Rise in sports and fitness awareness and dynamic fashion trends and its influence over consumers have boosted the growth of the global readymade garments market
PORTLAND, Ore., Aug. 12, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Readymade Garments Market by Product Type (Inner Clothing and outer Clothing), Application (Formal Wear, Sports Wear, Causal Wear Safety Apparel, and Others), Fabric Type (Knit, Woven,and Nonwoven), Age Group (Old Adults, Adults, Kids,and Toddler), and Sales Channel (Supermarket &Hypermarket, Independent Retail Stores, Specialty Stores, E-commerce,and Others): Global Opportunity Analysis and Industry Forecast, 2021-2027".According to the report, the global readymade garment industry was pegged at $983.7 billion in 2019, and is expected to reach $ 1,268.3 billion by 2027, growing at a CAGR of 8.8% from 2021 to 2027.
Drivers, restraints, and opportunities
Rise in sports and fitness awareness and dynamic fashion trends and its influence over consumers have boosted the growth of the global readymade garments market. However, negative impact on the ecosystem hampers the market. On the contrary, rapid growth of online retail platforms and introduction of innovative apparel designs are expected to create lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- Disrupted supply chain, loss of employment, and lack of workers have negatively affected the readymade apparel industry.
- Increase in adoption of online shopping portals to avoid physical contact has benefitted the market
The outer clothing segment held the largest share
By product type, the outer clothing segment dominated the market in 2019, accounting for more than 90% of the global readymade garments market, due toincreasing affluent population in the world and cross-cultural interaction because of international travel. However, the inner clothing segment is expected to manifest the highest CAGR of 10.0% during the forecast period, owing torise in affinity of women toward various nightwear and shapewear, growing trend of night time fashion, and influence of celebrities over purchase of innerwear
The e-commerce segment to register the highest CAGR through 2027
By sales channel, the e-commerce segment is expected to portray the highest CAGR of 9.5% during the forecast period, due to ease of accessibility and enhanced convenience offered by the online platformand emergence of advanced technology. However, the supermarket/hypermarket segment held the largest share in 2019, accounting for more than one-third of the global readymade garments market, owing to increase in adoption of supermarket and hypermarket in both the mature and emerging markets.
Asia-Pacific, followed by Europe and North America, dominated the market
By region, the market across Asia-Pacific held the largest share in 2019, contributing to more than two-fifths of the market. Moreover, the region is expected to register the highest CAGR of 10.1% during the forecast period, owing to stable economic conditions coupled with increase in disposable income, consumer preference for a healthy lifestyle, and consistent rise in adventure tourism and outings. On the other hand, the global readymade garments market across North America is expected to register a CAGR of 7.9% during the study period.
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Major market players
- Vuitton
- GAP
- Nike Inc.
- H&M
- Zara
- VF Corporation
- Under Armour
- Hanesbrands Inc.
- Benetton Group
- PVH Corporation
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