Brands | Fashion Updates | Lifestyle & Travel

Ethnic Wear Market Expected to Accumulate a Revenue of $177.2 Billion, Growing at a Healthy CAGR of 7.2% in 2022 to 2031

Published: April 3, 2023
Author: Fashion Value Chain

According to a new report published by Allied Market Research, titled, “Ethnic Wear Market,”
The ethnic wear market size was valued at $89.3 billion in 2021, and is estimated to reach
$177.2 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031. The market for ethnic
wear is mostly driven by the rising number of fashion influencers across the globe. It is difficult
to overlook the importance of influencers, especially the smaller-scale influencers who provide
more sensible and persuasive content. They have a sincere and committed following that
respects their fashion and lifestyle opinions because of their relatability. Brands are aiming for
this friendship between the two in order to have a genuine presence in the social media
community where they are in contact with their customers. It also enables a business to
produce new items and become more consumer friendly. The market is expanding even more
owing to the capability of direct customer communication.
The ethnic wear market demand shows high growth potential in North America and LAMEA.
Significant contributors to the growth of the North America market due to the growing
popularity of ethnic wear and the launch of newer styles and premium price-based products are
expected to garner the growth of the ethnic wear market. Ethnic wear manufacturers aim at
the development of products which are truly sustainable, affordable, innovative, and creative.

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On the other hand, less acceptance of ethnic wear in the corporate world negatively influences
the demand globally. The demand for ethnic wear among working women would be further
hampered by the increasing number of working women around the world, which is predicted to
impede the growth of the ethnic wear market over the forecast period. Furthermore, Local
manufacturers are using poor product quality materials for making ethnic wear is one of the
factors which is expected to hinder ethnic wear market growth over the forecast period.

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