Apparel and Footwear Market to Reach USD2736.86 Billion by 2026
Rising disposable income, fast changing preferences,
and escalating e-commerce platforms to drive the global apparel and footwear market
during the forecast period.
According to TechSci Research
report, “Global Apparel
and Footwear Market By Type (Apparel & Footwear), By Apparel Type
(Casual Wear, Sports Wear, Night Wear, & Others), By Footwear Type (Shoes,
Slippers & Others), By End-User (Men, Women & Kids), By Distribution
Channel (Specialty Stores, Online Channels, Supermarkets/Hypermarkets, & Others),
By Region, Competition, Forecast & Opportunities, 2026”, the global apparel and footwear market
is expected to register a CAGR of over 6.65% during 2020-2026F and it is
expected to reach around USD2736.86 billion by 2026, in value terms, because
the majority of consumers are shifting from affordable products to fast fashion
and are adapting to the latest fashion trends in the country. It is observed that
in the upcoming years, with increasing demand for vast options available in the
fashion brands, this market is likely to become the hub of various competitive brands.
Other major factors driving the apparel and footwear market include surging
population, higher per capita income, changing buying pattern, growing social
media influence, and rise in foreign direct investment.
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The global apparel and footwear market is segmented in terms of type,
product type, end-user distribution channels, and region. In terms of end-user,
the market can be segmented into men, women, and kids, of which, the women
end-user segment accounted for the largest market share in 2020, and the men
end-user segment is expected to maintain its leading market position during the
forecast period.
Dur to the COVID-19 pandemic, the apparel and footwear market has seen a
huge downfall. Various countries across the globe, such as India, United
States, Italy, etc., had imposed a lockdown for months which resulted in no
outdoor activities and led to no purchase of apparel and footwear products,
even various stores were forced to remain closed. It was only the online channels
through which the global apparel and footwear companies could retain their
market for few months when the COVID-19 impact was at its peak.
Consumers have shifted
towards healthy lifestyles, and this trend is ongoing amidst the pandemic.
While customers are trying to stay fit and healthy inside their homes, the
sportswear companies like Nike and Adidas are offering virtual fitness classes
to promote this lifestyle. Nike has observed a 75% growth in the e-commerce
sales in the year 2020.This way these companies are likely to maintain the
highest market share in the apparel and footwear market.
Apart from the
pandemic, this market also faces other challenges like reduction in free trade,
continuous acceleration in the fashion cycle, a regional shift in demand, and
high performance of the supply chain. As the free trade policy is the decision
of the individual government and various countries impose different tariff
rates, the trade across the nations becomes costly which hinders the company
growth. The fashion cycle keeps on changing, so the companies have to adapt to
the ongoing demand. It is the logistics that play a crucial role and is
required to deliver the product within a short duration in case the fashion
cycle is modified. In such case, the company will incur a huge loss.
However, due to the
growing consolidation and investment in improvement by prominent multinational
corporations, the success of the worldwide apparel and footwear industry is
expected to gain momentum. Apparel and footwear manufacturers are also likely
to create more convenient and easier options to avail supply chains to match
the pace according to the changing fashion trends.
The Asia Pacific region
is projected to hold the largest market share of the global apparel and
footwear market by 2026, owing to the rising population and changing
lifestyles. Various major market players are setting up their manufacturing
plants and outlets in this region to save the transportation duration and excel
against their competitors. In particular, United States, China, and
India contributed more than half the absolute increased value.
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NIKE, Inc., Adidas AG, Industria
de Diseño Textil, S.A., Hennes & Mauritz AB, Aditya Birla Fashion and
Retail Limited (Includes Peter England, Louis Philippe, Van Heusen, Allen
Solly, Pantaloons, etc.), PVH CORP., VF Corporation, Puma SE, Kering SA, Next
Plc. are some of the leading players operating in the global apparel and
footwear market. Major companies are expanding their manufacturing bases in
developing countries to meet rising demand across developing countries in North
America, APAC, Middle East and Africa, and South America.
Based on the size of the
industry, the apparel and footwear market worldwide is very competitive, with practically
no entry barriers, and a huge number of domestic companies taking minimal
market share. The introduction of a new product has become, above all other
aspects, the most critical strategy due to the rapidly changing nature of the
industry. As the main solution, businesses have embraced growth, followed by
mergers and acquisitions. With these mergers and expansions, this attempt by
multinational players has been proven successful in making their presence
stronger with high market share.
“In the global scenario, the
apparel and footwear market is one of the fastest growing markets among other
sectors in the world. The market has become an attractive destination for
investments and several large multinational companies are entering into this
market. This has resulted to a gradual transformation of a commodity market
into a branded products market, being dominated by multinational companies.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Global Apparel and Footwear Market By Type (Apparel &
Footwear), By Apparel Type (Casual Wear, Sports Wear, Night Wear, & Others),
By Footwear Type (Shoes, Slippers & Others), By End-User (Men, Women &
Kids), By Distribution Channel (Specialty Stores, Online Channels,
Supermarkets/Hypermarkets, & Others), By Region, Competition, Forecast
& Opportunities, 2026” has
evaluated the future growth potential of the global apparel and footwear market
and provides statistics and information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the global apparel and footwear market.
About TechSci Research
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