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Global Apparel and Footwear Market to Reach About USD 2.7 Trillion by 2027, Aided by the Rising Demand for Apparel and Footwear from the Online Retail Sector

According to a new report by EMR titled, ‘Global Apparel and Footwear Market Report and Forecast 2022-2027’, the global market for apparel and footwear attained a value of about USD 1.8 trillion in 2021. The market is further estimated to grow at a CAGR of 6.90% in the forecast period of 2022-2027 to reach a value of nearly USD 2.7 trillion by 2027.

The market for apparel and footwear is being augmented by the growing popularity of e-commerce platforms like Amazon and Walmart, among others. To capitalise on the trend, various brands and online retail platforms are offering immersive shopping experiences by deploying sizing tools, virtual fits, and virtual stylists, among others. The integration of technologies like virtual reality (VR) and augmented reality (AR), among others, enables consumers to virtually try clothing and footwear and reduce return rates are significantly contributing to the growth of the market. Moreover, the growing trend of sustainability is surging the demand for environmental-friendly apparel and footwear with reduced utilisation of critical resources like water, which is anticipated to provide impetus to the market growth in the forecast period.

Puma SE (OTCMKTS: PUMSY), one of the leading companies in the market, announced an innovative production process, RE: JERSEY, in March 2022. Through this, the company would use existing football jerseys to manufacture new ones while reducing waste. In the recycling process, garments would be chemically broken down into their main components to create a yarn with the same properties as virgin polyester. RE: JERSEY kits would be made up of 75% repurposed football jerseys while the 25% comes from SEAQUAL MARINE PLASTIC1. Through the project, the company aims to reduce its environmental impact while bolstering the circularity of apparel manufacturing. Moreover, the products developed from the project would be worn on-pitch in the pre-match warm-ups by PUMA Clubs Manchester City, AC Milan, Olympique de Marseille, and Borussia Dortmund. Such initiatives are expected to propel the market for apparel and footwear in the forecast period.

Market Analysis by Type, End User, Distribution Channel, and Region:

  • The market, on the basis of type, can be divided into apparel and footwear.
  • Based on end user, the market can be divided into men, women, and kids.
  • The distribution channels for apparel and footwear include speciality stores, supermarkets/hypermarkets, and online channels, among others.
  • The regional markets for apparel and footwear include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing focus on speciality markets and the rising demand for high-end apparel and footwear in developed markets like the United States and Canada, among others, are invigorating the market growth.
  • As clothing is increasingly being assumed as a marker of consumers’ personalities, the market for apparel and footwear is witnessing robust growth.
  • The market growth of apparel and footwear can be attributed to the growing disposable incomes, rising millennial and Gen-Z populations, the increasing internet penetration, and the evolving fashion trends.
  • The growing demand for luxury apparel and footwear as a symbol of one’s economic and social status in both developing and developed countries is propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for apparel and footwear for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the types, end users, distribution channels, and major regions of apparel and footwear.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global apparel and footwear market are NIKE, Inc., Adidas AG, H & M Hennes & Mauritz AB, PVF Corp., Puma SE, Kering SA, and VF Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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