Apparel and Footwear Market to Reach USD 2605.60 Billion by 2026
Changing consumer taste and preferences,
increasing innovation, and growing online sales through digital platforms are
the leading factors that are driving 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, and Others), By Footwear Type (Shoes,
Slippers and Others), By End-User (Men, Women and Kids), By Distribution
Channel (Specialty Stores, Supermarkets/Hypermarkets, Online Channels, & Others),
By Region, Competition, Forecast & Opportunities, 2026”, the global apparel and footwear market
is expected to register a CAGR of over 7.48% during 2021-2026F and it is
expected to reach around USD2605.60 billion by 2026, in value terms. Global
apparel and footwear market grew at a significant pace in the past few years
and is expected to register strong growth in the coming years as well, owing to
increasing population and changing preferences of consumers that are highly
active on digital media and have awareness of various trends. The continuous
changing fashion, lower prices of products supported by aggressive branding, as
well as increasing influence of western culture are the primary reasons driving
the expansion of this sector. Other factors such as the advancement of
e-commerce/online platforms also contribute to the growth of this market.
Furthermore, the rising urban class population, strong brand awareness and
increasing disposable income are augmenting the demand for good quality apparel
and footwear products across the globe.
COVID-19
pandemic had a severe impact on the transportation, logistics and shipping
industries and manufacturing supply chains owing to which a significant decline
in trade has been observed in the market. The logistics industry faced issues
due to decreased workforce, increased pressure on equipment availability,
estimated congestion on specific ports, cost related issues and additional
charges on few services. Many exporting companies could not complete their
shipments for exports due to the unavailability of port facilities and workers.
Due to movement restrictions during the lockdown, the supply chains were
disrupted.
Browse 198 Figures spread through 241 Pages and an
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The global apparel and footwear market is segmented in terms of type, apparel
type, footwear type, end-user, distribution channel, region, and company. In
terms of type, the global apparel and footwear market can be segmented into apparel
and footwear. Among these, apparel market has dominated the global apparel and
footwear market with the majority of market share in 2020, due to the
increasing demand from young millennials, increasing internet penetration and
rapidly changing fashion sense among consumers. In terms of End User, the
global apparel and footwear market has been segmented into women, men and kids.
Among which, the women end-user segment has accounted for the largest market
share of more than 42% in 2020 and will continue to dominate the market
throughout the forecast period.
In terms of distribution channel, the global apparel and footwear market
is segmented into Speciality Stores, Supermarket/Hypermarkets, Online channels,
and others. Among which, the speciality stores have dominated the global
apparel and footwear market with the majority of market share in 2020 and will
continue its dominance during the forecast period due to increasing number of
stores, increasing income level and sedentary lifestyle pattern. 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 lesser 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.
In terms of region,
the global apparel and footwear market is divided into North America,
Asia-Pacific, Europe, South America and Middle East & Africa. Among these,
the Asia Pacific region is projected to hold the largest market share in 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., H & M Hennes & Mauritz AB, PVH CORP., VF
Corporation, Puma SE, Kering SA, Next Plc and Aditya Birla Fashion and Retail
Limited 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 the developing countries in
North America, Asia-Pacific, Europe, Middle East and Africa, and South America.
“Consumers are becoming more
aware of the apparel and footwear industry’s impact on environment and on their
health. They are now gravitating towards more durable products, re-evaluating
their shopping patterns, and expressing an interest in adopting more
environment friendly behavior. While customers are becoming more
environmentally concerned, apparel and footwear firms are working to reduce
fashion's environmental effects by including material innovation, supply chain
management, waste reduction through resale, rentals and launching upcycled
garments.” 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, and Others),
By Footwear Type (Shoes, Slippers and Others), By End-User (Men, Women and
Kids), By Distribution Channel (Specialty Stores, Supermarkets/Hypermarkets,
Online Channels, & 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
TechSci Research is a leading global market research firm publishing
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different industrial verticals. TechSci Research specializes in research-based
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and niche applications. Our workforce of more than 100 fulltime Analysts and
Consultants employing innovative research solutions and tracking global and
country specific high growth markets helps TechSci clients to lead rather than
follow market trends.
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