The worldwide textile market was valued at $993.6 billion in 2021 and is projected to grow at a CAGR of 4% from 2022 to 2030.

The government focuses on promoting high-value added manufacturing activities, particularly on technical textiles with diverse applications, sustainable textiles, research, and development.

Despite a significant sales decline during the Covid-19 pandemic, Malaysia’s textiles sector has rebounded by restructuring of business models and embracing digital solutions. The expected revenue for Malaysia’s apparel market in 2023 is about USD 5.2 billion, with a projected growth rate exceeding 4% through 2027.

The textiles and textile products industry in Malaysia is marked by intense competition, driven by local manufacturers proficient in delivering a diverse array of superior-quality textiles and products.

The growth of the leather industry is being driven by the rising demand for fashionable and high-end leather goods such as leather jackets, bags, belts, wallets, shoes, watch straps and accessories.

The Government is currently promoting investments in engineered and high-value added leather products, with a focus on the automotive and aviation industries.

In 2021, the global leather goods market was valued at USD 350.2 billion. Both Mordor Intelligence and IMARC Group expect the market to grow at a compound annual growth rate (CAGR) of over 6% from 2022 to 2027, reaching USD 623.44 billion by 2028.

The Malaysian leather industry has higher potential for growth and development, with opportunities for diversification and innovation. The luxury leather goods industry in Malaysia is expected to generate USD 540 million in revenue by 2023. This market is projected to grow at an annual growth rate of 3.7% sustaining until 2027.

Malaysia has a thriving jewellery industry, with over 100 manufacturers of varying scales catering to a substantial domestic demand that ranks fourth among ASEAN countries. The center of jewellery manufacturing in Malaysia is Penang, where more than 80% of the country’s gold and jewellery is produced.

Jewellery companies continuously invest in automation and digitalisation. The most significant advancements in the manufacturing process of jewellery are 3D printing, laser technology, Computer-Aided Design (CAD) and Augmented Reality.

The global jewellery market was valued at USD249 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 8.5% from 2022 to 2030. This growth can be attributed to rising disposable income and the introduction of innovative jewellery designs by manufacturers.