Mumbai
February 5, 2019 - According to a Netscribes’ report published on Research on Global Markets, the global garments market is expected to have a considerable compound annual growth rate (CAGR) of 4.4% and reach a market size of USD 1910.7 Bn by 2023.

According to the report, high-end luxury brands are capitalizing on consumer’s inclination towards discretionary expenditure and instant gratification by moving towards a see-now-buy-now model.

The demand for garments is mostly influenced by the disposable income and overall economic conditions of a region. Most of the demand for garments is from developed and developing countries due to the rising disposable income and changes in lifestyle patterns. Consumers prefer to buy garments in bulk at lower prices, which has benefited the global garments market. Key industry players in developed countries have been able to maintain profit margins by offshoring the production process to less developed countries. This has led to a reduction in the cost of production due to the low labour costs which have eventually translated to fall in the price of garments. The demand for garments has increased significantly due to offshoring.

The global garments market is divided on the basis of gender, type of product and distribution channel. Based on the gender and type of product segment, women and men’s garments account for 63.8% of the revenue, and the rest is generated by hosiery, sports and swimwear, intimate apparel, and clothing accessories. Specialist players are experiencing stiff competition from market players who are ensuring that the latest market trends hit stores in a matter of weeks. Based on the distribution channel, most of the market is still dominated by brick and mortar stores. The sale of garments via online platforms are expected to experience steady growth during the 2018-2023 period.

North America is expected to experience a 3.5% market growth in the sportswear and swimwear segment during the 2018-2023 period. Latin America is expected to exhibit the highest CAGR of 6.8% by 2023.

Key highlights of this report:
1. Trends in the global garments market.
2. Market attractiveness analysis, and geography-wise market revenue (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)
3. Qualitative analysis of the global drivers and challenges affecting the market and its segments
4. Value chain analysis
5. Porter’s five forces analysis
6. Market segmentation based on gender and product type (women’s and girls’ apparel, men’s and boys’ apparel, intimates, hosiery, sports and swimwear, clothing accessories and others) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
7. Market segmentation based on distribution channels (online and offline) – historical (2015–2017) and forecasted (2018–2023) market size (USD Bn), and key market observations
8. Detailed analysis of the key developments and major innovations in the market.
For more information, download the Global garment market:
https://www.researchonglobalmarkets.com/global-garments-market-2018-2023.html

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