Western Wear Market Expected To Reach $ 99,423 Million By 2023
According to a new report released by Allied Market Research titled, Western Wear Market by Type, Distribution Channel and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, ” The global western clothing market size was $ 71,132 million in 2016 and is expected to reach $ 99,423 million by 2023, registering a CAGR of 4.8% from 2017 to 2023. Europe dominated the market global western clothing market in 2016, accounting for three-sevenths of total revenue share.
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Western wear is a unique and comfortable clothing segment derived from the old American western region of the 19th century. The growth in disposable income and the expansion of online clothing retailing has led to a surge in demand for Western clothing. Rising youth population and fashion awareness among consumers are fueling this market growth. Dynamic fashion trends are driving down sales of existing clothing; So, to cope, clothing brands are focusing on sponsoring celebrity fashion events and wardrobes to set specific fashion trends. Manufacturers are collaborating with packaging companies to offer innovative packaging for clothing such as biodegradable barriers, which are expected to drive market growth in the near future.
The formal clothing segment is expected to dominate the western clothing market during the forecast period. However, casual wear is expected to attract considerable attention from consumers of different cultures.
Luxury brand awareness and social media trends are expected to drive the growth of the Western clothing market during the forecast period. Online retailing is one of the major factors propelling the growth of the Western clothing market as this channel makes products available to consumers in various regions. As a result, the social media platform provides new emerging fashion trends, thereby increasing the promotion and awareness of the products.
Key Findings of the Western Clothing Market:
- In terms of value, the formal wear segment is expected to grow at a CAGR of 4.40% during the forecast period.
- Asia-Pacific is expected to dominate, registering the highest CAGR of 6.2%, in terms of value. Europe is expected to maintain its position throughout 2023, with a CAGR of 3.8%, in terms of value.
- It is estimated that the online platforms segment would represent more than a quarter of the total market in 2016.
- China and Japan collectively accounted for about half of the total Western clothing market in Asia-Pacific in 2016.
- In the global western wear market, India is expected to grow at a CAGR of 12.2%, in terms of value.
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In 2016, Europe accounted for around a third of the total western wear market and is expected to maintain its position during the forecast period. The development of the lifestyle and the increase in the disposable income of consumers are expected to boost the Asia-Pacific market.
Some of the major players operating in the western wear industry are Benetton Group Srl, Diesel SpA, The Gap Inc., Aditya Birla Fashion and Retail Ltd.Bestseller, Forever21, Inc., Marks and Spencer plc., Hennes & Mauritz AB, MANGO and Inditex SA.
Other Western clothing brands such as Gianni Versace SpA, Chanel SA LVMH Mot Hennessy Louis Vuitton SE and Herms International SA are gaining popularity among the young population, propelling the growth of the Western wear market.
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