A new report published by Allied Market Research estimates the global readymade garments market will grow at a CAGR of 8.8 per cent to reach $1,268.3 billion by 2027. Titled ‘Readymade Garment Market by Product Type, Application, Fabric Type, Age Group, Sales Channel, and Region: Global Opportunity Analysis and Industry Forecast’, the report estimates the outer clothing segment will grow at a CAGR of 8.8 per cent during the forecast period. China and the US are expected to lead this growth.

Formal wear is estimated to grow at a CAGR of 9.1 per cent. However, the others segment is expected to witness higher growth rate during the forecast. The woven segment is estimated to register a CAGR of 9.1 per cent during the forecast period. However, the non-woven segment is expected to witness a high growth rate of 8.6 per cent during the forecast period.

The adult segment is estimated to grow at a CAGR of 9.1 per cent while the kids segment is expected to grow at 9.4 per cent during the forecast period. Among sales channel, the supermarket/hypermarket segment is estimated to exhibit a CAGR of 9 per cent during the forecast period. However, e-commerce segment is expected to witness higher growth rate. Region wise, Asia-Pacific is estimated to grow at a CAGR of 10.1 per cent while the LAMEA region is expected to witness high growth rate during the forecast period.