Garments

Readymade Garments Market Expected to Reach $1,268.3 Billion by 2027

Published: February 6, 2023
Author: Fashion Value Chain

Consumers today have become highly influenced by social media, celebrities, and the fashion industry. As a result, the frequency of purchasing new clothing has increased, which has positively influenced the growth of the global garment industry.

 According to a new report published by Allied Market Research, titled, ” Readymade Garment Market by Product Type, Application, Fabric Type, Age Group, Sales Channel, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2027,” The global readymade garments market size was valued at $983.7 billion in 2019, and is projected to reach $1,268.3 billion by 2027, registering a CAGR of 8.8% from 2021 to 2027. The outer clothing segment was the highest contributor to the market in 2019, and is estimated to grow at a CAGR of 8.8% during the forecast period. China and the U.S. were the prominent countries in the readymade garments market in 2019.

Readymade garments are mass-produced piece of clothing made in accordance to standard clothing sizes. The demand for readymade garment is expected to increase during the forecast period, owing to change in consumers’ product purchase pattern. In addition, surge in concern among individuals about physical appearance has increased the spending on toiletries and clothing, thus boosting the sale of various readymade clothing throughout the globe. Furthermore, increase in frequency of direct-to-consumer advertisements and aggressive promotion by key players to push sales for clothing have significantly contributed toward the growth of the readymade garments market. However, negative impact of garment manufacturing on environment and rise in cases of labor exploitation hinder market growth. Conversely, surge in demand for, functional sports apparel is expected to provide opportunities for readymade garments market growth for the market expansion during the forecast period.

Read more :- https://www.alliedmarketresearch.com/readymade-garments-market-A06655

The report segments the readymade garments market based on product type, application, fabric type, age group, sales channel, and region. On the basis of product type, the readymade garments market is categorized into inner clothing and outer clothing. The applications covered in the study include formal wear, sportswear, causal wear, safety apparel, and others. By fabric type, it is segregated into knit, woven, and nonwoven. Depending on the age group, it is fragmented into old adults, adults, kids, and toddler. As per sales channel, it is differentiated into supermarket & hypermarket, independent retail stores, specialty stores, e-commerce, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

By product type, the outer clothing segment was the highest contributor to the market, in 2019, and is estimated to grow at a CAGR of 8.8% during the forecast period. However, the inner clothing segment is expected to witness higher growth rate during the forecast.

Depending on readymade garments market forecast by application, the formal wear segment led the market in 2019, and is estimated to grow at a CAGR of 9.1% during the forecast period. However, the others segment is expected to witness higher growth rate during the forecast.

On the basis of readymade garments market analysis by fabric type, the woven segment exhibited the highest growth in 2019, and is estimated to register a CAGR of 9.1% during the forecast period. However, the non-woven segment is expected to witness a high growth rate of 8.6% during the forecast period.

As per the age group, the adult segment was the highest contributor to the market in 2019, and is estimated to grow at a CAGR of 9.1% during the forecast period. However, the kids segment is expected to witness a high growth rate of 9.4% during the forecast period.

According to sales channel, the supermarket/hypermarket segment dominated the market in 2019, and is estimated to exhibit a CAGR of 9.0% during the forecast period. However, the e-commerce segment is expected to witness higher growth rate during the forecast.

Region wise, Asia-Pacific was the highest contributor to the market in 2019, and is estimated to grow at a CAGR of 10.1% during the forecast period. LAMEA region is expected to witness high growth rate during the forecast period.

The key players in the ready-made garments industry have relied on product launch and business expansion to remain relevant in global readymade garments market share. The key players profiled in the report include, Louis Vuitton, Nike Inc., GAP, VF Corporation, H&M, Zara, Hanesbrands Inc., Under Armour, PVH Corporation, and Benetton Group

Related Posts

Protect Car Engines This Monsoon: Get Car Insurance on Bajaj Markets

Celebrate this women’s day with unique creations from the House of Titan

Oakridge Bachupally Marks Another Year of Academic Success with Exceptional 2024 CBSE Results