Clothing market demand in Asia and Oceania is forecast to grow by an average of 10.9% per annum between 2009 and 2014, according to a report by the business information company Textiles Intelligence. As a result, demand will be worth US$267 billion by the end of the five-year period compared with US$159 billion at the beginning.
Within the region, growth in China alone is set to average 18.9% per annum. As a result, clothing market demand in China will reach US$87 billion by 2014 compared with US$37 billion in 2009. This represents an increase in market size of US$50 billion in absolute terms, which equates to almost half the increase in the region as a whole.
Other fast growing markets include Indonesia, where clothing market demand is forecast to grow by 15.3% per annum between 2009 and 2014, and Vietnam, where an increase of 15.5% per annum is predicted. However, these markets, valued at US$12 billion and US$22 billion respectively, will remain markedly smaller than the market in China.
Elsewhere in Asia, there will be strong growth in India, at 16.8% per annum. However, at US$11 billion, clothing market demand in India will remain considerably smaller than in China.
The slowest growth in the region will be in Japan, at just 2.9% per annum, followed by Hong Kong at 4.5% per annum. In Australia, on the other hand, growth will be a somewhat brisker 6.1% per annum and in New Zealand 6.5% per annum.
|
