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% over the study period.
The global apparel market is vast and dynamic, encompassing a wide array of products ranging from everyday casual wear to premium fashion. The growing working population has significantly increased consumer purchasing power, fueling overall market expansion.
During the pandemic, apparel sales declined due to the cancellation of major events and widespread closures of public spaces and offices—a trend highlighted by the head of Harry Rosen, a leading men’s clothing retailer in Canada. However, the industry is now experiencing a strong post-COVID-19 recovery. With lockdown restrictions easing worldwide, the long-term upward trajectory of clothing demand remains robust.
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)
Competitive Landscape:
Top Players Focus on Unveiling New Products to Offer Enhanced Solutions
Companies are implementing many organic and inorganic expansion strategies to get a robust foothold while competing within the industry. Some of the strategies include acquisitions, mergers, joint ventures, and others. Several companies are also focusing on launching new apparels to sustain their leadership.
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Segmentation
Broad Selection of Shades and Styles to Drive Casual Wear/Fashion Wear Segment Dominance
Based on type, the market is segmented into casual wear/fashion wear, formal wear, swimwear, outerwear, sportswear & activewear, agricultural work clothing/farm apparel, workwear, ethnic wear, sleepwear, and others. The casual wear/fashion wear segment is expected to dominate during the forecast period. This growth can be attributed to the wide variety of styles, colors, sizes, and designs that reflect inclusivity and allow consumers to align their wardrobe with evolving fashion trends and personal tastes.
Extensive Use of Synthetic Materials to Propel Workwear and Casual Wear Growth
By material, the market is divided into synthetic, cotton, wool, leather, denim, satin, and others. The synthetic segment held the largest share of the market in 2023, driven by its widespread application across sleepwear, workwear, activewear, sportswear, and casual/fashion wear. This growth is largely due to the superior properties of synthetic fabrics, such as durability, flexibility, and affordability.
Rising Demand for Women’s Fashion to Lead Segment Expansion
In terms of end-user, the market is segmented into men, women, children, and unisex. The women’s segment captured the largest share in 2023, driven by increasing consumer demand and growing emphasis by designers and retailers on women's fashion. This focus caters to the dynamic preferences of a large and diverse consumer base.
Mass Market Segment Leads Due to Accessibility and Affordability
Based on category, the market is classified into mass/economy, premium, and luxury. The mass segment emerged as the leader in 2023, mainly due to its affordability and widespread availability. The convenience of purchasing from accessible retail locations encourages frequent visits and higher purchase volumes among consumers.
Supermarkets/Hypermarkets Dominate with Personalized Assistance and Broad Selection
By distribution channel, the market is categorized into supermarkets & hypermarkets, specialty stores/branded stores, department stores, online/e-commerce, and others. Supermarkets & hypermarkets accounted for the largest share in 2023, supported by the personalized customer service provided by in-store sales executives. These professionals offer style recommendations, complementary product suggestions, and address customer queries, enhancing the overall shopping experience.
Report Coverage
The competitive strategies deployed by leading companies to gain a competitive edge have been mentioned in the report. Besides this, it highlights the leading segments, the latest trends, and the impact of the COVID-19 pandemic on the market growth. In addition, it offers detailed insights into the key factors impacting the market growth.
Drivers and Restraints:
Millennial and Gen Z’s Consumer Consciousness to Fuel Market Expansion
The Millennial and Gen Z consumers are more concerned about the process that goes through while manufacturing clothes. This has given rise to brands catering to this idea of sustainability and making their products in an eco-friendly manner. Recycling, reselling, and reusing are the upcoming fashion trends and companies are designing their business models based on these principles.
However, the surging competition from local brands focusing on affordable pricing may pose a threat to the growth of international players.
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Regional Insights:
Asia Pacific Dominates the Market On Account of Huge Audience Base
In 2023, Asia Pacific secured the highest market share in 2023 owing to the presence of a huge audience base. The apparel market growth in the region is further driven by the quick evolution of the trend of minimalist fashion. This factor presents an opportunity for fashion brands that are popular for their elegant and simple designs to stay competitive.
North America is slated to expand significantly during the forecast period, dominated by the U.S. The advent of the athleisure trend has a positive impact on the market trends in the region. The growing demand for activewear and sportswear bolsters the market expansion at a macro level.
Key Industry Development:
May 2023: Adidas, a German sportswear brand, and South African fashion designer Rich Mnisi announced the launch of a brand blitzkrieg to show their new apparel collection emphasizing the LGBTQ community.
