Apparel Market to Experience a 1.9% YoY Decline

The global apparel market is expected to decline from $672.3 billion in 2019 to $659.7 billion in 2020 at a compound annual growth rate (CAGR) of -1.9%.

The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it.

The market is then expected to recover and grow at a CAGR of 8% from 2021 and reach $809.8 billion in 2023.

Asia-Pacific was the largest region in the global apparel market, accounting for 32% of the market in 2019.

Western Europe was the second largest region accounting for 28% of the global apparel market.

Africa was the smallest region in the global apparel market.

The growing awareness on the adverse effects of textile industry on environment is encouraging customers to opt for sustainable materials.

Unlike natural materials, synthetic fibers take long time to decompose as they are made from petroleum products.

Biological materials like spider silk are light and have tensile strength that are used in making garments.

Some of the companies also started creating a decomposable synthetic version of spider silk.

For example, Spiber Inc., a Japanese biomaterials specialist, was the first to produce artificial spider silk.

The company uses genetically modified E.coli to produce the silk proteins which are used to produce silk fibers.

Apparel manufacturing companies also have cameras linked to computers to detect the edge of a piece to carry out stitching, thus indicating high degree of automation in the apparel manufacturing industry.

Report Scope

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market.

It traces the market’s historic and forecast market growth by geography.

It places the market within the context of the wider apparel market, and compares it with other markets.

  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the Covid 19 virus and forecasting its recovery.
  • Market segmentations break down market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of Covid 19 for all regions, key developed countries and major emerging markets.
  • Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
  • The apparel market section of the report gives context. It compares the apparel market with other segments of the apparel and leather products market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, apparel indicators comparison.

Companies Mentioned

  • NIKE Inc.
  • Adidas AG
  • VF Corporation
  • PVH Corp.
  • Hanesbrands Inc.

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