The global western wear market is expected to register a compound annual growth rate of 4.8 per cent by 2023. Europe dominated the market in 2016 and is expected to maintain its position through 2023, growing at a CAGR of 3.8 per cent in terms of value. The region accounts for three-sevenths of the market.

However, the biggest growth will come from the Asia-Pacific. In 2016, China and Japan collectively accounted for about half of the total Asia-Pacific western wear market. Now the region is expected to register the highest CAGR, 6.2 per cent, in terms of value—with India expected to grow 12.2 per cent.

The large fashion-conscious youth population in Asian countries like China and India are expected to lead the increased demand for western wear. And women’s western wear will outpace men’s. Fashion designers have always been experimenting with women’s fashion in terms of material, design, and palette. Women held a dominant position in 2017 and would continue to maintain the lead over the forecast period.

Major players in the western wear space include Benetton, Diesel, Gap, Forever 21, Inditex, Bestseller, Marks & Spencer, H&M and Mango. On the higher end, brands like Gianni Versace, Chanel and Hermès are counted as key in the space.