Latin America Textile Industry - Growth, Trends, and Forecast (2020 - 2025)
The Market is Segmented on the basis of Material Type, Process Type, and Different Types of Applications
ABOUT THIS REPORT
Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The textile industry in Latin America is estimated to register a CAGR of approximately 3.8%, over the forecast period (2019-2024).
Latin America is home to some major textile-producing nations, such as Peru, Brazil, and Colombia. Peru is South America’s biggest clothing exporter and it boasts of unique domestic raw materials, especially alpaca fibre and Tangüis cotton.
Brazil, a BRIC country, has an enormous growth potential in both its textile supply chains – natural fibres and man-made fibres. Colombia is also expected to witness great opportunities in the textile and fashion industry.
Meanwhile, the CAFTA-DR countries – Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua – are eagerly competing among themselves and against Haiti, for niches in the US market.
Scope of the Report
This report aims to provide a detailed analysis of the textile industry in Latin America. It focuses on the market dynamics, technological trends, and insights on various materials, application, and process types. It also analyzes the major players and the competitive landscape in the Latin American textile industry.
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Key Market Trends
Changing Dynamics of the Latin American Fashion Retail
Latin America and the Caribbean are emerging as potential growth markets, driven by the increasing domestic demand, economic growth, and purchasing power. Investment possibilities in the Latin American countries, such as Brazil, Mexico, Argentina, Colombia, Venezuela, Chile, Peru, Ecuador, the Dominican Republic, and Uruguay, are abundant.
The popularity of American lifestyle and the strong influence of the United States, on the culture and consumption patterns in Latin America, wooed fashion names, like Tommy Hilfiger and Nike, to launch their retail operations in Mexico and Brazil. Spanish fashion verticals, like Inditex and Mango, changed the way people in Latin America shopped, pushing the domestic fashion retailers to focus on product quality and offerings.
Spending on clothing and footwear, in the Latin American region, is forecast to register a CAGR of 7.2% over the next five years, surpassing USD 220 billion by 2021. The growth opportunity that the region offers, is actually the core attraction for foreign brands.
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Opportunities in the Colombian Textile and Apparel Industry
Colombia, the fourth-largest country in South America, is rightly taking on the title of being the fashion center of Latin America. Medellin city in Colombia has now become the center of the country’s integrated and widespread garment industry, which exports apparel, leather goods, and footwear.
Throughout the last decade, the country’s textile industry achieved a compound annual growth rate of 4.2%, making it the third most prominent country in the region, closely after Argentina and Brazil.
Reasons that make Colombia a very attractive location for global textile sourcing are:
13 free trade agreements, 10 international investment agreements, and logistical costs three times lower than shipping from China.
Competitive location with easy access to the global markets.
National Training Service offering free training to companies and workers, with more than 26 specialized programs, for the textile and clothing sector, with national coverage.
Business network of more than 450 textile and 10,000 apparel production units, and preferential access to more than 1.5 billion consumers.
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This report covers the major players operating in the Latin American textile industry. In terms of market share, the companies in the textile industry do not have considerable shares, as the market is competitive and moderately fragmented.