Changing consumer taste and preferences, increasing innovation, and growing online sales through digital platforms are the leading factors that are driving the global apparel and footwear market during the forecast period.
According to TechSci Research report, “Global Apparel and Footwear Market By Type (Apparel & Footwear), By Apparel Type (Casual Wear, Sports Wear, Night Wear, and Others), By Footwear Type (Shoes, Slippers and Others), By End-User (Men, Women and Kids), By Distribution Channel (Specialty Stores, Supermarkets/Hypermarkets, Online Channels, & Others), By Region, Competition, Forecast & Opportunities, 2026”, the global apparel and footwear market is expected to register a CAGR of over 7.48% during 2021-2026F and it is expected to reach around USD2605.60 billion by 2026, in value terms. Global apparel and footwear market grew at a significant pace in the past few years and is expected to register strong growth in the coming years as well, owing to increasing population and changing preferences of consumers that are highly active on digital media and have awareness of various trends. The continuous changing fashion, lower prices of products supported by aggressive branding, as well as increasing influence of western culture are the primary reasons driving the expansion of this sector. Other factors such as the advancement of e-commerce/online platforms also contribute to the growth of this market. Furthermore, the rising urban class population, strong brand awareness and increasing disposable income are augmenting the demand for good quality apparel and footwear products across the globe.
COVID-19 pandemic had a severe impact on the transportation, logistics and shipping industries and manufacturing supply chains owing to which a significant decline in trade has been observed in the market. The logistics industry faced issues due to decreased workforce, increased pressure on equipment availability, estimated congestion on specific ports, cost related issues and additional charges on few services. Many exporting companies could not complete their shipments for exports due to the unavailability of port facilities and workers. Due to movement restrictions during the lockdown, the supply chains were disrupted.
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The global apparel and footwear market is segmented in terms of type, apparel type, footwear type, end-user, distribution channel, region, and company. In terms of type, the global apparel and footwear market can be segmented into apparel and footwear. Among these, apparel market has dominated the global apparel and footwear market with the majority of market share in 2020, due to the increasing demand from young millennials, increasing internet penetration and rapidly changing fashion sense among consumers. In terms of End User, the global apparel and footwear market has been segmented into women, men and kids. Among which, the women end-user segment has accounted for the largest market share of more than 42% in 2020 and will continue to dominate the market throughout the forecast period.
In terms of distribution channel, the global apparel and footwear market is segmented into Speciality Stores, Supermarket/Hypermarkets, Online channels, and others. Among which, the speciality stores have dominated the global apparel and footwear market with the majority of market share in 2020 and will continue its dominance during the forecast period due to increasing number of stores, increasing income level and sedentary lifestyle pattern. Various countries across the globe, such as India, United States, Italy, etc., had imposed a lockdown for months which resulted in no outdoor activities and led to lesser purchase of apparel and footwear products, even various stores were forced to remain closed. It was only the online channels through which the global apparel and footwear companies could retain their market for few months when the COVID-19 impact was at its peak.
In terms of region, the global apparel and footwear market is divided into North America, Asia-Pacific, Europe, South America and Middle East & Africa. Among these, the Asia Pacific region is projected to hold the largest market share in the global apparel and footwear market by 2026, owing to the rising population and changing lifestyles. Various major market players are setting up their manufacturing plants and outlets in this region to save the transportation duration and excel against their competitors. In particular, United States, China, and India contributed more than half the absolute increased value.
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NIKE, Inc., Adidas AG, Industria de Diseño Textil, S.A., H & M Hennes & Mauritz AB, PVH CORP., VF Corporation, Puma SE, Kering SA, Next Plc and Aditya Birla Fashion and Retail Limited are some of the leading players operating in the global apparel and footwear market. Major companies are expanding their manufacturing bases in developing countries to meet rising demand across the developing countries in North America, Asia-Pacific, Europe, Middle East and Africa, and South America.
“Consumers are becoming more aware of the apparel and footwear industry’s impact on environment and on their health. They are now gravitating towards more durable products, re-evaluating their shopping patterns, and expressing an interest in adopting more environment friendly behavior. While customers are becoming more environmentally concerned, apparel and footwear firms are working to reduce fashion’s environmental effects by including material innovation, supply chain management, waste reduction through resale, rentals and launching upcycled garments.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Apparel and Footwear Market By Type (Apparel & Footwear), By Apparel Type (Casual Wear, Sports Wear, Night Wear, and Others), By Footwear Type (Shoes, Slippers and Others), By End-User (Men, Women and Kids), By Distribution Channel (Specialty Stores, Supermarkets/Hypermarkets, Online Channels, & Others), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global apparel and footwear market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global apparel and footwear market.
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