Category: FIBRES
Country: Bangladesh
Region: Asia
By Haydn Davis
4th March 2024
DHAKA - The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has published a new report claiming that with the right level of investment, the country’s non-cotton apparel exports could be worth $42 billion by 2032, surging from its current level of $15.6 billion.
The findings are part of a study, ‘Beyond Cotton: A Strategic Blueprint for Fibre Diversification’, which was commissioned by the BGMEA to explore how the country’s apparel industry could benefit from scaling up its use of non-cotton fibres.
The report says that over the past five years, there has been a notable surge in the global production of non-cotton fibres, now accounting for 75% share of total fibre production. In contrast, the report says that cotton fibre has faced a decline during the same period although it still accounts for 71% of Bangladesh’s garment manufacturers’ production.
Carried out in partnership with Indian research firm Wazir Advisors the key objective of the report was to identify the potential scope of non-cotton textiles and apparel, such as synthetics, viscose and wool, in the global apparel market and to formulate a strategy to develop the country’s overall competitiveness and strength in the area.
The result, said Varun Vaid, business director at Wazir Advisors, was a roadmap for manufacturers, investors, policymakers and development partners to establish a strong presence in the non-cotton textile and apparel market.
“Global textile demand is rapidly moving towards manmade fibres,” he said. “With better functionality, price competitiveness and popularity of categories like sportswear and athleisure, manmade fibres are on a high growth path.
“The global trade is also at a cusp of restructuring with China vacating trade share. Bangladesh can leverage its manufacturing competitiveness and buyer relationship to capitalise these opportunities. But the key aspect will be to present itself as a diversified supplier across different fibre categories.”
The report estimates that an investment of approximately $18 billion in the yarn, fabric and garment manufacturing sectors will be required to achieve the 2032 target. Of this, $ 4.6 billion will be required for fibre, filament and yarn manufacturing, $9.2 billion for fabric manufacturing and $4.2 billion for apparel manufacturing with $0.5 million for sewing machines.
The report also identified a lack of technical know-how and limited upstream capacities as the key challenges for establishing a non-cotton value chain in Bangladesh.
Presenting the findings, BGMEA president Faruque Hassan said that a new strategic focus on non-cotton fibre could help Bangladesh increase its total global market share of garment exports to 12% from the existing 7.87%.
“Cotton has so far driven the country’s growth in the apparel sector,” he said. “But the growth of cotton-based products seems to have reached its peak, and there is little scope for growth through the natural fibre because the global fashion trend has drastically shifted from cotton to man-made fibres.”
Courtesy: Ecotextile.com
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