Readymade Garments Market is valued at USD 983.7 billion in 2021 and is expected to reach USD 1,268.3 billion in 2026, with a CAGR of 8.8% during the forecast period 2021 – 2026. With the increasing global population, rising youth population and fashion awareness, low manufacturing cost, and easy availability of raw material 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.
Readymade Garments Market Drivers and Restraints:
Increasing worldwide fashion trends and social media influence driving the growth of the readymade garments market. Consumers are willing towards garments similar to garments worn by celebrities with is another driving factor for the market. Demand for nightwear and sportswear is increasing. E-commerce became a major driver for global garments market growth. Readymade garment manufacturing companies bringing their products on their own online platforms, which creating 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, rising youth population, and buying power are considered to be the driving factors for the market. Availability of a highly productive workforce, particularly women, at a reasonable price is the strength of the industry.
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.
The denim products are widely accepted by larger age groups irrespective of gender and innovation and developments did consider comfort, fit, look, and environment friendly by use of spandex and lycra in weft yarn. To increase stretchability, core-spun yarns with open-end and ring are being used. Governments of various countries are increasing export rates and changing foreign policies to promote the export of readymade garments.
Major Challenges in the Readymade Garments Market:
Rising fast fashion, changing quick market demand and customer preferences is the major challenge for readymade garments market. Bringing new styles with customer demand became a challenge for manufacturers. Market demand switch with seasons and increasing demand for tailored production owing to comfort and fit is also a challenge for the market.
Competition in the marketplace:
The readymade garments market is highly competitive due to the large number of retail sellers are available in the market. And there is competition between manufacturers to cope up 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.
Readymade Garments Market Segmentation:
By type, the market is divided into inner and 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.
The market by application is divided into formal wear, casual wear, sportswear, safety wear, and others. The formal wear market is leading the market by application-based segmentation with a CAGR of 9.1% during the forecast period.
By fabric, the woven segment is the leading market over knit 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.
By Age Group:
The adult age group is recorded the highest growth in 2019, and this segment is estimated to grow with 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:
The readymade garments market is segmented based on sales channel as supermarket, 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 2019. But due to the rising e-commerce sector, online stores segment is expected to grow at a higher CAGR during the forecast period.
Readymade Garments Market-By geography:
Asia-Pacific region contributed the highest to the market in 2019, and is expected to grow at a CAGR of 10% during the forecast period. This highest contribution of Asia-Pacific is due to a large number of population countries in the region like China and India. Top exporters of the readymade garments market in the Asia-Pacific region are boosting the market in the region. Easily available raw materials and easy availability of labor force, with low production, 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%.
South 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 South America and Middle-East Africa.
The COVID-19 pandemic largely impacted on readymade garments market due to strict government guidelines for the closure of manufacturing plants and retail selling stores. International import-export stopped, 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 in the COVID-19 pandemic, the online store segment of readymade garments will grow at a higher rate in the forecast period.
Major Key Players in the Market:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Readymade Garments Market, By Type
6.1.1 Inner Clothing
6.1.2 Outer Clothing
6.1.3 Market Size Estimations & Forecasts (2021-2026)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Readymade Garments Market, By Application
6.2.1 Formal Wear
6.2.2 Casual Wear
6.2.3 Sports Wear
6.2.4 Safety Wear
6.2.6 Market Size Estimations & Forecasts (2021-2026)
6.2.7 Y-o-Y Growth Rate Analysis
6.2.8 Market Attractiveness Index
6.3 Readymade Garments Market, By Fabric
6.3.4 Market Size Estimations & Forecasts (2021-2026)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
6.4 Readymade Garments Market, By Age Group
6.4.1 Old adults
6.4.5 Market Size Estimations & Forecasts (2021-2026)
6.4.6 Y-o-Y Growth Rate Analysis
6.4.7 Market Attractiveness Index
6.5 Readymade Garments Market, By Distribution Channel
6.5.2 Retail Stores
6.5.3 Specialty Stores
6.5.4 Online Stores
6.5.5 Market Size Estimations & Forecasts (2021-2026)
6.5.6 Y-o-Y Growth Rate Analysis
6.5.7 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021 - 2026)
7.2.1 By Country
7.2.2 By Type
7.2.3 By Application
7.2.4 By Fabric
7.2.5 By Age Group
7.2.6 By Distribution Channel
7.3.1 By Country
220.127.116.11 Rest of Europe
7.3.2 By Type
7.3.3 By Application
7.3.4 By Fabric
7.3.5 By Age Group
7.3.6 By Distribution Channel
7.4 Asia Pacific
7.4.1 By Country
18.104.22.168 South Korea
22.214.171.124 South East Asia
126.96.36.199 Australia & NZ
188.8.131.52 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Application
7.4.4 By Fabric
7.4.5 By Age Group
7.4.6 By Distribution Channel
7.5 Latin America
7.5.1 By Country
184.108.40.206 Rest of Latin America
7.5.2 By Type
7.5.3 By Application
7.5.4 By Fabric
7.5.5 By Age Group
7.5.6 By Distribution Channel
7.6 Middle East and Africa
7.6.1 By Country
220.127.116.11 Middle East
7.6.2 By Type
7.6.3 By Application
7.6.4 By Fabric
7.6.5 By Age Group
7.6.6 By Distribution Channel
8. Key Player Analysis
8.1 Louis Vuitton
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Nike Inc.
8.4 VF corporation
8.7 Under Armour
8.8 Benetton Group
8.9 PVH Corporation
8.10 Hanesbrands Inc.
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures