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The Global Garment Market
Business

At the moment, the global garment market has its value placed at 3 trillion dollars and is responsible for 2 percent of the world’s GDP (Gross Domestic Product) and it also includes various sub industries. For the womenswear industry, it is valued at 621 billion dollars, menswear industry is also valued at 402 billion dollars while the retail value of the luxury goods market is 339.4 billion dollars.

The top vendors and retailers for the garment industry cut through various continents and nations. They are fabric and yarn suppliers marketing and distributing their products to several parts of the world, forming an integral part of the industry. In Bangladesh, there are factories such as Zaber & Zubair Fabrics Limited, Padma Weaving Ltd, Sanjana Fabrics Ltd, Noman Terry Towel & Y/D Mills Ltd, China has factories like Siris-Huashen Textile Co. Ltd, ZheJiang Ying He Print&Dying Co. Ltd, Richen Textile Weaving Co. Ltd. There are even more retail and vendors of the garment industries in Pakistan, South Korea, Turkey, Thailand, Taiwan, Indonesia and India. The garment industry in the past decade has seen a growth although since the new technical textile industry and sustainable production has not been fully tapped into, there was a little drop in sales in 2016 which was forecasted to be a -1% after a -4% drop in 2015. This was not caused only by factors induced by the garment industry but also because of the currency depreciations occurring worldwide. However, between 2011 and 2015, the garment industry has seen an improvement but there is no expected deterioration in 2016 despite the -1% drop. Demand is however expected to be fueled by population growth by 2020 and an expected higher income is bound to increase the purchasing power of the household with an estimated +4% annual increase between now and 2020.
Major vendors are now moving their focus to countries with less labor laws to ensure that they are less liable to lawsuits. Due to the increased awareness of the use of unnatural means of labors, countries like Bangladesh, Thailand and Philippines now have policies that keeps them from the overuse of labor which has increased their production cost. Vendors now seek for nations like Kenya, Korea, China, and North American nations to focus their manufacturing concerns on where immigrants are allowed to work from home as labor for the manufacturing process. The global garment industry in few years from now is bound to have increased in sales, acceptance of labor-effective policies, integration of technological advancement and lower production costs.

textiles, sustainability, fashion