Global Clothing and Apparel Market
The global clothing and apparel market reached a value of nearly $758.4 billion in 2018, having grown at a compound annual growth rate (CAGR) of 7.5% since 2014, and is expected to grow at a CAGR of 11.8% to nearly $1,182.9 billion by 2022.
Growth in the historic period resulted from emerging markets growth and technological advances. Factors that negatively affected growth in the historic period were a lack of resources and increasing inventory levels. Going forward, the growth of e-commerce and favourable government regulations on apparel manufacturing will drive growth. Factors that could hinder the growth of the clothing and apparel market in the future include reductions in free trade and the growing production of counterfeit products.
The clothing and apparel market is segmented by type of apparel into women's wear, men's wear and kid's wear. Women's wear was the largest segment of the clothing and apparel market by type of apparel in 2018 at 55.7%. The men's wear market is expected to be the fastest-growing segment going forward at a CAGR of 16.4%.
The women's wear market is segmented by type of apparel into dresses & skirts, trousers, blouses, jerseys, sweatshirts & pullovers, coats & jackets, suits & ensembles, sports & swimwear, t-shirts & singlets, night & underwear (women & girls) and blazers and others. Dresses & skirts were the largest segment of the women's wear market in 2018 at 23.3%.
The men's wear market is segmented by type of apparel into trousers, shirts, jerseys, sweatshirts & pullovers, coats & jackets, blazers, and suits, night & underwear( men's and boys), t-shirts & singlets, sports & swimwear and others. Trousers were the largest segment of the men's wear market by type of apparel in 2018 at 35.4%.
The kid's wear market is segmented by type of apparel into infant and toddler clothes, and young children clothes. Young children clothes were the largest segment of the kid's wear market by type of apparel in 2018 at 68.1%.
Asia-Pacific was the largest market for apparel, accounting for 45.6% of the global market in 2018. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the clothing and apparel market will be Asia-Pacific and Africa, where growth will be at CAGRs of 15.4% and 14.3% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 14.0% and 11.6% respectively.
The clothing and apparel market is highly fragmented, with a large number of small players. The top ten players constitute 8.07% of the market. Major players in the market include NIKE, Inc., Adidas AG, PVH Corp., VF Corporation, and Hanesbrands Inc.
The global apparel and leather products market, of which the clothing and apparel market is a segment, reached a value of nearly $1,050.2 billion in 2018, having grown at a compound annual growth rate (CAGR) of 7.6% since 2014, and is expected to grow at a CAGR of 8.4% to nearly $1,623.0 billion by 2022.
The clothing and apparel market was the largest segment of the global apparel and leather products market. The leather and allied products segment was the second largest segment, accounting for 27.8% of the total. The apparel segment is expected to be the fastest growing segment in the apparel and leather products market at a CAGR of 11.8% during 2018-2022.