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Global Readymade Garments Market Likely to Grow at a CAGR of 8.70% During 2022-2027, Driven by the Changing Trends in the Clothing Industry

According to a new report by EMR titled, ‘Global Readymade Garments Market Report and Forecast 2022-2027’, the global readymade garments industry stood at a value of around USD 865 billion in 2020. The market is further expected to grow at a CAGR of 8.70% in the forecast period of 2022-2027.

The global readymade garments industry is likely to be driven by the changing fashion trends across the work. People’s outfit adds to their personality and makes them feel presentable. However, these fashion trends tend to change quite often. To cope with the changing trends, people are likely to generate significant demand for readymade garments which are easily available, diversified, and are cost-effective and attractive. To cope with the changing trends, the major manufacturers have provided consumers with diversified options.

The Asia Pacific region is expected to account for a significant share in the market, owing to the thriving fashion and clothing industry, rising disposable income, technological advancements in the textile industry and rising awareness among people about the diversified fashionable clothing options. In addition, the growing digitalisation in the country will further aid the market growth, owing to the growing demand for online clothing.

The emerging trend of antiviral fabrics is likely to be a key trend in the market. The introduction of antiviral fabric is a fallout of the growing concerns about the safety and security of the consumers, especially after the COVID-19 outbreak. Luxury brands such as Saint Laurent, Heiq plc (LON: HEIQ), and Zodiac Clothing Company Ltd. (NSE: ZODIACLOTH) are some of the major companies which have developed antiviral fabrics, which are widely getting used in the making of readymade garments.

Market Breakup by Product Types, Applications, Fabric Types, Gender, Distribution Channels, and Region:

  • The market is segmented on the basis of product type into outer clothing and inner clothing.
  • The applications of the product include formal wear, sportswear, casual wear, and safety apparel, among others.
  • The different fabric types of the product include knit, woven, and non-woven.
  • Based on gender, the market can be segmented into men, women, and kids.
  • On the basis of distribution channels, the market can be divided into supermarkets and hypermarkets, independent retail stores, speciality stores, and online, among others.
  • The regional markets for readymade garments can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for readymade garments is driven by the changing fashion and clothing industry trends, rising disposable income, and growing working-class population.
  • The development of antiviral fabrics in readymade garments is likely to be another factor bolstering the market growth.
  • The diversification of the outfits in the readymade garments industry will further propel the demand for readymade garments in the forecast period.
  • The growing digitalisation and emerging e-commerce markets are likely to further aid the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global readymade garments market for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the product types, applications, fabric types, gender, distribution channels, and major regions of readymade garments.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global readymade garments industry are Louis Vuitton Malletier SAS, Nike, Inc., The Gap, Inc., VF Corporation, Hennes & Mauritz AB, Zara, and Hanesbrands Inc., 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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