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The Bangladeshi Textile Manufacturing market is expected to register a CAGR of over 7% during the forecast period of 2022-2027.
COVID-19 had a severe impact on the textile manufacturing industry. In the first half of 2020 industry faced an issue with short labor supply and difficulty in logistics due to the lockdown in the country. The COVID-19 also impacted the sales of the textile as the closure of supermarkets and other physical retail stores due to the government's strict lockdown norms. However, the COVID-19 crisis accelerated e-commerce sales in the market studied.
A considerably good amount of revenue is generated by the export of ready-made garments. According to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), export revenue of ready-made garments dipped by 18% over the pre-covid year. The export value of a ready-made garment was USD 34.133 billion in 2019, which came to USD 27.949 billion in 2020 due to the impact of Covid 19. The speedy recovery in the export of ready-made garments was seen in 2021. The export revenue reached USD 31.456 billion.
Rapid industrialization, growing urbanization, and increasing demand for the export of ready-made garments contribute to the growth of the Bangladeshi textile manufacturing market.
Scope of the Report
The textile industry is mainly involved in the processing of fiber into yarn, then yarn into fabric. This report aims to provide a detailed analysis of the textile manufacturing market. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyzes the key players and the competitive landscape in the textile manufacturing market. The Bangladeshi textile manufacturing market is segmented by application type (clothing application, industrial application, and household application), material (cotton, jute, silk, synthetics, and wool), and process ( woven and non-woven). The report offers market size and forecasts for the Bangladeshi textile manufacturing market in value (USD billion) for all the above segments.
Key Market Trends
Increasing Demand for Natural Fibers
Natural fiber composites are relatively lighter and have more strength than conventional fibers and, therefore, find extensive application in the automotive industry for interior and exterior applications. Natural fibers obtained from plants and animals include cotton, silk, linen, wool, hemp, jute, and cashmere. These fibers are widely used to manufacture garments, apparel, construction materials, medical dressings, and interiors of automobiles, among others. Silk is used in upholstery and apparel, as it is available in both variations: fine and coarse. Wool and jute are used as textile materials for their resilience, elasticity, and softness. Despite lower production volume, the requirement for raw cotton for the textile industry is very high. The increasing consumption of natural fibers, such as cotton, silk, wool, and jute, will drive the Bangladesh textile market during the forecast period.
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Clothing Application Dominates the Market during the Forecast Period
The clothing application segment accounted for the largest share of the Omani textile manufacturing market in 2021 and is estimated to continue its position during the forecast period from 2022 to 2027. According to the World Bank, there had been a 57% growth in per capita income in Bangladesh from 2015 to 2020. Growing income helps more spending on apparel and fashion. People are following more emerging fashion trends, which increases the sale of clothing. The adoption of ready-made garments has a positive impact on the Omani textile industry. The ready-made garment has a major share in the global export of Oman’s textile products. Rapid urbanization and growing population are boosting the demand for clothing, hence, contributing to the growth of Oman's textile manufacturing market.
The Bangladeshi textile manufacturing market is moderately fragmented in nature. The market studied is highly competitive, with the presence of a considerable number of regional and global players in the market. The major strategies adopted by these companies include product innovations, expansions, and mergers and acquisitions. The key players in the Bangladesh textile manufacturing market are Ha-meem Group, Noman Group, Beximco Textile Division Limited, Square Textile Ltd, DBL Group, Thermax Group, Viyellatex Group, Epyllion Group, and Mohammadi Group, among others.
Beximco Textile Division Limited
March 2022 - The American Apparel and Footwear Association (AAFA) and Bangladesh Garment Manufacturers and Exporters Association (BGMEA) signed MoU to work together to increase trade access for Bangladesh to the US market.
March 2022 - According to the Bangladesh Textile Mills Association (BTMA), seven local mills in Bangladesh invested approx. USD 194 million in setting processing plants for making flakes from plastic bottles in order to make recycled yarn and fabrics.
Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain/Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Application
5.1.1 Clothing Application
5.1.2 Industrial Application
5.1.3 Household Application
5.2 By Material
5.2.6 Other Materials
5.3 By Process
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Vendor Market Share
6.2 Mergers and Acquisitions
6.3 Company Profiles
6.3.1 Ha-meem Group
6.3.2 Noman Group
6.3.3 Beximco Textile Division Limited
6.3.4 Square Textile Ltd
6.3.5 DBL Group
6.3.6 Thermax Group
6.3.7 Viyellatex Group
6.3.8 Epyllion Group
6.3.9 Mohammadi Grroup
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Frequently Asked Questions
What is the study period of this market?
The Bangladesh Textile Manufacturing Market market is studied from 2018 - 2027.
What is the growth rate of Bangladesh Textile Manufacturing Market?
The Bangladesh Textile Manufacturing Market is growing at a CAGR of >7% over the next 5 years.
Who are the key players in Bangladesh Textile Manufacturing Market?
Ha-meem Group, Noman Group, Beximco Textile Division Limited, Square Textile, DBL Group are the major companies operating in Bangladesh Textile Manufacturing Market.