Readymade Garments Market

Global Readymade Garments Market Size (2024 to 2029)

The size of the global readymade garments market is projected to be valued at USD 1559.3 billion by 2029 from USD 1055 billion in 2024, growing at a CAGR of 8.12% from 2024 to 2029.

Global Readymade Garments Market Drivers:

With the increasing global population, rising youth population and fashion awareness, low manufacturing cost, and easy availability of raw materials along with government support and fewer regulations, the readymade garments market is growing at a high rate. People reflect distinct wardrobe styles according to their respective places in practically every corner of the world, the use of artificial textiles such as polyester, Nylon, PP, and Acrylic has increased during the previous two centuries.

Increasing worldwide fashion trends and social media influence driving the growth of the readymade garments market. Consumers are willing to wear garments like celebrities wear, which is another driving factor for the market. Demand for nightwear and sportswear is increasing. E-commerce has become a major driver for the growth of the global garments market. Readymade garment manufacturing companies bring their products on their own online platforms, which creates easy availability of the products. The number of online shopping consumers is rising; online platforms give a wide range of products for comparison and price range. Increasing fashion trends, a rising youth population, and buying power are the driving factors for the market. The availability of a highly productive workforce, particularly women, at a reasonable price is the strength of the industry.

Global Readymade Garments Market Restraints:

The production of readymade garments affects the environment which negatively impacts the growth of the market. There is a lack of well-developed infrastructure/facilities for skill development, training, and other activities. Rising fast fashion, changing market demand, and customer preferences are the major challenges for the readymade garments market. Bringing new styles with customer demand became a challenge for manufacturers. Market demand switches with seasons and increasing demand for tailored production owing to comfort and fit is also a challenge for the market.

Impact of COVID-19 on the global readymade garments market:

The COVID-19 pandemic largely impacted the readymade garments market due to strict government guidelines for the closure of manufacturing plants and retail selling stores. International import-export trade has stopped, and major exporters like Bangladesh have experienced a decline in revenue. On average, almost a 17.4% decline in revenue was recorded in 2020 as compared to 2019 due to the COVID-19 pandemic. Due to the adoption of online buying during the COVID-19 pandemic, the online store segment of readymade garments will grow at a higher rate in the forecast period.

REPORT COVERAGE:

This research report on the global readymade garments market has been segmented and sub-segmented into the following categories.

Global Readymade Garments Market - By Type:

• Inner Clothing
• Outer Clothing

The outer clothing segment holds the highest market share and is growing with a CAGR of 8.8% during the forecast period. This dominance is due to high occasional and seasonal clothing purchases.

Global Readymade Garments Market - By Application:

• Formal Wear
• Casual Wear
• Sports Wear
• Safety Wear
• Others

The formal wear market is leading the market by application-based segmentation with a CAGR of 9.1% during the forecast period.

Global Readymade Garments Market - By Fabric:

• Knit
• Woven
• Nonwoven

By fabric, the woven segment is the leading market over knitting and nonwoven and is expected to grow at a CAGR of 9% and the nonwoven garments segment is expected to grow by 8.6% during the forecast period.

Global Readymade Garments Market - By Age Group:

• Old adults
• Adults
• Kids
• Toddler

The adult age group recorded the highest growth in 2023, and this segment is estimated to grow at a higher growth rate due to the increase in the global adult population. The kid's segment follows the adult age group by growth rate and is expected to grow at a CAGR of 9.4% in the forecast period.

Readymade Garments Market - By Distribution Channel:

• Supermarket/Hypermarket
• Retail Stores
• Specialty Stores
• Online Stores

The readymade garments market is segmented based on sales channels such as supermarkets, retail stores, specialty stores, and online stores. Due to a surge in supermarket and hypermarket adoption in both mature and emerging regions, the supermarket/hypermarket category accounted for more than one-third of the global readymade garments market in 2023. However, due to the rising e-commerce sector, the online store segment is expected to grow at a higher CAGR during the forecast period.

Global Readymade Garments Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East Africa

The Asia-Pacific region contributed the highest to the market in 2023 and is expected to grow at a CAGR of 10% during the forecast period. This highest contribution of Asia-Pacific is due to the large number of population countries in the region like China and India. Top exporters of readymade garments in the Asia-Pacific region are boosting the market. With easily available raw materials and an easily available labor force with low production and cost, Asia-Pacific was leading the market. Bangladesh exports around 6% of the world clothing market in readymade clothes.

European countries have a strong regional supply chain with central European countries. Until the early 2000s, Europe was the main exporter of readymade clothes, but since then, production has switched to growing countries such as India, Vietnam, Bangladesh, and China. This was done to lower labor costs in the manufacturing process and provide job possibilities in the region.

During the forecast period, the global readymade garments market in North America is predicted to grow at a CAGR of 7.9%.

Latin America and Middle East Africa will dominate the market during the forecast period. Rising demand for sportswear in the market and major key players are expanding their business in Latin America and Middle East Africa.

KEY MARKET PLAYERS:

Companies playing a dominating role in the global readymade garments market are Louis Vuitton, Nike Inc., GAP, VF Corporation, H&M, ZARA, Under Armour, Benetton Group, PVH Corporation and Hanesbrands Inc. The readymade garments market is highly competitive due to the large number of retail sellers available in the market. And there is competition between manufacturers to cope with recent fashion trends. The emergence of China as a key participant in the textile and apparel industry is projected to increase competitiveness in global markets. Denim products are widely accepted by larger age groups irrespective of gender, and innovation and developments considered comfort, fit, look, and environment-friendly by the use of spandex and lycra in weft yarn. Core-spun yarns with open-end and ring are being used to increase stretchability. Governments of various countries are increasing export rates and changing foreign policies to promote the export of readymade garments.