Apparel Market Revenue Analysis, Top Players, and Future Growth by 2032
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% over the study period.
The market is an extensive and dynamic sector, which entails a diverse array of products, from daily casual wear to high-end fashion. The evolution of consumer preferences and surging fast fashion is slated to impel the market growth. Moreover, the fast fashion model, which encompasses affordable pricing and rapid production cycles has brought a transformation in the dynamics of the clothing industry.
In 2021, the Development Commissioner Ministry of Micro, Small & Medium Enterprises reported the negative influence of the COVID-19 pandemic on the garment industry, which reduced the market size by nearly 30%. In addition, the head of Harry Rosen, one of the prominent men’s clothing retailers in Canada, stated the mass shutdown of public offices and places, coupled with the cancellation of huge celebrations and events, which resulted in a decrease in the sales of the garment.
Fortune Business Insights™ provides this information in its research report, titled “Apparel Market, 2024-2032”.
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List of Key Players Mentioned in the Report:
VF Corporation (U.S.)
Burberry Group plc (U.K.)
Puma SE (Germany)
Adidas AG (Germany)
Nike Inc. (U.S.)
H&M Hennes & Mauritz AB (Sweden)
LVMH (France)
KERING (France)
PVH Corp. (U.S.)
Inditex (Spain)
Segmentation:
Casual Wear/Fashion Wear Segment Led Due to Varying Consumers’ Lifestyles
In terms of type, the market is classified into casual wear/fashion wear, formal wear, swimwear, outerwear, sportswear & activewear, agricultural work clothing/farm apparel, work wear, ethnic wear, sleepwear, and others. The casual wear/fashion wear segment occupied the largest apparel market share in 2023 on account of variations in consumers’ lifestyles, which places more focus on utility and comfort.
Durable Nature of Synthetic Fiber to Impel Segment Growth
On the basis of material, the market is segmented into synthetic, cotton, wool, leather, denim, satin, and others. The synthetic segment secured the largest share in 2023, which can be credited to the rising prominence gained by synthetic fiber owing to its ease in printing and dyeing, quick-drying, wrinkle-resistant, durable, and versatile nature.
Surging Demand in the Female Fashion Industry to Spur Segment Expansion
With respect to end-user, the market is categorized into men, women, children, and unisex. The women segment is anticipated to witness the largest share during the forecast period, which can be attributed to rising demand in the female fashion industry as compared to men due to accessibility to a broad range of clothing collections, such as skirts, bralettes, scarves, shorts, leggings, skirts, dresses, and crop tops, among others.
Mass Segment Held a Leading Position Owing to Production of Garments in Various Designs
By category, the market for apparel is divided into mass/economy, premium, and luxury. The mass segment depicted the largest share in 2023 on account of the production of these garments in different designs and patterns with affordable pricing and shorter turnaround time, which leads to higher revenue generation.
Supermarkets & Hypermarkets Segment Dominates Driven by Face-to-face Interaction Provided by Brick-and-mortar Stores
In terms of distribution channel, the market is categorized into supermarkets & hypermarkets, specialty stores/branded stores, department stores, online/e-commerce, and others. The supermarkets & hypermarkets segment registered the largest share in 2023 due to face-to-face interaction offered by brick-and-mortar stores and offline retail formats, which deliver a more personalized experience.
On the regional front, the market for apparel is segregated into South America, Asia Pacific, the Middle East & Africa, North America, and Europe.
Report Coverage
The report encompasses various driving and restraining factors affecting the market growth. In addition, it provides comprehensive coverage of the top trends, the COVID-19 pandemic impact, and significant industry developments. Other aspects of the report include the strategic moves adopted by top players to reinforce their industry position.
Drivers and Restraints:
Sustainability and Technological and Manufacturing Advancements to Propel Market Growth
Leading production companies are investing in cutting-edge technology to develop novel fabrics. This new-age fabric is developed in a way, which will influence customer’s purchasing patterns. A well-known example of this innovation is Nike’s Aerogami that improves breathability of athletes.
Despite such opportunities for apparel market growth, the rising competition from local brands focusing on affordable pricing may hamper the expansion of international companies.
Regional Insights:
Asia Pacific Holds Leading Position Due to Rising Disposable Income
Asia Pacific registered the largest market share in 2023, which can be attributed to the surging middle-class population, number of working women professionals, participation of people in sports and other outdoor activities, and disposable income. The adoption of online shopping by a considerable number of young people is further resulting in a substantial surge in sales of garments by leading players including Shopee, Lazada, and Tokopedia.
Europe is witnessing rapid growth on account of transition in fashion trends, innovation in design and manufacturing techniques, growing e-commerce channels, and rising emphasis on sustainability.
Competitive Landscape:
Major Companies Deploy Partnerships to Boost Their Position
The apparel market has a high fragmentation and competition, with the presence of a huge number of international and domestic companies. Market players are adopting various strategies such as acquisitions, product innovations, and capacity expansions. Partnership strategies are also being implemented by top companies to strengthen their position.
Key Industry Development:
February 2024: PUMA and PLEASURES unveiled the continuation of a collaborative deal with a new collection launch. Through this deal, the company announced the extension of its initial seasonal offering from 2023.
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