The Empire Of Indian Saree Market
Before we answer Who Owns The Indian Saree Market, we need to understand some basics about the saree. Indian saree is, by and large, one of the most popular attire in the world whose market size is unlike any other industry. According to a Technopak analysis, the organised sari industry, which includes large corporations, is currently estimated to be worth roughly Rs 12,500 crore. Moreover, it is projected to reach Rs 24,700 crore by FY25, rising at a pace of 14.5% annually.
Suggested Read: The Fashion Industry Lies To You About Sarees. Here’s How.
Role Of Consumers & Emerging Corporations
Saree consumers are loyal to certain brands which in many cases, pass on their posterity. In the present times. when mega corporations are looking to take over the traditional Indian market, we can see that the mega-corporation is not just rewriting the concept of fashion but also changing the old culture. They can easily compete with the traditional market since they can gain more work with advanced technology and less manpower.
Traditional Players In The Indian Saree Market – Current Situation
The sale and distribution of sarees rampantly attract massive turnovers for its players every year; thereby resulting in a 40,000 crore rupee market. Out of this, the rural market accounts for 60% of the total.
As per industry statistics, women’s wear accounts for 80% of the ethnic wear market, with sarees accounting for 50%. Because of the high degree of fragmentation and lack of an organised value chain from sourcing to design, corporate giants easily stand to overtake their unorganised counterparts.
As India’s fastest-growing saree brand we can say that premiumization may be both a challenge and an opportunity, the key may very well lie in making the saree appealing and a convenient option in the minds of the youth.
Until recently, there were few national players. There are now strong regional players who have expanded beyond their local markets to create sarees that combine traditional weaves and contemporary designs. Their rather elegant showrooms and well-curated range indicate a high level of quality. Some regional brands have not only experimented with different weaves but have also improved the retail experience for buyers who walk into their showrooms.
Suggested Reading: Indian saree market sees big corporates battling traditional players
The Complexity of The Indian Saree Market
Given the variety of sarees, the complexity of the buying process for some, and the numerous emerging business models, how will a large retailer play? What will they stand for? Creating a brand in this fragmented and unorganised market will be difficult.
While consumers’ rational minds will undoubtedly consider discernible factors such as fabric, design, purity claim, craft, and loom, their emotional mind is looking for a hook that has been trained. In this category, it is difficult to gain trust. However, once completed, it can reap significant rewards for the brand. Large retailers may be viewed as aggregators at best, but they must also be viewed as trustworthy curators and possibly weavers.
The spotlight has undoubtedly returned to this timeless classic. Many want a piece of the pie, whether it’s renewed saree love or the growing but fragmented lucrative opportunity. Brands working together bring authenticity and credibility to a broken and disorganised value chain as they assist in the consolidation and expansion of the pie.
Got time? Check this out! – Saree market to touch ₹61700 crores by FY25
Corporations In Saree Industry – A New Order?
While product differentiation can be difficult in the industry, India’s most technologically advanced saree brand feels that creating extraordinary retail experiences both online and offline may be the future. Innovating with technology, for example, tying sarees in-store vs. a smart mirror, building convenience with a blouse studio, ready-to-wear sarees, and in-house stylists and consultants, are a few possibilities. All of these have substantial value propositions.
In the question of Who Owns The Indian Saree Market, it is safe to say that the market is a mix of both corporate machines and traditional players. There are many large corporate companies that produce and sell sarees, as well as smaller, traditional businesses that may produce sarees by hand using traditional techniques. Some traditional saree makers may be part of cooperatives or small-scale industries, while others may work independently.
Traditional Players VS Corporations: Boons & Banes
There are both advantages and disadvantages to both corporate and traditional players in the Indian saree market.
*Advantages of corporate players*
Corporate players have the financial resources and business acumen to invest in cutting-edge technology and infrastructure that can boost efficiency and productivity. They frequently have robust distribution networks and can reach a larger market than traditional players.
*Negative aspects of corporate players*
Corporations might not be as skilled or as attentive to detail as traditional players. They might provide a less authentic product because they are less aware of regional tastes and cultural customs. They might put financial gain ahead of using conventional methods and expertise, which would result in the loss of cultural legacy.
*Traditional players have these advantages*
Traditional players frequently have a thorough understanding of conventional methods and materials, producing goods of a higher calibre and greater authenticity. They might be more accustomed to the regional flavours and cultural customs, which would result in sarees that are more typical of the community. They might be more dedicated to maintaining conventional knowledge, methods, and practices, resulting in the preservation of cultural heritage.
*Traditional players’ weaknesses*
The traditional players may lack the financial means or commercial savvy of corporate entities, which would prevent them from making as much of an investment in infrastructure and contemporary technologies. They might have a more constrained market potential and a more constrained distribution network. They might not be able to provide as many options in terms of styles, fabrics, and pricing points for sarees.
Which type of player will advance the Indian saree market the fastest? It’s hard to say for sure. The market will probably continue to include a mix of corporate and traditional companies because each has advantages and disadvantages of its own. The ability of any player to adjust to shifting market circumstances and consumer preferences will ultimately determine their level of success.
Conclusion: Who Owns The Indian Saree Market?
It is common for traditional businesses to face competition from large corporates in any market, including in India. This can be especially challenging for traditional players who may not have the same resources or technology as their larger competitors, especially in Indian Saree Market
However, traditional businesses often have strong ties to their local communities and may be able to offer a more personalized service, which can help them to stay competitive.
Beautiful silk saree production is our passion at Julahaa Sarees & Style. The same enthusiasm drove us to establish a top-notch manufacturing facility in Surat. We, India’s fastest-growing and technologically advanced saree brand have established a name as the forerunners of outstanding sarees through our dedication towards innovation, technology, tradition, and culture.
Show Off Your Saree Swag With India’s No.1 Ethnic Saree Brand
If you love to wear sarees, then contact us at www.julahaa.com We manufacture and supply traditional silk sarees for all festivals and ceremonies. So, you get to choose your favourite saree from a vast variety of trendy & popular catalogues.
Our expert craftsmen design, weave & package the sarees with state-of-the-art machinery. Also, it is our same dedication towards the highest quality that has made us India’s fastest-growing saree brand of 2022.
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