The new report by Expert Market Research titled, ‘Global Readymade Garments Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global readymade garments market, assessing the market based on its segments like product type, application, fabric type, gender and distribution channel. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 8.70%
The formal clothing segment experienced moderate growth in the historical period, based on application. Because formal wear mixes decency and professionalism into the attire, it is in high demand in the corporate world. Meanwhile, due to the growing preference for comfortable clothing options, especially after the COVID-19 epidemic and the prevalence of work-from-home culture, the casual wear sector is expected to account for a large share of the market throughout the projection period. This is projected to have a substantial impact on the entire market’s growth. Due to the growing popularity of many e-commerce websites that provide a variety of alternatives combined with great discounts, the online segment is expected to rise rapidly in the forecast period. The websites’ cash-on-delivery option has proven to be convenient for customers, and it is expected to help the segment develop even more. Meanwhile, due to increased urbanization and the creation of shopping malls, particularly in developing nations, the supermarket and hypermarket category is projected to account for a large percentage of the market.
Industry Definition and Major Segments
A readymade garment is a finished textile product and is made up of various fabrics and yarns. The characteristics of readymade garments totally depend on the sort of cloth employed.
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Based on product type, the market can be broadly divided into:
• Outer clothing
• Inner clothing
The readymade garments market can be broadly divided based on its application segments into:
• Formal wear
• Sports wear
• Casual wear
• Safety apparel
• Others
Market segmentation on the basis of fabric type:
• Knit
• Woven
• Non-woven
On the Basis of gender, the market can be divided into:
• Men
• Women
• Kids
On the basis of distribution channel, the market has been divided into:
• Supermarket and Hypermarket
• Independent Retail Stores
• Speciality Stores
• Online
• Others
On the Basis of region, the market can be divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa
Market Trends
Due to continually changing fashion trends, the worldwide readymade garments business is driven by the rising fashion and clothing sector. Changing fashion trends and the availability of appealing and diverse outfits, including sustainable clothing options, are likely to positively influence the market over the projection period. Furthermore, active advertising and ad efforts by prominent fashion labels are likely to boost market growth even more. Meanwhile, due to rising consumer desire for easier purchasing choices, the e-commerce industry is expected to help market expansion over the projection period. E-commerce platforms offer benefits such as price comparison and cash-on-delivery choices, as well as diversification and enticing offers on numerous brands, all of which help to boost product sales online.
Key Market Players
The major players in the market are Louis Vuitton Malletier SAS, Nike, Inc., The Gap, Inc., VF Corporation, Hennes & Mauritz AB, Zara, Hanesbrands Inc., Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company’s expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
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