Bangladesh needs to develop a man-made fibre (MMF) based value chain and introduce new product categories to capture a share of the global market for such garments, which is projected to reach 60 per cent by 2030, according to a recent study.
Global garment exports are expected to grow to $1,121 billion by 2030, from $953 billion in 2022, according to the report titled 'From Shirts to Shores: Blueprint for Bangladesh RMG Industry'.
Some 60 per cent of the projected $1,121 billion in global garment exports are expected to be MMF-based garments. In 2022, around 50 per cent of $953 billion in global garment exports were MMF-based, with 37 per cent cotton-based and the rest falling into other categories, according to the report.
With a 62 per cent market share, China was the leader for MMF-based garment exports in 2022, followed by Vietnam, Italy and Turkey.
To navigate the challenges and seize opportunities ahead, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) commissioned PricewaterhouseCoopers (PwC) to conduct the study.
The report was published on Thursday at an event held at the BGMEA headquarters at Uttara in Dhaka.
The report found that the total global trade of four product categories -- brassieres, technical garments, activewear and swimwear and jackets, suits and blazers -- is $100 billion, with 73 per cent of them being MMF-based.
"A focused strategy is required for each promising product, prioritising a market mix that includes high value-added products," the report noted.
The study recommended strategies for critical areas such as product diversification, automation, digitalisation, resource-efficient technologies, circularity and improved access to finance to foster sustainable growth in Bangladesh's textile and apparel industry.
Speaking at the report launch event, BGMEA outgoing President Faruque Hassan emphasised research-driven strategies in maintaining competitiveness in a changing global landscape.
"The report offers vital insights and actionable recommendations aimed at building a more prosperous future for Bangladesh's apparel sector," he said.
"The strategies outlined in the report will serve as guidelines for us to navigate challenges and capitalise on opportunities, thereby maintaining our competitiveness in the global market," he said.
Mr Hassan urged all stakeholders to collaborate in implementing the recommendations outlined in the report.
BGMEA Vice President-elect Abdullah Hil Rakib and directors-elect Shovon Islam, Nusrat Bari Asha and Md Nurul Islam attended the report launch event.
Representatives from PwC, including Shalini Shrivastava, managing director; Arindam Saha, director; Shivam Kaushal, associate director; Shadman Mokim Ahmed, senior associate; Rizwanur Rab, manager; and Afnan Haque, specialist, attended the event.
The study was supported by the International Finance Corporation (IFC).
munni_fe@yahoo.com