According to a new report released by Allied Market Research, titled ” Ready-made Apparel Market by Product Type, Application, Fabric Type, Age Group, Sales Channel, and Region: Global Opportunity Analysis and Industry Forecast, 2021-2027The global ready-to-wear clothing market size was valued at $ 983.7 billion in 2019 and is expected to reach $ 1,268.3 billion by 2027, registering a CAGR of 8.8% from 2021 to 2027. The outerwear segment was the biggest contributor to the market in 2019., and is expected to grow at a CAGR of 8.8% during the forecast period. China and the United States were the main countries in the ready-to-wear market in 2019.
Ready-made garments are garments that are mass produced in accordance with standard garment sizes. The demand for ready-to-wear is expected to increase over the forecast period, driven by a shift in consumers’ product purchasing habits. In addition, rising concerns among individuals regarding physical appearance have increased spending on toiletries and clothing, thus boosting the sale of various ready-to-wear garments across the world.
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In addition, the increase in the frequency of direct-to-consumer advertising and the aggressive promotion of major players to boost clothing sales has significantly contributed to the growth of the ready-to-wear market. However, the negative impact of clothing manufacturing on the environment and the increase in cases of labor exploitation are hampering the growth of the market. Conversely, increasing demand for functional sportswear is expected to provide ready-made clothing market growth opportunities for market expansion during the forecast period.
The report segments the ready-to-wear market on the basis of product type, application, fabric type, age range, sales channel, and region. On the basis of product type, the ready-to-wear market is classified into indoor wear and outerwear. Applications covered by the study include formal wear, sportswear, sportswear, safety wear, and others. By type of fabric, it is separated into knit, woven and non-woven. Depending on the age group, it is fragmented into seniors, adults, children and toddlers. Depending on the sales channel, it differentiates into supermarkets and hypermarkets, independent retail stores, specialty stores, e-commerce and others. Regarding regions, it is studied in North America, Europe, Asia-Pacific and at LAMEA.
By product type, the outerwear segment was the largest contributor to the market in 2019 and is expected to grow at a CAGR of 8.8% during the forecast period. However, the indoor clothing segment is expected to experience a higher growth rate during the forecast.
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According to the ready-to-wear market forecast by application, the formal wear segment dominated the market in 2019 and is expected to grow at a CAGR of 9.1% during the forecast period. However, the Others segment is expected to experience a higher growth rate during the forecast.
Based on an analysis of the ready-made garments market by fabric type, the woven segment exhibited the highest growth in 2019 and is expected to register a CAGR of 9.1% during the forecast period . However, the nonwovens segment is expected to experience a high growth rate of 8.6% during the forecast period.
Based on age group, the adult segment was the largest contributor to the market in 2019 and is expected to grow at a CAGR of 9.1% during the forecast period. However, the children segment is expected to experience a high growth rate of 9.4% during the forecast period.
According to the sales channel, the supermarket / hypermarket segment dominated the market in 2019 and is expected to post a CAGR of 9.0% during the forecast period. However, the e-commerce segment is expected to experience a higher growth rate during the forecast.
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Looking at regions, Asia-Pacific has been the major contributor to the market in 2019 and is expected to grow at a CAGR of 10.1% during the forecast period. LAMEA region is expected to experience a high growth rate during the forecast period.
Major players in the ready-to-wear industry have relied on product launch and business expansion to stay relevant in the global ready-to-wear clothing market. Major players featured in the report are Louis Vuitton, Nike Inc., GAP, VF Corporation, H&M, Zara, Hanesbrands Inc., Under Armor, PVH Corporation and Benetton Group
Main conclusions of the study:
The outerwear segment in the ready-to-wear market is expected to experience the highest 8.8% CAGR in terms of revenue during the forecast period.
By application, the formal segment is expected to dominate the market in 2027.
The woven segment occupied the largest share in 2019 and is expected to grow at a significant CAGR during the forecast period.
China is the largest country in terms of ready-to-wear demand and production in the ready-to-wear market.
E-commerce is expected to experience the highest growth rate, registering a notable CAGR from 2021 to 2027, in terms of value.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advisory services to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 verticals, including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Electricity, semiconductors and electronics, automotive and transportation, ICT and media, aerospace and defense and BFSI.
We have professional relationships with various companies which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is taken from primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.
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