According to a recent market study published by Growth Market Reports, titled, “Global Apparel Market is segmented into by type, by age group, by material type, by end user, by distribution channel and by region: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at US$ 1,634.50 Billion in 2022 and is expected to grow at a growth rate of 4.6% by the year 2031.

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The apparel industry involves the design, manufacturing, marketing, and retailing of clothing and accessories. Apparel refers to clothing and other items worn to cover the body. It encompasses a wide range of items, from t-shirts, jeans, and sweaters to formal attire, such as suits, dresses, and gowns.

The apparel and textile industry is broken down into two major segments: the production of textiles and fabric from raw materials and the transformation of these fabrics into clothing and other accessories. The textile section of the industry involves taking raw material, converting that material to yarn, and then dyeing and finishing the fabric made from the yarn. The apparel industry cuts fabrics and other materials and sews them together to create apparel or accessories, including footwear, outerwear, pants, and tops. This industry includes lesser-seen knitting mills.

Consumers are increasingly concerned about the environmental impact of their clothing choices, leading to a growing demand for sustainable and eco-friendly products. This trend is being driven by the increasing awareness of issues such as climate change, waste management, and resource conservation. The apparel industry is embracing digital technologies such as virtual & augmented reality, 3D printing, and AI to enhance the customer experience, improve efficiency, and reduce waste. This trend is being driven by the increasing availability of these technologies and the growing demand for personalized and customized products. The athleisure trend, which combines athletic and lifestyle apparel, continues to gain popularity, due to its comfort, versatility, and functionality. This trend is being driven by the increasing demand for activewear and the growing popularity of fitness & wellness activities.

The apparel market is moving towards a circular economy model that focuses on reducing waste, extending product lifecycles, and promoting resource conservation. This trend is being driven by the increasing demand for sustainable and eco-friendly products as well as the growing awareness of issues such as climate change and resource depletion. : Biotechnology is being used to create new materials with enhanced properties such as durability, comfort, and sustainability. This trend is being driven by the increasing demand for innovative materials that address issues such as resource depletion and environmental pollution.

The outbreak of COVID-19 pandemic disrupted the global supply chain, due to lockdown measures, travel restrictions, and manufacturing disruptions. Supply chain issues led to challenges in the production and distribution of medical devices, causing delays in delivery and shortages in some regions. Supply chain disruptions moderately impacted the availability of essential components and raw materials required for manufacturing apparel. Major corporate offices shut down, along with schools and colleges during the pandemic. Thus, the demand for formal apparel decreased. In some instances, imports from the major formal apparel-buying nations, such as those in Asia, decreased by 70%. Order cancellations by buyers were frequent at the beginning of the crisis. Up to 60% of the imported input supply for formal clothing makers was disrupted.

As per Growth Market Reports by industry analyst Sanket Lunawat, “Factors such as cultures, norms, lifestyle, demographics, and population changes play a significant role in shaping fashion trends and consumer preferences in global apparel market.”

Market Key Developments

  • In October 2023, Inditex had formed a strategic partnership with Ambercycle, a Los Angeles based material science company, to help scale textile to textile recycled polyester.

  • In July 2023, LVMH Moët Hennessy Louis Vuitton SE became a Premium Partner of the Paris 2024 Olympic and Paralympic Games and will share its creative excellence and craftsmanship for key celebratory moments during the Olympic and Paralympic Games.

  • In June 2023, LVMH Moët Hennessy Louis Vuitton SE and Epic Games announced strategic partnership to transform Maisons’ creative pipeline and customer experiences.

  • In February 2023, H & M Hennes & Mauritz AB and Remondis created joint venture to collect, sort and sell used and unwanted garments and textiles.

The players in the Global Apparel Market include LVMH Moët Hennessy Louis Vuitton SE, Inditex, Nike, Inc, H & M Hennes & Mauritz AB, Adidas AG, SHEIN, PVH Corp., Kering, Capri Holdings Limited, and Aditya Birla Fashion and Retail Limited.

Report Scope:

Report Metric

Details

Market Value in 2022

US$ 1,634.50 Billion

Market Growth Rate (from 2020 to 2028)

4.6%

Historical Data

2016 & 2021

Base Year

2022

Forecast Period

2023 – 2031

Units Considered

Value (US$ Billion)

Market Segments

By type, by age group, by material type, by end users, and by distribution channel

Key Companies Profiled

LVMH Moët Hennessy Louis Vuitton SE, Inditex, Nike, Inc, H & M Hennes & Mauritz AB, Adidas AG, SHEIN, PVH Corp., Kering, Capri Holdings Limited, and Aditya Birla Fashion and Retail Limited.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail of tailor-made purchase options to meet your research requirements.

 

Target Audience:

  • Supply-side: Textile Raw material suppliers, Apparel Manufacturer and Distributors.

  • Demand Side: Adults and Kids

  • Regulatory Side: Apparel Export Promotion Council, American Apparel & Footwear Association (AAFA), Canadian Apparel Federation, Office of Textiles and Apparel, International Trade Administration (OTEXA)