Garments

Rise in fashion consciousness among the youth are expected to have a positive impact on the global Western Wear Market

Published: April 4, 2023
Author: Fashion Value Chain

According to the report published by Allied Market Research, titled, “Western Wear Market by End User (Men, Women, Kids), by Type (Casual, Formal), by Distribution Channel (Online Platforms, Specialty Stores, Supermarkets, Hypermarkets, Brand Outlets),: Global Opportunity Analysis and Industry Forecast, 2020-2031,” the global western wear market generated $74.49 billion in 2020, and is estimated to reach $136.88 billion by 2031, witnessing a CAGR of 5.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

The growth of the e-retail industry, increase in fashion consciousness among end users, rapid globalization, and surge in brand awareness drive the growth of the global western wear market. In addition, rise in social media trends set by fashion bloggers, celebrities, and different channels supplement the market growth. On the other hand, fluctuating prices of raw materials and high prices of branded clothes restrain the market growth. Contrarily, surge in usage of casual wears along with attractive offers, vast variety, and quick delivery services are some of the factors that present opportunities in the coming years.

 The report provides a detailed segmentation of the global western wear market based on type, end user, distribution channel, and region. Based on type, the market is sub-segmented into formal and casual. The formal segment is expected to register a CAGR of 4.8% from 2022 to 2031. However, the casual segment is also estimated to grow considerably, owing to surge in demand for chinos, brightly colored trousers, and fashionable shirts. Based on end user, the market is divided into men, women, and kids. The women segment is witnessing a significant growth, and is estimated to grow at the highest CAGR of 6.4% from 2022 to 2031. This is attributed to designers experimenting with women’s fashion in terms of design, material, and pallets.

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Based on distribution channel, the market is further segmented into online platforms, supermarkets, hypermarkets, specialty stores, and brand outlets. The online platforms segment held the highest share in 2020, accounting for more than one-fourth of the global western wear market, and is estimated to maintain its lead position during the forecast period. Moreover, the same segment is projected to portray the fastest CAGR of 7.1% from 2022 to 2031. This is attributed to availability of variety of products and quick delivery service. Based on region, the report divides the market into North America, Europe, Asia-Pacific, and LAMEA. Europe accounted for the largest market share in terms of revenue in 2020, contributing to more than one-third of the total market share. Market players active in the European region are constantly innovating the products. This factor drives the market growth in the region. However, Asia-Pacific region is projected to witness the highest CAGR of 6.6% during the forecast period. This is attributed to the influence of western culture and surge in online platforms in the region that offer quick deliveries and wide variety of products.

The report also offers a detailed impact of the Covid-19 pandemic on the global western wear market. Production activities of western wear were stopped either partially or completely due to lockdown restrictions, lack of availability of workforce, and shortage of raw materials. The supply chain was disrupted considerably due to transport restrictions and the ban on import-export activities. In addition, distribution channels such as supermarkets, hypermarkets, specialty stores, and brand outlets were closed during the lockdown. This impacted the generation of revenue in the market. In addition, online channels were closed for delivery during initial stages of lockdown. This also affected the overall revenue generation opportunities. However, the market is expected to recover post-pandemic as production and distribution activities get back on track.  

Major market players operating in the global western wear market include Benetton Group S.r.l., The Gap, Inc., Diesel S.p.A., Forever21, Inc., Aditya Birla Fashion and Retail Ltd., Hennes & Mauritz AB, Marks and Spencer Plc., MANGO, and Inditex SA. Other brands providing western apparels in the value chain are Gianni Versace S.p.A., LVMH Moët, Hennessy, Louis Vuitton SE, Chanel S.A., and Hermès International S.A. They have adopted various strategies such as new product launches, expansions, and partnerships to attract new customers, raise their market share, and gain international presence. Dynamic fashion trends are taking place and the sales of existing clothing are declining after a specific time period. For coping up with changing demand and trends, clothing brands and major market players are organizing fashion events, fashion weeks, and celebrity wardrobes for launching new fashion trends and raise popularity of their clothing lines. Moreover, manufacturers are joining hands with packaging companies to provide innovative packaging materials for their clothing. These packaging involve biodegradable barrier trays and other eco-friendly materials. These factors are expected to raise brand awareness and help in gaining major share in the market.

Rise in fashion consciousness among the youth are expected to have a positive impact on the global Western Wear Market

According to the report published by Allied Market Research, titled, “Western Wear Market by End User (Men, Women, Kids), by Type (Casual, Formal), by Distribution Channel (Online Platforms, Specialty Stores, Supermarkets, Hypermarkets, Brand Outlets),: Global Opportunity Analysis and Industry Forecast, 2020-2031,” the global western wear market generated $74.49 billion in 2020, and is estimated to reach $136.88 billion by 2031, witnessing a CAGR of 5.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

The growth of the e-retail industry, increase in fashion consciousness among end users, rapid globalization, and surge in brand awareness drive the growth of the global western wear market. In addition, rise in social media trends set by fashion bloggers, celebrities, and different channels supplement the market growth. On the other hand, fluctuating prices of raw materials and high prices of branded clothes restrain the market growth. Contrarily, surge in usage of casual wears along with attractive offers, vast variety, and quick delivery services are some of the factors that present opportunities in the coming years.

 The report provides a detailed segmentation of the global western wear market based on type, end user, distribution channel, and region. Based on type, the market is sub-segmented into formal and casual. The formal segment is expected to register a CAGR of 4.8% from 2022 to 2031. However, the casual segment is also estimated to grow considerably, owing to surge in demand for chinos, brightly colored trousers, and fashionable shirts. Based on end user, the market is divided into men, women, and kids. The women segment is witnessing a significant growth, and is estimated to grow at the highest CAGR of 6.4% from 2022 to 2031. This is attributed to designers experimenting with women’s fashion in terms of design, material, and pallets.

Request For Sample : – https://www.alliedmarketresearch.com/request-sample/4568

Based on distribution channel, the market is further segmented into online platforms, supermarkets, hypermarkets, specialty stores, and brand outlets. The online platforms segment held the highest share in 2020, accounting for more than one-fourth of the global western wear market, and is estimated to maintain its lead position during the forecast period. Moreover, the same segment is projected to portray the fastest CAGR of 7.1% from 2022 to 2031. This is attributed to availability of variety of products and quick delivery service. Based on region, the report divides the market into North America, Europe, Asia-Pacific, and LAMEA. Europe accounted for the largest market share in terms of revenue in 2020, contributing to more than one-third of the total market share. Market players active in the European region are constantly innovating the products. This factor drives the market growth in the region. However, Asia-Pacific region is projected to witness the highest CAGR of 6.6% during the forecast period. This is attributed to the influence of western culture and surge in online platforms in the region that offer quick deliveries and wide variety of products.

The report also offers a detailed impact of the Covid-19 pandemic on the global western wear market. Production activities of western wear were stopped either partially or completely due to lockdown restrictions, lack of availability of workforce, and shortage of raw materials. The supply chain was disrupted considerably due to transport restrictions and the ban on import-export activities. In addition, distribution channels such as supermarkets, hypermarkets, specialty stores, and brand outlets were closed during the lockdown. This impacted the generation of revenue in the market. In addition, online channels were closed for delivery during initial stages of lockdown. This also affected the overall revenue generation opportunities. However, the market is expected to recover post-pandemic as production and distribution activities get back on track.  

Major market players operating in the global western wear market include Benetton Group S.r.l., The Gap, Inc., Diesel S.p.A., Forever21, Inc., Aditya Birla Fashion and Retail Ltd., Hennes & Mauritz AB, Marks and Spencer Plc., MANGO, and Inditex SA. Other brands providing western apparels in the value chain are Gianni Versace S.p.A., LVMH Moët, Hennessy, Louis Vuitton SE, Chanel S.A., and Hermès International S.A. They have adopted various strategies such as new product launches, expansions, and partnerships to attract new customers, raise their market share, and gain international presence. Dynamic fashion trends are taking place and the sales of existing clothing are declining after a specific time period. For coping up with changing demand and trends, clothing brands and major market players are organizing fashion events, fashion weeks, and celebrity wardrobes for launching new fashion trends and raise popularity of their clothing lines. Moreover, manufacturers are joining hands with packaging companies to provide innovative packaging materials for their clothing. These packaging involve biodegradable barrier trays and other eco-friendly materials. These factors are expected to raise brand awareness and help in gaining major share in the market.


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