The global Indian ethnic apparel industry has experienced significant growth in recent years, both domestically and globally. The industry has a rich and diverse range of traditional and contemporary clothing options, including sarees, salwar suits, lehengas, and more. This industry has become an integral part of the Indian culture, and with the rise of e-commerce, it has also become a significant contributor to the Indian economy.
The global Indian ethnic industry is estimated to be worth around $9 billion, and it is expected to grow at a CAGR of around 10% over the next few years. The industry is fueled by factors such as increasing demand for traditional clothing by the Indian diaspora, rising disposable incomes, and increasing fashion consciousness among consumers.
The saree, in particular, is an iconic garment that has been a part of the Indian culture for centuries. It is a versatile garment that can be worn in various styles and is popular among women of all ages. The saree has evolved over time, and today it comes in a wide range of styles, fabrics, and designs. From traditional silk sarees to contemporary designer sarees, there is something for everyone in the saree market.
The saree holds a significant share in the global Indian ethnic industry. According to industry experts, the saree market is worth around $4.62 billion and is growing at a CAGR of around 8%. The saree market is mainly driven by factors such as the popularity of Indian movies, the rise of social media, and the increasing trend of online shopping.
The saree market is dominated by a few big players such as Nalli, but there is also a growing market for small and medium-sized enterprises i.e. Vaagmi World that offer a range of regular cotton & innovative and contemporary designs. The industry has also witnessed the entry of international players who are looking to tap into the growing demand for Indian ethnic wear.
One of the biggest advantages of the saree market is its versatility. The saree can be worn for weddings, formal events, or even casual occasions. With the rise of fusion wear, the saree has also become a popular option for contemporary occasions, such as office parties or dinners.