Apparel Market Size, Trends, Industry Forecast, 2032
Sakshi Thakur
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Market Overview:
According to Fortune Business Insights, the Global Apparel Market size is projected to grow from USD 1,749.67 billion in 2024 to USD 2,307.04 billion by 2032. It was valued at USD 1,700.52 billion in 2023, exhibiting a CAGR of 3.52% over the forecast 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.
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)
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Segmentation Overview
Casual Wear/Fashion Wear Segment Dominates Due to Evolving Consumer Lifestyles
By type, the apparel market is segmented into casual wear/fashion wear, formal wear, swimwear, outerwear, sportswear & activewear, agricultural work clothing/farm apparel, work wear, ethnic wear, sleepwear, and others. Among these, the casual wear/fashion wear segment led the market in 2023. This dominance is largely driven by shifting consumer lifestyles, with an increasing emphasis on comfort, versatility, and utility in daily apparel choices.
Synthetic Material Leads Owing to Its Durable and Versatile Characteristics
Based on material, the market is classified into synthetic, cotton, wool, leather, denim, satin, and others. The synthetic segment held the largest market share in 2023. This growth can be attributed to the fiber’s durable, quick-drying, wrinkle-resistant, and easy-to-dye properties, making it a preferred choice for both manufacturers and consumers.
Women Segment to Hold the Largest Share Due to Expanding Female Fashion Industry
In terms of end-user, the market is categorized into men, women, children, and unisex. The women’s segment is expected to maintain the largest share throughout the forecast period. This is supported by growing demand in the women’s fashion industry, which offers a diverse array of clothing options including dresses, crop tops, skirts, scarves, leggings, and bralettes.
Mass Market Segment Leads with High Volume and Affordable Fashion Offerings
By category, the market is segmented into mass/economy, premium, and luxury. The mass segment emerged as the dominant category in 2023, primarily due to the high volume of garments produced in various styles and designs at accessible price points. The shorter production cycle and cost-efficiency of mass-market apparel also contribute to greater revenue generation.
Supermarkets & Hypermarkets Segment Leads Due to Personalized In-Store Experience
Regarding distribution channel, the market is divided into supermarkets & hypermarkets, specialty stores/branded stores, department stores, online/e-commerce, and others. In 2023, supermarkets & hypermarkets held the leading position, driven by the personalized and face-to-face shopping experiences these brick-and-mortar stores offer, which continue to appeal to a broad consumer base.
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.
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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.
