The India Business of Fashion Report study released recently predicts, Indian apparel market is expected to grow by nearly 11 per cent to reach $ 85 billion by 2021. The Indian apparel market, pegged at around $65 billion, is the second largest retail market after food and grocery in India. It grew at a CAGR of 11.5 per cent in the period from 2012-17 and is expected to grow at nearly 11 per cent CAGR in 2017-21 period to reach a value of $85 billion by 2021.

These estimates are part of a study by Rajat Wahi, Partner, Deloitte India study, titled 'Apparel and fashion industry and the importance of innovation and sustainability' for the report. The report further illustrates that the country's fashion market is majorly driven by key growth drivers, including young demographics, rising urbanisation, increasing affluence and a growing middle income segment, greater brand awareness, better accessibility and availability and increased formalisation of the sector.