June 17, 2024

Market Share Of Global MMF Apparel Exports To Reach 60% By 2030

A study informed that global apparel exports are expected to grow to $1,121 billion by 2030, from $953 billion in 2022. Of this, around 60 percent are projected to be manmade fibre (MMF) apparels by 2030.

“Around 50 percent of the $953 billion in worldwide apparel exports were MMF-based in 2022, 37 percent were in cotton and the rest accounted for by other fibres,” the study said.

The report titled ‘From Shirts to Shores: Blueprint for Bangladesh RMG Industry’ was commissioned by BGMEA, done by PricewaterhouseCoopers (PwC), and supported by the International Finance Corporation (IFC).

The study recommended that Bangladesh needs to develop a MMF based value chain and introduce new product categories to grab a share of the global market which is forecast to reach 60 percent by 2030.

The report added that China leads the MMF-based clothing export market share with 62 percent share, followed by Vietnam, Italy and Turkey.

The global trade of just four product categories viz. jackets, suits and blazers; activewear and swimwear; brassieres; and technical garments is $100 billion, with 73 percent of them being MMF-based.

“A focused strategy is required for each promising product, prioritising a market mix that includes high value-added products,” the study observed.

The study advocated strategies for critical areas such as product diversification, automation, digitalisation, resource-efficient technologies, circularity and improved access to finance.

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