The South Korea clothes market is expected to grow at a CAGR of about 6.0% in the forecast period of 2023-2028. With the growing prevalence of e-commerce platforms, high disposable income and improved standards of living, the market is anticipated to follow the path of a positive trajectory during the projected time period.
The Korean Certification Mark (KC mark) is a required certification mark that denotes conformity with laws and regulations. Certain textile and garment products (including leather goods and footwear) imported into or marketed in South Korea are mandated to have the KC mark. For goods that are under its purview, KATS provides the KC mark. The Common Safety Standards for Children's Products, which apply to items, components, or accessories used by or for children under the age of 13, control infant and child textiles and leather products under the Special Act on Safety Management of Children's Products. Hazardous materials and criteria for physical safety are covered under the standard. Such safety and quality control standards help in building the trust of people, which compels the manufacturers to abide by the rules and produce quality products to meet the growing demand in the South Korea clothes industry.
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With the growing prevalence of 'Hallyu', brands now collaborate with K-Pop celebrities to reach out to local as well as overseas fans. Thus, due to the growing celebrity influence, especially among young generations, several clothing brands collaborate with K-Pop celebrities to promote their goods. In 2020, one of the leading athleisure brands, Andar , teamed up with the girl group Mamamoo to promote their new range of athleisure clothing. Such collaborations with celebrities help in gaining traction and boosting sales, thereby propelling the growth of the clothing industry in the country. In the short term, celebrity endorsements boost sales, while in the long run, they expand brand awareness. Additionally, this celebrity marketing strategy is particularly successful for launching a new product, growing a market, or repositioning a brand.
Based on type, the South Korea clothes market can be segmented into:
Based on material, the clothes market of South Korea can be divided into:
On the basis of application, the South Korea clothes market can be bifurcated into:
Based on end use, the South Korea clothes market can be divided into:
On the basis of distribution channels, the clothes market of South Korea can be segmented into:
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Because of their ongoing research and development (R&D), South Korean textile manufacturers are benefiting from the current global economic revival. Taekwang Industrial Co ., the first business in South Korea to commercialise spandex in 1979, is currently working on creating sustainable textiles. The business created recycled plastic waste-made spandex, and it intends to commercialise the recycled spandex to produce women's underwear and bags. The firm intends to increase the availability of its sustainable textile goods and is working to include the fabric for shoes and t-shirts in the market. In collaboration with other businesses domestically and overseas, the company has been developing technologies to recover fibres from low-quality plastic trash. Such eco-friendly innovations attract environmentally conscious people and aid the growth of the South Korea clothes market.
South Korea clothes market and textile industry was crucial to the first industrialization of the nation, but it has since been overtaken by other sectors, most notably the automobile and electronics industries. Although they continue to play a significant role in a variety of vertically integrated operations, the textile and clothing markets are still significant in South Korea. Moreover, with the rising disposable incomes and high standards of living, the South Korean population are willing to spend on premium and sustainable clothing available in the market, which proliferates the growth of the clothes industry in South Korea.
With a turnover of approximately US$92 billion in 2021, South Korea was the sixth-largest market for eCommerce, ahead of France and behind Germany. The market has seen an increase in the purchase of clothing through online distribution channels. In the South Korea clothing market, technological advancements such as the development of user-friendly applications and websites and offering quick order placing, discounts, conducting online promotional events, and quick delivery of items are increasing the demand for clothes, particularly casual and formal wear.
The pandemic increased internet purchasing because individuals avoided going to physical businesses to avoid contracting the novel coronavirus infection. Poshmark, Inc., a prominent social e-commerce platform for new and used fashion, is slated to be acquired by Naver Corp., South Korea's largest internet firm, for an estimated $1.2 billion in enterprise value. According to a joint press statement issued by the two firms, the purchase broadens and diversifies Naver's premier e-commerce platform and prepares it to capitalise on global online fashion e-commerce and sustainable economic prospects.
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The report gives a detailed analysis of the following key players in the South Korea clothes market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Type||
|Breakup by Material||
|Breakup by Application||
|Breakup by End Use||
|Breakup by Distribution Channels||
|Trade Data Analysis||
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 South Korea
7 Industry Opportunities and Challenges
8 South Korea Clothes Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Clothes Historical Market (2018-2022)
8.3 South Korea Clothes Market Forecast (2023-2028)
8.4 South Korea Clothes Market by Type
8.4.1 Inner Clothing
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.4.2 Outer Clothing
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.5 South Korea Clothes Market by Material
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.6 South Korea Clothes Market by Application
8.6.1 Formal Wear
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.6.2 Casual Wear
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.6.3 Sports Wear
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.6.4 Safety Wear
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.7 South Korea Clothes Market by End Use
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.8 South Korea Clothes Market by Distribution Channels
8.8.1 Retail Stores
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.8.2 Online Stores
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
9 Market Dynamics
9.1 SWOT Analysis
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Trade Data Analysis (HS Code-6201, 6202, 6203)
10.1 Major Exporting Countries
10.1.1 By Value
10.1.2 By Volume
10.2 Major Importing Countries
10.2.1 By Value
10.2.2 By Volume
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 87MM Inc.
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
11.2.2 UNIQLO Co., Ltd.
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
11.2.3 Acme de la vie Co., Ltd.
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
11.2.4 Charms Co., Ltd
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
11.2.5 Ader Error
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
12 Industry Events and Developments
List of Figures and Tables
1. South Korea Clothes Market: Key Industry Highlights, 2018 and 2028
2. South Korea Clothes Historical Market: Breakup by Type (USD Million), 2018-2022
3. South Korea Clothes Market Forecast: Breakup by Type (USD Million), 2023-2028
4. South Korea Clothes Historical Market: Breakup by Fiber (USD Million), 2018-2022
5. South Korea Clothes Market Forecast: Breakup by Fiber (USD Million), 2023-2028
6. South Korea Clothes Historical Market: Breakup by Distribution Channel (USD Million), 2018-2022
7. South Korea Clothes Market Forecast: Breakup by Distribution Channel (USD Million), 2023-2028
8. South Korea Functional Water Historical Market: Breakup by Province (USD Million), 2018-2022
9. South Korea Functional Water Market Forecast: Breakup by Province (USD Million), 2023-2028
10. South Korea Clothes Market Structure
The market is projected to grow at a CAGR of 6.0% between 2023 and 2028.
Increasing demand for eco-friendly clothes, research and development of sustainable clothes, growing prevalence of e-commerce platforms, high disposable income and high standards of living are the major drivers of the South Korea clothes industry.
High quality and safety standards and celebrity collaborations are the key trends in the market.
The dominant type of clothes in the industry are inner clothing and outer clothing.
The leading distribution channels in the market are retail stores and online stores.
The major players in the South Korea clothes industry are 87MM Inc., UNIQLO Co., Ltd., Acme de la vie Co., Ltd., Charms Co., Ltd, and Ader Error, among others.
Aided by the growing demand for sustainable clothing and high disposable income, the South Korea clothes market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 6.0%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the South Korea clothes industry can be segmented into inner clothing and outer clothing. On the basis of material, the clothes market is divided into knit, woven and non-woven. Based on distribution channels, the clothing market of South Korea can be bifurcated into retail stores and online stores. On the basis of end use, the market is segmented into women, men and kids. Based on application, the South korea clothing market can be bifurcated into formal wear, casual wear, sport swear, and safety wear, among others. The key players in the above market include 87MM Inc., UNIQLO Co., Ltd., Acme de la vie Co., Ltd., Charms Co., Ltd, and Ader Error, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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