Enjoy complimentary customisation on priority with our Enterprise License!
The apparel market size is estimated to grow at a CAGR of 6.65% between 2022 and 2027. The market size is forecast to increase by USD 582.93 billion. The growth of the market depends on several factors, including sustainability and ethical practices, rising demand for exclusive designer collections and increased mergers and acquisitions among vendors and retailers.
This apparel market report extensively covers market segmentation by end-user (women, men, and children), distribution channel (offline and online), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
The growing demand for sustainable and ethically produced clothing is notably driving the market growth, although factors such as expanding presence of local and unorganized players can impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the apparel market growth is the growing demand for sustainable and ethically produced clothing. Many brands have started adopting sustainable practices such as using organic or recycled materials, implementing fair labor standards, and reducing waste throughout the supply chain due to the increasing environmental and social impact of the apparel by the consumers.
For Instance, many fashion brands are now focusing on using sustainable materials in their clothing products. This includes organic cotton, recycled polyester, and innovative alternatives such as Tencel (made from wood pulp) and Pinatex (made from pineapple leaf fibers). These materials reduce the environmental footprint of the apparel industry by minimizing water usage, chemical pollution, and waste generation. Thus, growing demand for sustainable clothing may boost the growth of the global apparel market during the forecast period.
A key factor shaping the apparel market growth is the growing online penetration. The increased online penetration of apparel sales has significantly transformed the retail industry as online shopping offers unparalleled convenience to consumers. One of the key advantages of online retailers is that they can stock a much larger inventory compared to physical stores due to the absence of physical space constraints.
In addition, online retailers allow customers to access a wide range of apparel options, including different styles, sizes, colors, and brands and they can easily compare products and find items that suit their preferences. Thus the growing online penetration drives the global apparel market during the forecast period.
The growing presence of local and unorganized players is one of the key challenges hindering the global apparel market growth. Due to the growing presence of local and unorganized competitors and the low prices of their goods, there is a significant slowdown in the expansion of the global apparel market.
For instance, the products from these low-cost counterfeit products have a negative impact on the sales revenue of major players such as Zara and H and M. In supermarkets, local labels also occupy the shelves devoted to women's clothing brands. Thus the increased presence of local and unorganized players can impede the growth of the global apparel market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Apparel Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Groupe Artemis: The company offers apparel such as nightwear pajamas, joggers, and loungewear. Also, it offers fashion, wine, luxury, art, tourism, publishing, sports, food, and technology.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the women segment will be significant during the forecast period. One of the key reasons for the market growth of this segment is due to the high demand for women's apparel. The various factors which can be attributed to this growth include changing fashion trends, increasing purchasing power of women, and evolving lifestyles. Fashion trends change rapidly, and women are often at the forefront of embracing new styles and designs.
Get a glance at the market contribution of various segments View the PDF Sample
The women segment was valued at USD 630.20 billion in 2017 and continued to grow until 2021. There is a continuous demand for new clothing items, accessories, and footwear due to the constant evolution in fashion. As clothing is an essential form of self-expression, and women often use fashion to reflect their personal style, individuality, and cultural preferences. In addition, the economic empowerment over the years resulted in increased purchasing power. Further, the rise of e-commerce has significantly impacted the fashion industry, making it easier than ever for women to shop for clothing online. Thus the above factors will fuel the growth of the women segment during the forecast period, which, in turn, will drive the global apparel market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Due to the economic growth in many Asian countries, such as China, India, and Southeast Asian nations, there is an increase in disposable income among the middle class. As a result, people have more money to spend on clothing and fashion which contributed to the market growth in the region. Additionally, APAC has a young and growing population, which represents a significant consumer base as younger generations are more fashion-conscious and eager to adopt new trends, driving the demand for apparel. Furthermore, there is growing penetration of online retailers such as Amazon and Myntra has revolutionized the way people shop for clothes. Thus, the above factors are expected to increase the demand for apparel in APAC and drive the growth of the regional apparel market during the forecast period.
During COVID-19 pandemic, due to the imposition of social distancing norms, there was a negative impact on the regional apparel market. The pandemic disrupted the operations of offline distribution channels, which led to a decrease in demand for apparel. As consumers prioritized the purchase of only essential products, the demand for apparel decreased in H1 2020. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, and offline retail stores in APAC were reopened. Such factors are expected to drive the market during the forecast period.
The apparel market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global apparel market as a part of the global apparel, accessories, and luxury goods market within the textiles, apparel, and luxury goods market. The global apparel market covers segments such as products and companies engaged in the manufacturing/marketing of apparel, accessories, and luxury goods. Also, it includes companies offering apparel, accessories, and luxury goods rental services. Some of the key factors driving the growth in the apparel, accessories, and luxury goods market include the rising working women population, demand for eco-friendly products, and increased preference for personalization and customization of products. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Apparel Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.65% |
Market growth 2023-2027 |
USD 582.93 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.43 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 39% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adidas AG, ASOS Plc, BESTSELLER AS, Columbia Sportswear Co., Fast Retailing Co. Ltd., Groupe Artemis, H and M Hennes and Mauritz GBC AB, Hanesbrands Inc., Industria de Diseno Textil SA, Kering SA, Levi Strauss and Co., LVMH Moet Hennessy Louis Vuitton SE, Nike Inc., PVH Corp., Ralph Lauren Corp., Ross Stores Inc., The Gap Inc., The TJX Companies Inc., Under Armour Inc., and VF Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.