The textile and wearing apparel market in Malaysia has shown a fluctuating yet generally upward trend from 2013 to 2023. Starting at 3.11 billion MYR in 2013, the market experienced significant growth reaching 5.77 billion MYR in 2023. The CAGR over the past 5 years stood at 2.68%. Notable yearly variations include a 23.55% increase in 2015 and an 11.47% decline in 2020 due to disruptions likely from the COVID-19 pandemic. Recovery is evident with a 7.14% increase in 2023.
Future trends indicate a continued growth trajectory forecasted to reach 7.03 billion MYR by 2028, with a forecasted 5-year CAGR of 3.11% and an overall growth rate of 16.57% from 2024.
Future trends to watch for:
- Increasing demand for sustainable and eco-friendly textiles- Technological advancements in textile manufacturing- Growth in e-commerce and online apparel retailing- Potential impacts of global trade policies and economic conditions on exports and imports.
