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 market is an extensive and volatile sector, which includes a broad range of products from daily casual wear to high-end fashion. The surging number of the working population has bolstered the purchasing power of consumers, leading to market growth.

There was a reduction in sales of apparel, which can be attributed to the cancellations of mega celebrations and events and mass shutdown of public places and offices, as stated by the Harry Rosen head, one of Canada’s major men’s clothing retailers. Despite this, the industry is witnessing a rebound in the post-COVID-19 era and the long-term rising trend of clothing is intact due to relaxation in lockdowns across nations.

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 to Lead to Casual Wear/Fashion Wear Segment Dominance

On the basis of type, the market is categorized into casual wear/fashion wear, formal wear, swimwear, outerwear, sportswear & activewear, agricultural work clothing/farm apparel, work wear, ethnic wear, sleepwear, and others. The casual wear/fashion wear segment is slated to occupy the largest share during the forecast period, which can be credited to the broad selection of styles, shades, sizes, and designs that depict inclusivity, allowing consumers to match their clothing as per the present fashion trends and tastes.

Huge Applications of Synthetic Materials in Workwear to Boost Segment Expansion

In terms of material, the market is classified into synthetic, cotton, wool, leather, denim, satin, and others. The synthetic segment obtained the largest apparel market share in 2023 owing to the massive applications of synthetic materials in sleepwear, workwear, activewear, sportswear, fashion wear or casual wear, and others attributed to improved features.

Rising Demand for Female Fashion to Bolster Segment Growth

In terms of end-user, the market is segregated into men, women, children, and unisex. The women segment registered the largest share in 2023 due to surging demand, which encourages retailers and designers to make women’s fashion a priority, serving the ever-changing preferences of a huge audience.

Mass Segment Dominated Attributed to Ease of Availability

On the basis of category, the market is classified into mass/economy, premium, and luxury. The mass segment captured the largest share in 2023, which can be credited to the ease of accessibility and availability, which motivates consumers to visit stores frequently, resulting in rising purchases.

Tailored Assistance Offered by Sales Executives Fuels Supermarkets/Hypermarkets Expansion

Based on distribution channel, the market is divided into supermarkets & hypermarkets, specialty stores/branded stores, department stores, online/e-commerce, and others. The supermarkets & hypermarkets segment occupied the largest market share in 2023, fueled by tailored assistance provided by sales executives present in such stores, offering suggestions for styling and complementary goods and addressing any associated concerns that further contribute to the experience.

From the regional perspective, the market is classified into Asia Pacific, the Middle East & Africa, South America, Europe, and North America.

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.