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2020

Readymade Garments Market

Readymade Garments Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type, Application, Fabric Type, Age Group and Sales Channel : Global Opportunity Analysis and Industry Forecast, 2021-2027

CG : Apparel & Fashion

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Author's: Sumesh Kumar | Roshan Deshmukh
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The global readymade garments market size was valued at $983.7 billion in 2019, and is projected to reach $1,268.3 billion by 2027, registering a CAGR of 8.8% from 2021 to 2027. The outer clothing segment was the highest contributor to the market in 2019, and is estimated to grow at a CAGR of 8.8% during the forecast period. China and the U.S. were the prominent countries in the readymade garments market in 2019.

The demand for readymade garments remains consistent among consumers. However, the outbreak of the novel coronavirus has significantly affected the growth of the readymade garments market in the U.S. and rest of the world. This decline in growth in the readymade garments market is majorly attributed to the disruption of the supply chain. Moreover, halt in the production of clothing, fabric, and other complementary products due to social distancing being practiced all around the world has adversely affected the growth of this industry.

Readymade Garments Market

 

The growth of the readymade garments market driven by increase in fashion trend and its influence over consumers. This race to cope up with the changing fashion trend is anticipated to significantly influence consumers to purchase latest designs, especially worn by celebrities.Furthermore,rise in demand for nightwear and athletic wear has encouraged companies to launch new products to cater to increasing needs of customers. In addition, the demand for these outfits from the adult age group has increased considerably. Online retail platform is the major driver of the readymade garments industry. This is attributed to the fact that presently most of the readymade garments manufacturing companies have their own web-based retail stores where consumers can gain information about the latest fashion trends and material/fabric. In addition, the number of consumers shopping online is escalating at a high rate, owing to availability of varied product options and easy price comparison on online shopping sites. This is useful for retailers due to zero expenditure on physical outlets or showrooms. Some of the major reasons behind consumer preference for online shopping are consumers can read reviews provided by other consumers, compare various stores & products, and can compare product price by different sellers. All these factors collectively have contributed toward the global readymade garments market growth.

Improvement in economic condition and surge in disposable income propel the market growth. Increase in disposable income among the middle-income group acts as a major driver for the readymade garments market, as medium and highincome consumers in urban areas are shifting their consumption trend from essential to premium goods & services. This trend favors readymade garments market suppliers & institutions to enhance their product & services. However, negative impact on environment by the manufacturing of readymade garmentsacts as the major restraint of the global market. On the contrary, introduction of stretchable and quick-drying fabric offers immense opportunities for the market players to increase their share and strengthen their foothold in the competitive market.

Readymade Garments Market
By Product Type
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Outer Clothing was the dominant segment in 2019.

 

The global readymade garments market is segmented into product type, application, fabric type, age group, sales channel, and region. On the basis of product type,it is categorized into inner clothing and outer clothing. The applications covered in the study include formal wear, sportswear, causal wear safety apparel, and others. By fabric type, it is segregated into knit, woven and nonwoven. As per the age group, it is differentiated into old adults, adults, kids, and toddler. According to sales channel, the readymade garments market is fragmented into supermarket & hypermarket, independent retail stores, specialty stores, e-commerce, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA

Readymade Garments Market
By Application
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Formal Wear was the dominant segment in 2019.

 

Depending on product type,the outer clothing segment was the highest contributor to the market in 2019, and is estimated to grow at a CAGR of 8.8% during the forecast period. The dominance can be attributed to higher variety of outer clothing bought by consumers for various occasions and seasons. However, the inner clothing segment is expected to witness higher growth rate during the forecast.

Readymade Garments Market
By Fabric Type
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Woven was the fastest growing segment throughout the forecast.

 

Based on the readymade garments market forecast by application, the formal wear segment led the market in 2019, and is estimated to grow at a CAGR of 9.1% during the forecast period. This is attributed to increase in use of formal wear for office meetings and wedding. However, the others segment is expected to witness higher growth rate during the forecast.

Readymade Garments Market
By Age Group
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Adults was the dominant segment in 2019.

 

On the basis of fabric type, the woven segment dominated the market, in 2019, and is estimated to register a CAGR of 9.1% during the forecast period. The dominance of the woven fabric can be attributed to it being convenient in the field of garment production especially in formal attire production. However, the nonwoven segment is expected to witness a high growth rate of 8.6% during the forecast period.

Readymade Garments Market
By Sales Channel
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E-commerce was the fastest growing segment throughout the forecast.

 

Based on the readymade garments market analysis by age group, the adult segment exhibited the highest growth in 2019, and is estimated to grow at a CAGR of 9.1% during the forecast period. The growth of this segment is attributed to increase in disposable income of working population, i.e., adult population, globally. Moreover, changes in consumer buying behavior of this segment accompanied by need to have a distinct appearance is anticipated to offer potential opportunity for the market growth. However, the kids segment is expected to register aCAGR of 9.4% during the forecast period.

Readymade Garments Market
By Region
2027
Asia-pacific 
2027
Asia-pacific 
North America
North America
Europe
Europe
LAMEA
LAMEA

Asia-Pacific was the fastest growing regional segment throughout the forecast.

 

According to sales channel, the supermarket/hypermarket segment generated the highest revenue in 2019, and is estimated to exhibit a CAGR of 9.0% during the forecast period. The dominance of this category can be attributed to increase preference for supermarket and hypermarket in both the mature and emerging markets. Moreover, these retail establishments act as one-stop solution, thus making them a popular destination for shopping among consumers. However, the e-commerce segment is expected to witness higher growth rate during the forecast.

Region wise, Asia-Pacific led thereadymade garments market in 2019, and is estimated to grow at a CAGR of 10.1% during the forecast period.This is attributed to stable economic condition coupled with increase in disposable income. Moreover, consumer’s preference for healthy lifestyle and consistent rise in adventure tourism and outings boost the growth of the sports garments in the region. Furthermore, easy availability of new and performance-enhancing sports apparel has led to rise in adoption of premium products, thereby driving the adoption of premium or luxury garments in this region However, LAMEA region is expected to witness high growth rate during the forecast period.

The players in the readymade garment industry have adopted product launchas their key development strategy to increase profitability and improve stance in the readymade garments market share.The key players profiled in thereport includeLouis Vuitton, Nike Inc., GAP, VF Corporation, H&M, Zara, Hanesbrands Inc., Under Armour, PVH Corporation, and Benetton Group.

Key Benefits for Stakeholders:

  • The report provides a quantitative analysis of the current readymade garments market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
  • Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis and the market size and segmentation assist to determine the prevailing readymade garment smarket opportunities.
  • The major countries in each region are mapped according to their revenue contribution to the readymade garments market size. 
  • The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry.

Readymade Garments Market Report Highlights

Aspects Details
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By Product Type
  • OUTER CLOTHING
  • INNER CLOTHING
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By Application
  • FORMAL WEAR
  • SPORTS WEAR
  • CASUAL WEAR
  • SAFETY WEAR
  • OTHERS
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By FABRIC TYPE
  • .Knit
  • Woven
  • Non-woven
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By Age Group
  • OLD ADULT
  • ADULT
  • KIDS
  • TODDLER
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By Sales Channel
  • SUPERMARKETS/HYPERMARKETS
  • INDEPENDENT RETAIL STORES
  • SPECIALTY STORES
  • E-COMMERCE
  • OTHERS
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By Region
  • NORTH AMERICA  (US, CANADA, MEXICO)
  • EUROPE  (GERMANY, UK, FRANCE, ITALY, SPAIN, REST OF EUROPE)
  • ASIA-PACIFIC  (CHINA, INDIA, JAPAN, ASEAN, AUSTRALIA, REST OF ASIA-PACIFIC)
  • LAMEA  (LATIN AMERICA, MIDDLE EAST, AFRICA)
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Key Market Players

NIKE, INC., THE GAP, INC., LOUIS VUITTON (LVMH), ZARA, V. F. CORPORATION, BENETTON GROUP SRL, UNDER ARMOUR, INC., H&M HENNES & MAURITZ AB, HANESBRANDS INC., PVH CORPORATION

Analyst Review

The readymade garments market holds a significant scope for growth during the forecast period. Currently, the market is moving toward maturity stage and is expected to garner steady growth in major markets, which include the U.S., China, and India.

The readymade garments market has witnessed steady growth even under several unrests such as global uncertainty, weakened global economy, and others. According to the insights of the CXOs, the outer garments segment is anticipated to witness significant growth, owing to increase in the affinity of consumer toward trendy outerwear. In addition, increase in sponsored sports events by government and private organizations to augment the participation of young population from developing regions fosters the growth of the sports apparel segment. Moreover, rise in the frequency of direct to consumer advertisements is anticipated to propel the market growth. E-commerce segment has enabled consumers to procure exclusive readymade garments at lower cost, thereby increasing overall sales of readymade garments.

Author Name(s) : Sumesh Kumar | Roshan Deshmukh

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Readymade Garments Market

Global Opportunity Analysis and Industry Forecast, 2021-2027