| Apparel Market Size, Share, Trends, and Growth, 2032 |
Market Overview:
According to Fortune Business Insights, the global apparel market size was valued at USD 1,700.52 billion in 2023. The market is expected to expand from USD 1,749.67 billion in 2024 to USD 2,307.04 billion by 2032, exhibiting a CAGR of 3.52% during the study period.
The market is a broad and dynamic sector, with a diverse range of products, from everyday casual wear to luxury fashion. Changing consumer preferences and the rise of fast fashion are expected to drive market growth. Furthermore, the fast fashion model, characterized by affordable prices and rapid production cycles, has transformed the dynamics of the clothing industry.
List of major players mentioned in the report:
VF Corporation (USA)
Burberry Group plc (UK)
Puma SE (Germany)
Adidas AG (Germany)
Nike (USA)
H&M Hennes & Mauritz AB (Sweden)
LVMH (France)
DRY (France)
PVH Corp. (USA)
Inditex (Spain)
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segmentation:
Changing consumer lifestyles drive casual wear/fashion wear segment
Based on type, the market is segmented into casual/fashion wear, formal wear, swimwear, outerwear, sportswear/activewear, agricultural/farm apparel, workwear, ethnic wear, sleepwear, and others. Due to changing lifestyles of consumers, more importance is being placed on practicality and comfort, with the casual/fashion wear segment accounting for the largest apparel market share in 2023.
Durability of synthetic fibers will drive segment growth
Based on material, the market is segmented into synthetic fibers, cotton, wool, leather, denim, satin, and others. Synthetic fibers were expected to hold the largest share in 2023. This is due to the increasing popularity of synthetic fibers due to their properties such as ease of printing and dyeing, quick drying, wrinkle resistance, durability, and versatility.
Surging demand in the women’s fashion industry drives segment expansion
Based on end-user, the market is segmented into men, women, children, and unisex. The female segment is expected to hold the largest share during the forecast period. This can be attributed to the increasing demand in the female fashion industry compared to men due to easy access to a wide range of clothing collections, including skirts, bralettes, scarves, shorts, leggings, skirts, dresses, crop tops, etc.
The mass segment maintained its leading position by producing clothing with diverse designs.
The apparel market is categorized into mass/economy, premium, and luxury segments. The mass segment is expected to hold the largest share and generate high revenues by 2023, thanks to its diverse range of designs and patterns, affordable prices, and short delivery times.
Supermarket and hypermarket segments dominate , driven by face-to-face interactions in physical stores
In terms of distribution channel, the market is segmented into supermarkets & hypermarkets, specialty/brand stores, department stores, online/e-commerce, and others. The supermarkets & hypermarkets segment recorded the largest share in 2023, owing to face-to-face interactions through physical stores and offline retail formats that offer a more personalized experience.
Based on region, the apparel market is segmented into South America, Asia Pacific, Middle East & Africa, North America, and Europe.
Report Scope
The report covers various drivers and restraints affecting the market growth. It also provides a comprehensive explanation of key trends, the impact of the COVID-19 pandemic, and key developments in the industry. It also covers the strategic moves adopted by key players to strengthen their position in the industry.
Drivers and Restraints:
Sustainability and technological and manufacturing advancements will drive market growth
Leading manufacturers are using cutting edge technology to develop innovative fabrics. These new age fabrics are being developed in ways that will influence the purchasing behavior of customers. A famous example of this innovation is Nike’s Aerogami, which improves breathability for athletes.
Despite this opportunity for growth in the apparel market, increasing competition from local brands that focus on affordable pricing could hinder the expansion of international companies.
Regional Insights:
Asia Pacific maintains leadership position due to rising disposable income
Asia Pacific was expected to record the largest market share in 2023. This is attributed to a rapid increase in the middle-class population, the number of working female professionals, participation in sports and other outdoor activities, and rising disposable income. The adoption of online shopping by many young people has also led to a significant increase in apparel sales by major players such as Shopee, Lazada, and Tokopedia.
Europe is experiencing rapid growth due to shifting fashion trends, innovations in design and manufacturing techniques, the expansion of e-commerce channels, and an increased focus on sustainability.
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Competitive Landscape:
Large companies seek to improve their standing through partnerships
The apparel market is highly fragmented and competitive, with many domestic and international companies participating. Market participants are adopting various strategies, including acquisitions, product innovation, and capacity expansion. Leading companies are also implementing alliance strategies to strengthen their position.
Major industry developments:
February 2024: Puma and Pleasures announce the continuation of their collaborative agreement with the launch of a new collection, extending the initial seasonal run beyond 2023.
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