Garment industry overview
|Duration of study:||2018 - 2028|
|Fastest growing market:||North America|
*Disclaimer: Main actors sorted in no particular order
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Apparel Market Analysis
The global apparel market is expected to register a CAGR of 5.8% during the forecast period.
Despite the negative impact of COVID-19 on the apparel industry, the market is recovering after the market restrictions were lifted. In the apparel manufacturing market, growth is expected to be supported by increased online shopping. Manufacturers now have the ability to sell their products through a much larger platform than before, meaning they can expand their customer base geographically. This will boost the growth of the apparel industry. E-commerce portals, for example, have boosted sales of traditional garments in countries like India, giving manufacturers that were previously limited to one geographic area more visibility.
Rising per capita income, favorable demographics and shifting preference for branded products are expected to drive the demand for the market. The adoption of a luxurious lifestyle among consumers has influenced the purchasing power of millennials to choose luxury clothing. Despite being a mature market, the changing fashion trends and evolving retail landscape across brands have been the key factor behind the booming apparel market.
As competition is fierce, apparel companies often form alliances to present a stronger front. Successful advertising strategies and focusing on specialized markets help apparel companies generate higher revenues.
segments of the clothing industry
Clothing includes all types of clothing and includes different styles and fabrics.
The global apparel market is segmented into men, women and children by end-user. By type, the market is segmented into formal wear, casual wear, sports wear, sleepwear, and other types. The market is also geographically segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The report provides the market sizes and forecast in terms of value (Million USD) for all the above segments.
|By end user|
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Trends in the clothing market
Digital marketing and innovative designs are driving the market
Innovative designs, preferred fashion choices and good marketing strategies are an advantage for the apparel industry. The increasing presence of the internet and e-commerce among consumers has increased fashion awareness and the availability of high-end brands and limited edition products. The use of influencers has impacted how cosmetics companies market their products and seek to increase sales. With 71% of social media marketers reporting having an influencer marketing budget, it's clear that marketers value influencers. Local startups with sustainable approaches are gaining the interest of customers worldwide. These startups offer different styles such as: B. formal, casual and traditional clothing, with unique designs and concepts that capture the interest of customers. Additionally, online clothing sales have boomed in recent years as consumers have gradually become more convenient to make wardrobe purchases from their computers and handheld devices. The growth of online clothing sales is mostly attributed to pure web startups.
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Asia-Pacific leads the world market
The Asia Pacific region holds a prominent share of the global apparel market, led by China and India. Various government initiatives for the textile industry are also helping to increase apparel market revenues in the country. For example, CNTAC, the governing body of China's textile and apparel industry, released its 14th Five-Year Plan, outlining the development goals, growth strategies and priority tasks for China's textile and apparel sector for 2021-2025. China is also one of the largest garment exporters in the world and contributes to the apparel market revenue. For example, China exported US$170.26 billion worth of garments and accessories in 2021, according to data released by the General Administration of Customs, China (GACC).
India's growing population, growth in disposable income and evolving fashion trends have boosted the country's apparel market. India is also a major exporter of textiles, which is fueling the growth of the apparel market. Various government initiatives have fueled the growth of textile and apparel industry which has fueled the growth of apparel market in India. For example, government initiatives such as the Amended Technology Upgrade Fund Scheme and the Advance Authorization Schemes focus on strengthening and increasing the production of textile and apparel products in the country. The Government of India has approved the continuation of the State and Central Taxes and Duties Reduction on Export of Garments and Makeup (RoSCTL Scheme) Scheme until March 2024 in order to increase the export competitiveness of Indian garments market.
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Competitor analysis in the apparel market
The global apparel market is a fragmented market with numerous large and small players. The market in the developing regions is disorganized and offers a wide range of products. The wide distribution network of global brands influences international markets but faces strong competition from local manufacturers in terms of regional fashion preferences and prices. Some of the major players in the market are PVH Corp., Kering SA, LVMH and Inditex.
Top players in the apparel market
Aditya Birla group
*Disclaimer: Main actors sorted in no particular order
Current developments in the clothing market
- October 2022: As part of its expansion plans, Indian cosmetics and fashion retailer Nykaa partnered with Dubai-based lifestyle and fashion conglomerate Apparel Group to streamline its retail infrastructure for expansion into the United Arab Emirates, Saudi Arabia, Qatar, Oman and to use Kuwait.
- May 2022: Versace and Fendi collaboration, Fendace officially launches in stores. The collaboration included Donatella Versace's Fendi by Versace collection and Kim Jones' Versace by Fendi collection. Products from the collaboration with Fendace included apparel, footwear and accessories.
- January 2022: PVH launches its new clothing collection through one of its brands, Tommy Hilfiger. The collection features outerwear, cold weather accessories and streetwear style from AAPE with iconic street prep from TOMMY JFANS. Key styles include down jackets, the 2-in-1 checked sherpa fleece windbreaker, the classic TOMMY JFANS flag denim jacket and a reversible camo vest.
Apparel Market Report – Table of Contents
1.1 Study assumptions and market definition
1.2 Scope of the Study
2. RESEARCH METHOD
4. MARKET DYNAMIC
4.1 Market Drivers
4.2 Market Restrictions
4.3 Porter's Five Forces Analysis
4.3.1 New Entrant Threat
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Substitute Product Threat
4.3.5 Intensity of competitive rivalry
5. MARKET SEGMENTATION
5.1 By the end user
5.1.1 Men(Video) Sports Apparel Market Size, Share, Trend, Forecast, & Industry Analysis
5.2 By Type
5.2.1 Formal Attire
5.2.2 Casual Wear
5.2.5 Other Types
5.3.1 North America
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.3.3 Asia Pacific
184.108.40.206 Australia(Video) Global Online Apparel Market: Size, Trends and Forecasts (2016-20) - Daedal Research
220.127.116.11 Rest of Asia Pacific
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle East and Africa
22.214.171.124 Saudi Arabian
126.96.36.199 South Africa
188.8.131.52 Rest of the Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 The most active companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 PVH Corp.
6.4.3 Kering SA
6.4.5 Aditya Birla Group
6.4.6 Hennes & Mauritz AB
6.4.7 Nike Inc.
6.4.8 Adidas AG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Garment Market Research Frequently Asked Questions
What is the investigation period of this market?
The apparel market is studied from 2018 to 2028.
What is the growth rate of the apparel market?
The apparel market will grow at a CAGR of 5.8% over the next 5 years.
Which region has the highest growth rate in the apparel market?
North America will grow at the highest CAGR from 2021 to 2026.
Which region has the largest share of the apparel market?
Europe holds the highest share in 2021.
Who are the Major players in the Apparel Market?
PVH Corp., Inditex, Kering S.A., LVMH, Aditya Birla Group are the major companies operating in the apparel market.
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Garment Industry Reports
Detailed industry statistics and insights into Apparel Market sector market share for 2020, 2021 and 2022. Apparel Market research report provides a comprehensive outlook of market size and industry growth forecast from 2023 to 2028. Available for download is a Free Sample Apparel Market Report PDF file.
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What is the market size for the apparel industry? ›
Revenue in the Apparel market amounts to US$96.47bn in 2023. The market is expected to grow annually by 3.34% (CAGR 2023-2027). The market's largest segment is the segment Women's Apparel with a market volume of US$43.65bn in 2023.What is trend analysis in apparel industry? ›
Trend Forecasting is a type of Fashion Research that analyzes market trends and buying habits to make educated decisions on how to move forward on designing a new collection. Trend forecasting focuses on telling a story through trends in silhouettes, design details, colors, fabrics, and trims.What is the size of the apparel industry in the US? ›
Revenue in the Apparel market amounts to US$343.70bn in 2023. The market is expected to grow annually by 1.96% (CAGR 2023-2027).Who has the largest market share in the clothing industry? ›
That is, how big is the potential market for your company. The relevant market size equals a company's sales if it were to capture 100% of its specific niche of the market. It is calculated by multiplying the number of prospective customers by the amount they could realistically spend on your product/service each year.How do you determine market size in industry? ›
- Define your target customer.
- Estimate the number of target customers.
- Determine your penetration rate.
- Calculate the potential market size: Volume and value.
- Apply the market-size data.
There are three types of trend analysis methods – geographic, temporal and intuitive.What is an example of trend analysis? ›
Examples of Trend Analysis
Examining sales patterns to see if sales are declining because of specific customers or products or sales regions; Examining expenses report claims for proof of fraudulent claims. Examining expense line items to find out if there are any unusual expenditures in a reporting period.
Market trend analysis looks at how your industry started in the market, how it has grown, and where it is expected to go. For example, how cell phones first come about, how their popularity changed, and how manufacturers and retailers expect the market to change.Why is the apparel industry growing? ›
The adoption of a luxury lifestyle among consumers has influenced millennials' purchasing power to opt for luxury wear. Despite being a mature market, the changing fashion trends and the evolving retail landscape across brands have been the key factor for the booming apparel market.
What is apparel industry structure? ›
The fashion industry consists of four levels: the production of raw materials, principally fibres and textiles but also leather and fur; the production of fashion goods by designers, manufacturers, contractors, and others; retail sales; and various forms of advertising and promotion.What percentage is the apparel industry growing? ›
The global apparel market is expected to grow from $551.36 billion in 2021 to $605.4 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%.What are the different types of apparel markets? ›
The five levels of fashion segmentation are Haute Couture, Ready-to-Wear (RTW), Diffusion, Bridge and Mass Market.Who are the target market for selling clothes? ›
College age consumers that are looking for trendy clothing at an affordable price. Young professionals in search of trendy clothing at an affordable price for themselves and their children.What is market size examples? ›
For example, imagine that your organization markets learning resources to schools. Your research shows that there are 6,000 relevant schools in your country. You know that the average sale per school is around $50,000, which means that your market size is $300 million.How do you explain market size? ›
What is market size? Market size refers to the total number of potential buyers for your product. Alexa defines market size as “the number of individuals in a certain market segment who are potential buyers.”What are the 5 strategies that will determine the market size? ›
- Seeing the business horizon.
- Define your subsegment of the market.
- Conduct top-down market sizing.
- Follow with bottom-up analysis.
- Look at the competition.
- Assess the static market size.
By looking at a firm's market share, we try to understand how much of a particular industry (or market) is 'owned' or dominated by that one specific firm. It is measured by dividing the firm's total sales by the market's total sales. Market size measures the total sales generated by selling a product.Is industry size and market size the same? ›
Size of the market: Different than the size of your industry, the size of the market is how many potential customers you could have. You'll want to consider everything from your total addressable market (TAM) to your share of the market (SOM).What are the four 4 categories of trends? ›
Entrepreneurs should observe at least four types of trends—economic, social, technological and regulatory—to identify business opportunities and grow their startups. By paying close attention to economic trends, they can identify areas that are ripe for new ideas.
What are some examples of a trend? ›
Streaking (running naked) on college campuses, the widespread use of cocaine in the 1980s, and playing hacky sack all qualify as crazes. Finally, fads that pertain to styles of dress or manners are generally termed fashion trends.What are the five types of trends? ›
- Sideways trend.
The three main types of trends are uptrends, downtrends and horizontal trends.How do you write a trend analysis report? ›
- Describe the collected data analyzed within the report. ...
- Detail the criteria you used to evaluate the data. ...
- List any and all results that seem to indicate trends. ...
- Explain any recommendations your trend analysis report will make in the conclusion section of the report.
- Keep track of industry influencers and publications. As a busy entrepreneur, being pressed for time is by no means a rarity! ...
- Absorb up-to-date industry research and trends reports like a sponge. ...
- Make the most of digital tools and analytics to assess industry behaviour. ...
- Listen to your customers. ...
- Competitor observation.
- An overview of your industry's size and growth rate.
- Your business's projected market share percentage.
- An industry outlook.
- Customer buying trends.
- Your forecasted growth.
- How much customers are willing to pay for your product or service.
- Perform constant research about your industry. ...
- Keep in touch with your customers. ...
- Check out social media channels related to your niche. ...
- Observe your competitors. ...
- Take a look at your analytics. ...
- Segment your customers. ...
- Analyze your customers' purchasing behavior.
- Current market overview, including which company has the biggest share or most influence.
- Where you fit in that market, what gives your business a competitive edge.
- Current trends that impact your business operation.
The apparel industry is currently experiencing a shift towards digital-first brands. These brands prioritize online sales and digital marketing over traditional brick-and-mortar retail and are utilizing technology to create a seamless and personalized shopping experience for consumers.Why is the apparel industry important? ›
The manufacture of textiles provides an economic boost to many countries in the world. Economies can be made or broken with the addition or loss of a textile industry, which in turn can affect the ability of people to support their families and provide them with the basic necessities of life.
What makes an apparel brand successful? ›
Arguably, the key to their success has been having a clear brand identity that resonates with their target customers, staying authentic to that identity, and knowing how to communicate it to the desired audience. So, take the time to think – really think – about your brand from the start.What are the 3 categories of apparel? ›
Furnishing –This includes shirts, neckwear, sweaters, knit tops, underwear, socks, robes and pajamas. Heavy outerwear – This includes jackets, snowsuits, ski jackets, parkas, and related items. Work cloths – This includes work shirts, work pants, overalls and related items.What are the 3 major divisions of the apparel manufacturer? ›
Included in the apparel industries are three types of establishments: (1) the regular or inside factories; (2) contract factories; and (3) apparel jobbers.What are the 2 most common fabric structures used in apparel? ›
There are many advantages and disadvantages to each method either knit, woven or non-woven, all of which affect their end use. Weaving and knitting are the most common fabric construction methods.
A good current ratio is typically considered to be anywhere between 1.5 and 3.What is the average profit margin for apparel? ›
In general, an average net profit is around 10%, while a high margin is 20%, and a low margin is 5%. If you want to open online apparel, here's an article exploring how to start your own clothing store with no money that can give you a good start.What are the projections for apparel sales? ›
Revenue in the Apparel segment is projected to reach US$118.90bn in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 9.24%, resulting in a projected market volume of US$169.30bn by 2027.What are fashion size categories? ›
In addition to typical girth measurements clothing is also marked to identify which of 5 height bands: X-Short, Short, Medium, Tall, X-Tall, and body types: Slim, Normal, or Full, it is designed to fit.What is a clothing size chart? ›
A size chart is a document that reflects the measurements for your size range within your brand. Typically, your public size chart is characterized by 4 main measurements, bust, waist, hip, and height.What is the most common clothing size in America? ›
American women have long been told that the average size is 14. Wrong! It's actually a size 16, reveals a study in the International Journal of Fashion Design, Technology and Education that sheds a major light on how retailers view the term "average.
What is the size of the apparel industry? ›
The cost of production rose, and consumer confidence fell. The revenue of the global apparel market was calculated to amount to 1.53 trillion U.S. dollars in 2022, a slight decrease on the previous year. However, revenue was forecast to increase in 2023, to more than 1.7 trillion dollars.What is the size of the apparel market? ›
The global apparel market grew from $610.12 billion in 2022 to $652.94 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term.Who are buyers in apparel industry? ›
In the retail industry, a buyer is an individual who selects what items are stocked and their key responsibility is dealing with all the products that come into the store.Where do people buy clothes the most? ›
The answer: Walmart and Amazon.
Walmart claims 8.1% of the US apparel market, followed by Amazon with a 7.4% share and Target with a 4.3% share, according to Morgan Stanley research.
|3||Hennes & Mauritz||Sweden|
|Market size value in 2020||USD 72.13 billion|
|Revenue forecast in 2025||USD 84.05 billion|
|Growth Rate||CAGR of 3.5% from 2019 to 2025|
|Base year for estimation||2018|
The market size, measured by revenue, of the Fast Fashion industry is $2.3bn in 2023. What is the growth rate of the Fast Fashion industry in Australia in 2023? The market size of the Fast Fashion industry is expected to increase 1.9% in 2023.Who is the largest apparel retailer? ›
|Characteristic||Total sales in billion U.S. dollars|
|Hennes & Mauritz (H&M)||20.83|
|FAST RETAILING (UNIQLO)||18.45|
Today's luxury brand target audience is 25 to 44 years old. They comprise 64 percent of this overall audience. Don't sleep on the younger generation between 16 and 24 years old, also known as Generation Z. They're another big chunk of your target market.How big is the women's apparel market? ›
Revenue in the Women's Apparel segment amounts to US$179.70bn in 2023. The market is expected to grow annually by 2.00% (CAGR 2023-2027). In global comparison, most revenue is generated in the United States (US$179.70bn in 2023).
How much of the apparel industry is fast fashion? ›
Of the $551.4 billion global apparel industry, approximately 18% is fast fashion, according to market research firm Business Research Company.Why is fast fashion a trend? ›
Its goal is to quickly produce cost-efficient articles of clothing in response to (or anticipation of) fast-shifting consumer demands. The assumption is that consumers want high fashion at a low cost. While the garments are often carelessly made, they're not intended to be worn for years or even multiple times.What is the largest segment of the fashion industry? ›
Fashion Industry Segments
The textile industry is the largest segment of the primary market.