An Allied Market Research report says, global readymade garment industry is expected to reach $1,268.3 billion by 2027, growing at a CAGR of 8.8 percent from 2021 to 2027. The market will be driven by a rise in sports and fitness awareness and dynamic fashion trends and its influence over consumers. However, negative impact on the ecosystem is likely to hamper the market. On the contrary, rapid growth of online retail platforms and introduction of innovative apparel designs will create lucrative opportunities for players in future.
The report suggests, inner clothing segment is expected to manifest the highest CAGR of 10.0 per cent during the forecast period, owing to a rise in affinity of women toward various nightwear and shapewear, growing trend of night time fashion, and influence of celebrities over purchase of innerwear. By sales channel, the e-commerce segment is expected to portray the highest CAGR of 9.5 per cent during the forecast period, due to ease of accessibility and enhanced convenience offered by the online platform and emergence of advanced technology.
By region, market across Asia-Pacific is expected to register the highest CAGR of 10.1 per cent during the forecast period, owing to stable economic conditions coupled with increase in disposable income, consumer preference for a healthy lifestyle, and consistent rise in adventure tourism and outings. On the other hand, the global readymade garments market across North America is expected to register a CAGR of 7.9 per cent during the study period.