Global alpaca fiber market was valued at $846.5 million in 2021 and is expected to generate $1.2 billion by 2031, with a CAGR of 3.5% during the 2022 to 2031, as per a report from Allied Market Research.

The increasing demand for sustainable and eco-friendly textile goods, consumer awareness of the product benefits, and the expanding alpaca fibre fashion outlets are the major drivers of the market growth.

However, the high cost of production of alpaca fibres acts as a restraint to the global market growth. The report also highlights that the versatility of alpaca fibres and the increase in R&D to improve the quality and consistency of alpaca fibres will present new growth opportunities for the global alpaca fibre market.

The COVID-19 pandemic has had a negative impact on the alpaca fibre market, as lockdowns and restrictions imposed by governments led to a decline in consumer spending on luxury items, including alpaca fibre products. This resulted in reduced demand for alpaca fibres and a decline in revenue for businesses operating in the alpaca fibre industry.

Based on application, the textile segment contributed to the largest share of more than half of the global alpaca fibre market in 2021 and is expected to dominate the market during the forecast period. The Huapaya fibre segment grabbed the highest share of more than 90% of the overall alpaca fibre market in 2021 and is projected to maintain its dominance in 2031. Moreover, the superfine segment grabbed the highest share of nearly one-third of the overall alpaca fibre market in 2021 and is projected to maintain its dominance in 2031.

The LAMEA (Latin America, Middle East, and Africa) region was the largest market for alpaca fibre in 2021, accounting for more than two-thirds of the global market and is likely to dominate in terms of revenue in 2031, according to the report. The same market is expected to show the fastest CAGR of 3.9% during the forecast period.

The LAMEA region is home to many alpaca farms, particularly in countries such as Peru, Bolivia, and Chile, which are major producers of alpaca fibre.

Iran's apparel industry has exported goods worth $80 million in the previous Iranian year, according to the Textiles and Clothing Industries Department of the Ministry of Industries, Mining and Trade. Neighboring countries, including Iraq and Afghanistan, as well as several Eurasian countries, were the primary destinations for these exports. To expand its reach, the Iranian government is making efforts to penetrate the Russian market.

To promote the industry, the Iranian government has maintained the same import tariff for clothing raw materials, which was 1% in the previous year. The textile industry is one of Iran's leading economic sectors, providing employment opportunities for a significant percentage of the population. Despite challenges such as international sanctions, the industry has continued to flourish, with exports increasing every year.

The industry's diverse product range, including cotton, wool, silk, and synthetic fibers, is renowned for producing high-quality fabrics. The Iranian Ministry of Industries, Mining, and Trade has been promoting the apparel industry and expanding its exports to different regions worldwide. The government's favorable trade policies and the country's proximity to several neighboring countries have made it easier to penetrate markets in the region.

Apart from promoting exports, the textile and apparel industry heavily relies on imports of raw materials. According to the Iran Textile Exporters and Manufacturers Association, the country imported around $2.5 billion worth of textile raw materials during the last Iranian year, with cotton being the most imported material, followed by polyester, viscose, and acrylic fibers.

Despite being one of the leading producers of cotton in the world, Iran still imports a significant amount of cotton due to the lack of modern technology and sufficient investment in the sector. However, the government has been taking measures to reduce the country's dependence on imports by increasing local cotton production and encouraging investment in the industry.

The government is also implementing measures to improve the industry's competitiveness by upgrading technology, providing financial assistance, and establishing new production units.

Texhibition Istanbul Fabric and Textile Accessories Fair, held in March this year, aimed to further highlight the Turkish textile industry, and push it towards becoming the focal point of the European textile market.

The fair, which boasted a record 437 producers exhibiting their wares, managed to attract over 18,000 visitors, a 50% increase on last year’s show. The fair attracted mainly Turkish attendees; however, the organisers hope to make the sourcing fair more international in the future.

The organisers aim to increase exports of Turkish textiles and reach ambitious targets of accounting for 20% of the EU’s textile imports. This is despite current challenges, including inflation, upcoming elections, and the catastrophic effects of the earthquake in the southeast of Turkey, which affected the weaving and spinning mills in the area.

Nonetheless, companies like Bossa and Sasa, whose factories were not damaged, plan to keep production going, albeit at slightly lower levels.

However, cotton supplier Iskur was badly affected, losing a warehouse and 70% of its yarn factory. It is slowly restarting production.

India's commerce ministry's DGTR has started an investigation to review the necessity of continuing the anti-dumping duty on flex commonly known as linen yarn imported from China.

The probe comes following complaints from the domestic industry, and an application for initiation of the sunset review of the anti-dumping duty by Grasim Industries Ltd and Sintex Industries.

Linen yarn is used to make linen fabrics, which is used in apparel and home textiles. The duty is aimed at ensuring fair trade practices and creating a level-playing field for domestic producers regarding foreign producers and exporters.

According to the notification by DGTR, there is prima facie evidence of dumping of the product from China, despite the existing anti-dumping duties. As a result, DGTR would review the need to continue the duties and examine whether the expiry of existing duties is likely to lead to continuation or recurrence of dumping and impact the domestic industry.

The existing duties are set to expire on October 17, 2023. It is important to note that the lea count, which is a unit for measuring the length of yarn, is below 70 for the flax yarn imported from China.

This investigation will determine whether the anti-dumping duty on flax yarn should continue to be imposed on imports from China and will ensure fair trade practices between the two countries.

Sleepwear and loungewear market projected to grow at a CAGR of 10.21% and reach USD 29,398.4 million by 2027, according to a report by Technavio.

One of the key drivers of market growth is the introduction of products with advanced features and innovative designs. Rising disposable income has increased consumers' purchasing power and positively influenced their spending on premium sleepwear and loungewear.

The market is also witnessing a growing trend towards plus-size sleepwear and loungewear, designed to cater to the fashion preferences of women with larger body sizes.

However, the market faces challenges due to the presence of counterfeit products that hamper the market growth. The low price of counterfeit products increases their demand, and their availability adversely affects the sales and pricing strategies of vendors, leading to reduced profit margins. To overcome this challenge, vendors are compelled to price their products low, which affects their value sales in the market.

Bangladesh and Vietnam celebrated the 50-year anniversary of their diplomatic relations by establishing the Bangladesh-Vietnam Friendship Society. The two countries have enjoyed friendly relations since 1973, with bilateral trade projected to reach $2 billion by 2023.

The garment and textile industry plays a vital role in both countries' economies. Bangladesh is the world's second-largest garment exporter, accounting for over 80% of the country's total exports. Vietnam, on the other hand, is the world's third-largest textile and garment exporter, contributing 15% to the country's GDP.

The United States and the European Union are the largest importers of garments from both Bangladesh and Vietnam. In 2020, the US imported $5.82 billion worth of garments from Bangladesh, while Vietnam's garment exports to the US amounted to $13.8 billion.

Vietnam has shown resilience post-pandemic and benefited from the US-China trade war over Asia, giving it a potential opportunity to access South Asia through Bangladesh if the two countries develop closer ties. Although Bangladesh and Vietnam are seen as competitors in the global apparel market, both countries can share knowledge and information to enhance growth in the market.

Although the bilateral trade is on the rise, Bangladesh is running a trade deficit with Vietnam since as it imports $678.6 million worth of goods from Vietnam where it’s export’s to the country amount to only $61.29 million. Bangladesh has also struggled to attract significant investment from the country, with Vietnam only investing in one project in Bangladesh worth $27,900.

To attract Vietnamese investment, Bangladesh might provide easier ways to invest in its economic zones related to technology or tourism, where it may give country-specific services to Vietnam. Bangladesh already has a low minimum salary of US$ 95, making it a desirable location for Vietnamese investors to transfer their operations.

Closer ties between the two countries are expected to further enhance cooperation in various sectors, including the garment and textile industry, as well as emerging sectors such as ICT, agriculture, and tourism. Both countries recognize the value of cooperation and have contributed to each other's foreign investment.

Vietnamese garment companies should focus on niche markets rather than compete directly with foreign companies, according to the Vietnam National Textile and Garment Group (Vinatex).

Vietnam's domestic market is a potential growth area for its garment industry, with a population of over 100 million people. However, local companies have faced challenges in recent years due to declining demand and limited new store openings. In contrast, foreign companies investing in Vietnam often view losses in the domestic market as a strategic investment to expand globally and reap profits in other markets.

To compete with foreign brands, the Vietnam National Textile and Garment Group (Vinatex) suggests that local companies focus on niche markets rather than trying to directly compete. This means relying on internal analysis and doing business in a way that enables them to conquer niche markets that big foreign fashion brands cannot enter. Additionally, Vietnamese companies can fulfill small orders, which are becoming increasingly popular, by creating a variety of products using difficult production techniques.

In recent years, the Vietnamese garment industry has made significant strides in terms of productivity, technology adoption, and labor skills development. This progress has been driven by the government's efforts to support the industry and the increasing demand for textile and garment products in the global market.

Despite the challenges, Vietnam's garment industry remains an important contributor to the country's economy, providing jobs for millions of workers and generating significant export revenues. The industry has the potential to continue to grow and develop by leveraging its strengths, focusing on niche markets, and adopting innovative approaches to production and marketing.

With growing population and a an expanding middle classes, BRICS countries (Brazil, Russia, India, China, and South Africa) are becoming increasingly important markets for global textile sector and fashion brands. As per a predicts a McKinsey & Company report, the textile and fashion industry in BRICS countries is expected to grow at a compound annual rate of 6 to 7 per cent between 2019 and 2025.

BRICS a fast growing fashion market

In recent years, the BRICS countries have emerged as major players in the global fashion, apparel, and textile industry. China has long been a dominant stakeholder in the industry as the world's largest producer and exporter of textiles and apparel. However, other BRICS countries have also made significant strides in the business of fashion. India has emerged as a major hub for textile manufacturing and is home to several leading fashion brands, while Brazil has a thriving fashion scene and a growing number of textile companies. Russia is seeing a rise in luxury fashion brands and South Africa is becoming a key player in the African fashion market.

China produced over 30 billion pieces of clothing in 2019 and accounting for 35 per cent of global apparel exports. India is the world's second-largest producer of textiles and with leading fashion brands. Brazil's fashion industry is expected to grow by 3.5 per cent annually, while Russia's luxury fashion market is projected to grow at a 8 per cent per year.

Key growth drivers

Growth in BRICS fashion industry is being driven by the expanding middle class in these countries, which has more disposable income to spend on fashion and apparel. Increasing popularity of online shopping is also a significant factor, making it easier for fashion brands to reach consumers. The e-commerce market for fashion and apparel is also projected to grow, with the Indian e-commerce market estimated to reach $200 billion by 2026 and China's online fashion market expected to touch $287 billion by 2024.

Growth challenges

However, despite growth there are numerous challenges that need to be addressed. And foremost among them are sustainablity and ethical practices. Many BRICS textile manufacturers have been accused of using unsustainable production methods and exploiting workers, putting pressure on fashion brands and textile manufacturers to adopt more sustainable and ethical practices.

The industry also faces other challenges, including environmental impact and labor exploitation. Meanwhile several initiatives have also been launched, such as India's Sustainable Alternative Towards Affordable Transportation (SATAT) program and China's program to promote sustainable cotton production, to address these issues.

The pandemic has also shifted global economic power dynamics in favor of developing countries, with the BRICS nations contributing more towards global GDP in terms of purchasing power parity than the G7 industrialized nations.

The sustainable fashion market in India is expected to grow at a CAGR of 10.6% during 2021-2026 and is estimated to reach $9 billion by 2025, presenting a significant opportunity for growth and expansion, according to a report by ResearchAndMarkets.com.

The trend towards sustainable fashion in India has gained significant momentum, propelled by consumer awareness, government policies, and the availability of sustainable materials. Furthermore, sustainable fashion startups are emerging, utilizing innovative technologies and eco-friendly materials to develop unique products.

With India's large population and rich textile heritage, the potential for the sustainable fashion market in the country is immense. The use of traditional handicrafts, weaving techniques, and textiles to create sustainable fashion products caters to both local and global consumers, making the market highly promising.

However, the sustainable fashion market in India faces several challenges, such as a lack of infrastructure, fragmented supply chains, and limited market penetration. To overcome these obstacles, the government and stakeholders must invest in sustainable infrastructure, technology, and supply chains, and develop improved marketing strategies.

Influential Indian celebrities and influencers are also playing a vital role in promoting sustainable fashion and increasing consumer awareness, transforming the perception of sustainable fashion in India. The sustainable fashion market in India can continue to grow and promote sustainability and social responsibility in the fashion industry.

Hermes International, a French luxury fashion group, is now second top ranking fashion company with a market value of over $218 billion and has become the eighth-most valuable company on the pan-European Stoxx 600 index.

The company, second only to another French company LVMH Moet Hennessy Louis Vuitton valued higher, has outperformed other luxury goods brands. The catalyst for the company's recent success has been China, with demand re-emerging as Covid-19 restrictions in some cities lifted last summer. The return of free-spending American tourists to Europe has also driven sales in key luxury markets such as France, Italy, and the UK.

The company, famous for its silk scarves and the iconic Birkin bag, is increasingly confident in withstanding economic downturns, with China's post-Covid recovery and reopening seeing a bounce back in demand for high-end fashion and accessories in Asia. Demand for Hermes handbags has exceeded production capacity, with some airport stores only displaying the bags due to their unavailability, despite starting prices of $10,000 and upwards for the most popular models.

Hermes will open a new leather manufacturing plant in Louviers, Normandy, tomorrow, with plans to boost output.