Apparel Market

Apparel Market Outlook

The Global Apparel Market Size was estimated at USD 1,634.50 Billion in 2022 and is anticipated to reach USD 2,430.83 Billion by 2031, expanding at a CAGR of 4.6% during the forecast period.

The overall incremental opportunity between 2022 and 2031 in the Global Apparel Market is expected to be valued at USD 769.3 Billion. Global Apparel market was hindered by 9.1% during pandemic period. However, post covid, it showed exceptional recovery. With travel restrictions lifting and social events resuming, there was a renewed demand for occasion wear, formal attire, and outfits suitable for social gatherings. This fueled recovery in apparel market after the pandemic period was over.

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. Apparel is made from various materials, such as cotton, silk, wool, or synthetic fabrics. The apparel industry involves the design, manufacturing, marketing, and retailing of clothing and accessories. Apparel is often used to express personal style and identity. Other types of apparel include innerwear, outerwear, activewear, intimate apparel, swimwear, and accessories.

Consumer Buying Behavior Analysis

Preferred Sales Channel

Apparel are sold globally through online and offline sales channels. Consumers prefer visiting stores as well as shopping online using mobile apps. They choose a convenient shopping method at the time of purchase. Retail stores are a traditional way to buy apparel. They offer a wide variety of products and brands, as well as discounts. However, customers prefer buying products through alternative sales channels, as retail stores are crowded and inconvenient. A hybrid sales channel is a combination of two or more different sales channels.

This channel offer consumers with the convenience of shopping online and in-store, allowing them to shop at their convenience, whether they want to browse products from the comfort of their homes or see and touch products in person before making the purchase. Consumers prefer online sales channels for buying apparel, as online retailers typically offer a wider selection of products than brick-and-mortar stores, and do not have the same space constraints as physical stores.

Apparel Market Dynamics

Driver

Rise in Fashion Consciousness

Rising fashion consciousness has a significant impact on the global apparel market, as consumers become increasingly discerning about the clothing they wear. This trend is being fueled by the rise of social media platforms such as Instagram and Pinterest, which are providing a platform for fashion influencers and bloggers to showcase their style and inspire others. Moreover, the rise in fashion consciousness is also leading to an increase in the demand for high-quality, sustainable, and eco-friendly clothing.

Consumers are becoming environmentally conscious and are willing to pay a premium for products that align with their values. The rise in fashion consciousness drives the market by creating new opportunities for brands that are able to meet the changing demands of consumers. Brands focus on offering high-quality, sustainable, and eco-friendly products that align with the consumer values, as consumers are increasingly becoming discerning about the clothing they wear.

Restraint

High Import Duty on Apparel Materials

The imposition of high import duties on apparel materials has a negative impact on the global apparel market. Import duty on items like coats, pants, jackets, womenswear, etc has been increased to 20 per cent from the earlier 10 per cent. On some products, the duty would be 20 per cent of Rs38 a metre, whichever is higher. The duty has been doubled to 20 per cent on 23 knitted garments items and one knitted fabric item. One of the significant barriers to the trade in the apparel industry is the imposition of high import duties on apparel materials.

These duties make it expensive for companies to source materials and manufacture products, which lead to high prices for consumers and reduced competitiveness in the global marketplace. For instance, in the US, the Trump administration imposed tariffs of up to 30% on certain China-made textiles and apparel products in 2018, as part of a trade war between the two countries.

Opportunity

Technological Advancements Leading to Product Innovation

Technological advancements had a significant impact on the global apparel market, leading to product innovation and increased competitiveness among the market players. Textiles embedded with electronic components such as sensors, processors, and communication modules which is usefull in apparels. Smart textiles have the potential to revolutionize the apparel industry by offering new and innovative products that meet the changing needs and preferences of consumers.

For example, smart shirts monitor heart rate and breathing patterns, providing feedback to athletes on their performance. Smart jackets adjust their temperature based on the body heat of the user, providing optimal comfort in different environments. Smart fabrics also be used to provide protection against UV radiation, insect bites, and other hazards. Furthermore, on October 5, 2023, Apple has filed another patent for a touch-sensitive smart textile, although apparel remain sceptical about their commercial potential.

Scope of Apparel Market Report  

The report on the Global Apparel Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
 

Attributes	Details
Report Title	Apparel Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Type (Formal Wear, Casual Wear, Sports Wear, Night Wear, and Others), Age Group (0-6 Years, 6-12 Years, 12-18 Years, 18-24 Years and 24 and Above),Material Type (Polyester, Cotton, Cotton, Silk, Linen, Velvet, Wool, Denim, and Others), End User (Adults [Men, Women], and Kids), Distribution Channel (Online and Offline)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered	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

Apparel Market Segment Insights

Based on type, the apparel market is segmented into formal wear, casual wear, sports wear, night wear, and others. The casual wear segment is expected to expand at a significant pace during the forecast period, owing to the increasing number of specialty stores, supermarkets, malls, and other e-commerce outlets across the globe.

Casual clothing is often designed to be versatile and adaptable to various activities. This eliminates the need for a separate wardrobe for different occasions, making it a practical choice. In today's fast-paced world, people prioritize comfort and convenience. Casual wear often provides both, making it ideal for busy lifestyles.

Based on age group, the apparel market is segmented into 0-6 years, 6-12 years, 12-18 years, 18-24 years, and 24 and above. The 18-24 years segment is anticipated to expand at a significant CAGR of 5.64% during the forecast period, due to the increasing participation of consumers in this age group in parties and outdoor activities. People within this age group generally have established careers and higher disposable income compared to younger demographics. This translates to greater spending power on apparel, making them a prominent buyer in the market.

Based on material type, the apparel market is segmented into polyester, cotton, silk, linen, velvet, wool, denim, and others. The polyester segment is expected to expand at a significant pace during the forecast period, owing to the growing demand for formal wear made from polyester. Polyester garments are generally wrinkle-resistant, shrink-proof, and quick-drying, requiring minimal ironing and maintenance.

This translates to cost savings for both manufacturers and consumers in terms of reduced production and care expenses. Many polyester fabrics are engineered to wick away moisture and dry quickly, making them ideal for activewear and sportswear. This keeps wearers cool and comfortable during physical activity.

Based on end-user, the apparel market is segmented into Adults and Kids. Adults held a market share of 79.3% in 2022. Adults often develop brand loyalty and specific style preferences over time. This leads to consistent purchases and brand engagements, driving market sales and shaping trends.

Adults typically have a wider range of clothing needs compared to younger demographics. They might require workwear, formal attire, activewear, and casual clothing for various occasions, contributing to increased apparel consumption.

Based on Distribution Channel, the apparel market is segmented into Online and Offline. Offline held a market share of 34.4% in 2022. Offline shopping offers instant gratification. Consumers can purchase and walk out with their clothes immediately, eliminating the wait time associated with online deliveries.

Physical stores allow brands to create immersive experiences that tell their story and connect with customers on an emotional level which is difficult to replicate online. Returning or exchanging clothes is often easier and more convenient in a physical store. Online returns can be a hassle, with shipping costs and waiting periods involved.

Regional Analysis

Based on region, the global Apparel market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA). Asia Pacific held a market share of 37.2% in 2022. Many Asian countries, particularly China, Bangladesh, and Vietnam, have large pools of skilled and relatively low-cost labor.

This makes them ideal locations for garment manufacturing, enabling competitive pricing and high production volumes. Increasing urbanization and Westernization have influenced fashion trends in Asia. Consumers are becoming more brand-conscious and fashion-forward, driving demand for diverse and trendy clothing options.

Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Apparel Market
• Historical, Current, and Projected Market Size in terms of Value
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints, and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on Global Apparel Market performance

Segments

Type

• Formal Wear
• Casual Wear
• Sports Wear
• Night Wear
• Others

Age Group

• 0-6 Years
• 6-12 Years
• 12-18 Years
• 18-24 Years
• 24 and Above

Material Type

• Polyester
• Cotton
• Silk
• Linen
• Velvet
• Wool
• Denim
• Others

End User

• Adults
  • Men
  • Women
• Kids

Distribution Channel

• Online
  • E-commerce Websites
  • Company Websites
• Offline
  • Specialty Stores
  • Supermarkets and Hypermarkets

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Market Players Profiled in the Report

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

Competitive Landscape

Manufacturers operating 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. Market Players are pursuing key strategies such as acquisitions, collaborations, and geographic expansion where a potential opportunity arises for the Apparel Market.
 

• In September 2023, H&M India expanded its operations in Hyderabad by opening its third store in the city. The company currently holds 55 stores spread across 28 cities in the country.

• In August 2023, Reliance Retail launched 'Yousta' the youth-oriented fashion brand with the opening of its inaugural store in Hyderabad's Sarath City Mall. The 'Yousta' product offerings are also available on e-commerce platforms such as JioMart and Ajio.

• In May 2023, Adidas partnered with designer Rich Mnisi to unveil a special apparel collection for Pride 2023. The Adidas x Rich Mnisi range presented signature silhouettes in Adidas Originals, football, cycling, sportswear, and swimwear. Additionally, the collection features garments crafted partly from recycled materials and in collaboration with Better Cotton.