‘South India saree market likely to touch ₹30,800 crore by FY25’
The Hindu
All players expanding to tap market potential, says study
The South India saree market is expected to touch ₹30,800 crore by FY25 growing at a CAGR of 6%, according to a report and analysis by Technopak.
The saree market of South India, having large players such as Pothys, Nalli, Sai Silks Kalamandir, RS Bros., was valued at ₹23,200 crore in FY20.
The South market is contributing about 50% to the overall organised saree market of India, as per Technopak’s analysis.
Tamil Nadu led the South India saree market with an approximate 32% share and valuation of ₹7,400 crore in FY20. This was followed by Karnataka at ₹5,600 crore in FY20.
In the whole of India, where the South ranks number one, East India with 19% share ranks second, followed by West and North India contributing 16% and 15% to saree sales respectively.
However, saree trade officials believe that the overall market in India is estimated to have crossed the ₹1 lakh crore mark (about $15 billion) considering the size of the women population in the country.
According to them, at least 33 crore Indian women (out of the total female population of about 67 crore) spend an average of ₹3,500-4,000 a year on buying sarees for occasions including festivals and weddings.