Global Apparel Market Research Report: Forecast (2024-2030)

Market Insights & Analysis: Global Apparel Market (2024-30):

The Global Apparel Market size was valued at around USD 1.34 trillion in 2023 & is projected to reach around USD 1.78 trillion by 2030. Along with this, the market is estimated to grow at a CAGR of around 4.3% during the forecast period, i.e., 2024-30.  The market is growing due to shifting fashion trends. The desire for personal style and self-expression has caused a surge in demand for new fashion lines, leading to increased sales of innovative textiles and clothing items. This trend can be seen particularly clearly in the rapid growth of women's apparel, driven by an expanding working-class female demographic.

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Younger demographics focus on gaining social acceptance and expressing themselves through their fashion choices, often opting for designer clothing from stores prioritizing quality. This has led to increased demand for new collections due to the pressure of fast fashion trends. Fast fashion's economic impact has enabled broader access to fashionable styles which is predicted to aid in higher revenue growth within the apparel market moving forward.

Virtual fitting room technology has revolutionized the fashion industry as prominent companies such as ASOS, Macy's, and Adidas endeavor to implement state-of-the-art technologies like 3-D modeling that give them an advantage over their rivals. This innovation is a game-changer due to its capacity to allow customers to test clothes without requiring any physical interaction with the product. For instance,

• In 2023, Zalando, a European online platform for fashion and lifestyle, launched a dynamic virtual fitting room pilot to millions of customers across the marketplace.

By allowing customers to choose a model that closely resembles their height, body shape, and skin tone to see how a product would look on them, the demand for creative clothing has increased significantly and thereby augmented market trends.

In addition, Kasper, H&M, Adidas, etc. are prioritizing their direct-to-consumer channels instead of relying on traditional retail intermediaries. This shift towards Direct-To-Consumer (DTC) has been propelled by the proliferation of e-commerce and social media platforms that allow for stronger consumer connections, better brand control, and higher profit margins. As a result, fashion companies commonly collaborate with influential figures to enhance their visibility and drive worldwide sales growth through strategic partnerships. For instance,

• In 2022, Bonang Matheba, a South African media personality, collaborated with apparel and accessory brand Steve Madden in their inaugural partnership within Africa.
• In 2023, Adidas partnered with designer Rich Mnisi to introduce a special apparel collection for Pride 2023. They collaboratively presented signature silhouettes in Adidas sportswear, swimwear, etc. This collection featured apparel crafted partly from recycled materials in collaboration with Better Cotton.

Thus, advertising strategies & increased exposure to high-end brands and their limited editions using influencers, support apparel companies to generate increased revenue significantly.

Global Apparel Market Driver:

Growing Popularity of Athleisure and Activewear Globally – The apparel market is experiencing sizable growth because of the growing global demand for athleisure and activewear. This fashion has been fueled because the purchasers search for an extra comfortable lifestyle that blends athletic wear with ordinary informal garb. Factors driving this shift consist of an additional emphasis on fitness & health and changes in workplace dress codes towards more relaxed attire. Athleisure's versatility enables individuals to seamlessly transition from workout to social settings without changing outfits, making it attractive throughout various demographics.

The result has been increased demand for top-notch and stylish sports apparel that excels during workouts and fits fashionably outside of athletic contexts. Many people have embraced a more active routine while leaning towards easygoing clothing options. Consequently, there is a growing trend among traditional fashion brands and athletic wear companies like Adidas, Athleta, Asics, and Puma to allocate more resources toward developing fresh materials and creative designs along with marketing tactics to appeal to an expanding customer base. This has subsequently driven the overall growth & expansion of the apparel industry.

Global Apparel Market Challenge:

Price Fluctuations & Environmental Concerns Hindering Market Growth – Raw material price fluctuations are a major obstacle for apparel brands, especially in the textile industry. Such volatility causes unpredictable expenses and impedes market expansion prospects. The causes of these fluctuations are diverse and include alterations in demand, geopolitical concerns, and adverse weather conditions leading to reduced crop yields for natural fibers.

Additionally, consumer preferences are shifting to more sustainable options due to growing environmental concerns regarding synthetic apparel, which is predominantly dependent on non-renewable resources and contributes significantly towards microplastic pollution. The shift requires companies to reassess their supply chains and product offerings, while also creating complexities in their revenue generation.

Global Apparel Market Trend:

Sustainable & Circular Fashion Apparel Models Gaining Traction – As consumers increasingly prioritize environmentally friendly and sustainable apparel materials, companies are adopting circular fashion models, incorporating end-of-life considerations into their designs, using recyclable materials in production, and establishing recycling programs. These moves signal a shift towards more ecologically responsible practices within the industry. In light of the new regulations set to take effect in 2023, including the EU's Sustainable Textile Strategy and California's Climate Corporate Data Accountability and Climate-Related Financial Risk Acts, it is imperative to bolster a product's circularity credentials and extend its durability. Advocating for the use of reusable resources and promoting durable clothing made from eco-friendly materials that naturally decompose, the circular fashion model additionally supports take-back programs where customers return their used apparel to be recycled.

In recent years, the shift closer to eco-friendliness and sustainability has additionally been driven by regulatory pressures, as governments around the world start to put in force guidelines geared toward reducing waste and promoting sustainability. Eco-friendly style specializes in using sustainable materials inclusive of organic cotton, recycled polyester, and Tencel. The adoption of sustainable and circular fashion apparel models not only addresses the pressing environmental challenges posed by using the apparel enterprise but also gives new opportunities for innovation, monetary boom, and social responsibility.

Global Apparel Market (2024-30): Segmentation Analysis

The Global Apparel Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024-2030 at the global level. Based on the analysis, the market has been further classified as:

Based on Fibers Type:

• Natural Fibers
  • Animal Fibers
  • Mineral Fibers
  • Plant/Vegetable Fibers
• Man-made Fibers
  • Synthetic Fibers
  • Artificial/Regenerated Fibers
  • Inorganic Fibers

Man-made fibers, mainly artificial fibers like polyester, nylon, and acrylic, hold the biggest market share. Man-made fibers have emerged as dominant due to numerous key elements, including their easy maintenance, resilience to shrinkage and wrinkles, and durability. The extensive variety of uses for synthetic fibers makes them incredibly flexible, lending themselves to athletic apparel, formal attire, and beyond. Additionally, the monetary advantages furnished by big-scale manufacturing attract each manufacturer and purchaser, as man-made fibers offer a cost-effective alternative compared to natural alternatives.

However, it's miles noteworthy that natural fibers have also emerged as a developing segment of the market because of their sustainability and luxury, which has led to substantial growth and demand for organic cotton, wool, etc. Despite this, man-made fibers stay the dominant force in the market due to the fact they provide most advantageous performance, dependability, and affordability.

Based on Sales Channel:

• Online Retail
• Offline Retail
  • Fashion Stores
  • Shopping Malls
  • Local Retail Stores

The apparel industry has changed because of online retail, especially e-commerce. As e-commerce giants like Amazon and Myntra gain pace, there is a distinct propensity among customers toward online purchasing fashion products. The demand for apparel purchases on digital platforms has suddenly increased due to this shift in customer preferences, illuminating how e-commerce trends are reshaping the global clothing sector. The fashion business is becoming more and more entwined with the internet world as it keeps growing. The sector with the most growth in e-commerce sales is fashion and online clothes.

Additionally, local startups with sustainable approaches are gaining customers' interest through online platforms worldwide. These startups offer different styles, such as formal, casual, and traditional wear, with unique designs and concepts that attract customers. Manufacturers now sell their products more on online platforms than before, which means they are expanding their customer base geographically. For instance,

• In 2022, according to the International Trade Administration US Department of Commerce, 55% of Canadians made online retail purchases with their mobile devices and this trend is growing. Younger consumers lead the trend, with 47% of these shoppers purchasing via digital devices at least once a week.

Global Apparel Market (2024-30): Regional Projections

Geographically, the Global Apparel Market expands across:

• North America
• South America
• Europe
• The Middle East and Africa
• Asia-Pacific

Asia-Pacific is dominating the Global Apparel Market as the region has positioned itself as an influencing force in both demand and consumption. The region is home to a large and growing middle class, particularly in China and India, which has increased the demand for fashion and lifestyle products, driving domestic consumption. China is currently one of the largest apparel markets in the world, taking up 18.4% of the total market worth of USD 1,773 billion.

The textile and apparel sectors have witnessed significant foreign investment in countries such as China, India, and South Korea owing to their favorable government policies that capitalize on a huge workforce and low labor costs. These nations hold the status of manufacturing powerhouses as per the surging demand. Global brands and retailers such as LVMH, Nike, etc. have made the region their top choice for apparel sourcing due to its competitive prices.

Moreover, the region’s supremacy is reinforced by a robust distribution network, advanced textile advancements, and an abundance of varied unprocessed materials. Furthermore, the rise of social media and e-commerce in the digital age has made it easier to sell fashion, expanding the consumer base for manufacturers. China holds a remarkable 50% share of all transactions in the global e-commerce business, making it the dominant market. When combined with steady investments in innovation and sustainability, these elements guarantee Asia-Pacific's supremacy in the apparel business for the foreseeable future.

Global Apparel Industry Recent Development:

• 2024: ASICS’s apparel store was inaugurated in Bahrain by Apparel Group, situated at Marassi Galleria. This significant event signifies the commendable expansion of the revered Japanese athletic apparel label.
• 2023: Reliance Retail unveiled its latest venture, Yousta, a fashion retail concept aimed at the youth demographic. Yousta's youth-oriented fashion adventure kicked off with the opening of its first store in Hyderabad's Sarath City Mall. The brand endeavors to offer stylish clothing at reasonable prices.

Gain a Competitive Edge with Our Global Apparel Market Report

1. Global Apparel Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Apparel Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

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