Driven by their enhanced functionality, competitive pricing and sustainability credentials, fashion markets across the globe are pivoting towards non-cotton materials, as per a recent study by Wazir Advisors.
There is a burgeoning demand for a diverse array of fibers like polyester and nylon, regenerated fibers such as viscose rayon, animal fibers like wool and silk, as well as other vegetable fibers like linen.
Around 75 per cent of global apparel consumption and 57.5 per cent of textile trade worldwide now comprise non-cotton materials, according to the report. However, despite this, the proportion of non-cotton apparel in the export portfolio of countries historically lagged behind. Encouragingly, there's been a notable uptick in this figure, with the share of non-cotton apparel in export from some countries, including Bangladesh, rising to 30 per cent in the last three years.
Faruque Hassan, President, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), highlights, since 2021, the association has spearheaded three research initiatives geared towards envisioning future growth prospects.
Notably, one such initiative resulted in the launch of a comprehensive report titled ‘Establishing a Virtual Marketplace Platform for the Apparel Sector’ by LightCastle Partners.
Faruque Hassan underscores the industry’s vision to elevate its share in the global market from the current 7.87 per cent to 12 per cent by 2030, with an export target of $100 billion. However, achieving this demands departing from conventional business models, he adds.
The recent surge in investments in non-cotton sectors signals a promising trajectory for the industry. Yet, challenges loom large, including dependence on imported raw materials, technology gaps, skill shortages, and the need for substantial capital and energy investments.
In response, experts advocate for a strategic roadmap that would help galvanise manufacturers, investors, policymakers, development partners, and other stakeholders towards establishing a robust foothold in the non-cotton textile and apparel market.
