The India hosiery market is showing exceptional growth in exporting the items to neighbouring countries like Bangladesh, Nepal and Sri Lanka.
Hosiery production has grown in Delhi NCR, Ludhiana, and Bangalore during the last 30 years, but there is much more yet to happen. Jaipur, Indore, Pune, Kanpur, Varanasi, Nagpur, Surat, Bhubaneswar, Guwahati, Patna, and Ranchi can also move ahead. Encouraged by the development scheme of PLI in many states and the central government the investors and Industry move forward.