Menswear Market

Menswear Market Outlook 2031

The global menswear market size was USD 573.2 Billion in 2022 and is likely to reach USD 968.4 Billion by 2031, expanding at a CAGR of 6% during, 2023–2031. The market growth is attributed to the growing awareness of fashion among men and increasing e-commerce platforms.

Rising demand for tailored and customization apparel is anticipated to significantly boost the menswear market. Rising internet accessibility and the prevalence of e-commerce platforms increasing men's interest in online shopping. This has increased awareness about fashion trends and increased the availability of premium brands and unique products.

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Menswear refers to the fashion industry, which is dedicated to clothing and apparel designed especially for men. Men's clothing typically features sturdy and well-constructed fabrics in neutral tones, with less fancy embellishments compared to women's fashion. It involves a diverse range spanning from sportswear, winter attire, and sleepwear to everyday casual, formal wear, and ethnic wear.

The market report finds that the COVID-19 pandemic hampered the menswear market. Lockdowns, factory closures, and transportation restrictions disrupted the global supply chain. This led to delays in production, shortages of certain materials, and logistical challenges.

During the pandemic, remote work became the norm, which increased the shift toward casual and comfortable clothing, thus decreasing the demand for formal wear. During and post-pandemic period, the demand for online shopping for menswear rose. E-commerce platforms became the primary channel for consumers to purchase clothing.

Menswear Market Dynamics

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Major Drivers

Changing societal attitudes toward gender roles drives the market. Traditionally, men were expected to follow limiting stereotypes in terms of clothing. However, evolving attitudes toward gender roles challenged these norms.

This has led to a broader acceptance of diverse expressions of masculinity by allowing men to feel comfortable and confident in exploring different styles and trends in fashion. The acceptance of diverse expressions of masculinity encouraged designers and retailers to expand their product offerings.

Existing Restraints

Increasing sales of counterfeit items and fluctuations in raw material prices hamper the menswear market. The presence of counterfeit menswear products such as fake designer clothing and accessories, destroy the authenticity and quality of branded products. Fluctuations in the prices of raw materials such as textiles and fabrics heavily impact the cost of production for menswear.

Emerging Opportunities

Growing technological advancements create lucrative opportunities in the market. Implementing virtual try-on features and Augmented Reality (AR) technology on websites or mobile apps allows customers to see how clothing items look on them before making a purchase. This enhances the online shopping experience, reducing the possibility of returns and increasing customer satisfaction.

Additionally, manufacturers are developing eco-friendly fabrics to align with ongoing sustainability goals creating novel opportunities for the market. For instance,

• In August 2022, H&M unveiled a limited-edition denim collection featuring eco-friendly fabrics such as CIRCULOSE Viscose and TENCEL Lyocell with REFIBRA technology. The collection comprises four pairs of loose-fit five-pocket jeans, two oversized button-down shirts, one oversized workwear jacket, and one hooded zip jacket, all in muted indigo tones with a clean stonewashed finish.

Scope of Menswear Market Report

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

Menswear Market Segment Insights

Product Type Segment Analysis

Based on product type, the menswear market is divided into casual wear, ethnic wear, sportswear, others. The casual wear segment is segregated into denim, t-shirts, and trouser. The casual wear segment holds a dominant share of the market during the projection period due to shifting lifestyle preferences and changing workplace culture.

Nowadays, lifestyles become relaxed and informal, which increases the preference for comfortable and versatile clothing options. Casual Wear aligns well with the modern lifestyle, catering to activities beyond formal settings. Many workplaces particularly in tech and creative industries adopted casual dress codes. This surged the demand for stylish yet relaxed office-appropriate attire including casual shirts and chinos.

The sportswear segment is expected to expand at a significant growth rate in the coming years due to the growing trend of athleisure and rising awareness of fitness among individuals. Athleisure, the blending of athletic wear with everyday fashion gained immense popularity in the recent years. Men are increasingly seeking clothing that are not only stylish but also functional for various activities and lifestyles.

Growing awareness of health and fitness among men leads to increasing participation in sports, exercise, and recreational activities. Sportswear caters to this active lifestyle by offering specialized clothing for different sports & workouts such as running, yoga, and cycling.

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Season Segment Analysis

On the basis of season, the global market is segregated into winterwear, summer wear, and all-season wear. The all-season wear segment is projected to register a high CAGR during the forecast period due to it provides versatility and increases cost-efficiency.

All-season menswear is designed to be versatile and it can be worn comfortably throughout the year, regardless of changing weather conditions. This practicality appeals to consumers looking for clothing that offers long-lasting value.

Investing in all-season clothing eliminates the need to separate wardrobes for different seasons which ultimately saves consumers money. This makes all-season apparel an attractive option for budget-conscious shoppers.

Distribution Channel Segment Analysis

On the basis of distribution channel, the menswear market is segmented into sub-segments. The online segment is anticipated to register a robust growth rate during the forecast period, as it provides a wide range of products and convenience.

Online platforms offer an extensive selection of menswear, ranging from popular brands to niche and boutique labels. This wide range of choices caters to diverse style preferences, sizes, and budgets.

E-commerce provides a convenient shopping experience by allowing consumers to browse and purchase menswear from the comfort of their homes without visiting physical stores. These platforms have a global reach, enabling consumers to access menswear from different regions and cultures. This global availability appeals to consumers who seeking unique and international fashion trends.

Regional Outlook

In terms of region, the global menswear market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period due to high disposable income and the presence of major fashion hubs.

North America is recognized for its high level of disposable income among the population. This enables consumers to allocate a significant portion of their spending toward fashion and apparel including menswear. Emerging economies such as New York, Los Angeles, and Toronto are global fashion capitals. They host major fashion events, present prominent fashion brands, and serve as trendsetters for menswear styles. This concentration of fashion boosts the market in North America.

The market in Asia Pacific is projected to grow rapidly during the forecast period, owing to a rapidly growing population and changing fashion preferences among youth. Asia Pacific is home to a significant portion of the world's population including emerging economies including China, India, and South Korea.

Nowadays, young individuals are heavily influenced by fashion icons and actors, seeking wardrobes that are versatile and trendy. In India, a multitude of festivals requires a distinct attire for men, to elevate the quality and style of menswear, brands in the region are collaborating with renowned designers. For instance,

• In February 2021, Aditya Birla Fashion and Retail entered into a partnership with Tarun Tahiliani, one of India's leading designers, to venture to develop premium ethnic menswear.

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Segments

The menswear market has been segmented on the basis of

Product Type

• Casual Wear
  • Denim
  • T-shirts
  • Trouser
• Ethnic Wear
• Sportswear
• Others

Season

• Winterwear
• Summer Wear
• All-Season Wear

Distribution Channel

• Supermarket/ Hypermarket
• Multi-brand Stores
• Retail Outlets
• E-commerce
• Others

Region

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

Key Players

• ADIDAS AG
• Aditya Birla Management Corporation Pvt. Ltd.
• Burberry Group Plc
• Gap Inc
• Inditex, S.A
• KERING
• Nike Inc.
• Madura Fashion & Lifestyle
• H & M Hennes & Mauritz AB.

Competitive Landscape

Key players competing in the global menswear market are ADIDAS AG; Aditya Birla Management Corporation Pvt. Ltd.; Burberry Group Plc; Gap Inc; Inditex, S.A; KERING; Nike, Inc.; Madura Fashion & Lifestyle; and H & M Hennes & Mauritz AB.

These prominent companies adopt development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide. For instance,

• In October 2020, ARKET, H&M's Nordic lifestyle brand, announced plans to expand its presence in Asia and open new stores in South Korea. ARKET offers fashion and accessories for men, women, and children, and essential home items.