The modest fashion industry is projected to reach USD 122.73 billion by 2030, growing at a CAGR of 5.70% from 2023 to 2030. According to the State of Global Islamic Economy report, Muslim consumer spending, including modest clothing, is expected to reach USD 3.0 trillion by 2021 from USD 1.9 trillion in 2014.
This market growth can be attributed to the increasing number of Muslims worldwide who prefer to wear modest clothing. The modest fashion industry is gaining popularity in the fashion world, especially in the sports sector, thanks to favorable changes in international game regulations. As a result, the market is expected to see significant growth between 2022 and 2029, driven by rising lifestyle and clothing expenditures among the Islamic population, as well as growing investments in online retail distribution.
The market is segmented on the basis of product, type, and application. The product segment includes ethnic wear, sustainable fashion, and sportswear. The type segment includes abayas and hijabs, prayer outfits, burkha and naqaab, thobes and jubbas, sportswear, and other. Meanwhile, the application segment is divided into Islamic men and Islamic women.
North America leads the market, driven by the rapid growth of young Muslim population, the rising ethnic fashion trends, and increasing immigration of Muslim population. The region is home to several multinational companies manufacturing Islamic clothing. The Asia-Pacific region, on the other hand, is expected to see the highest CAGR due to the increasing penetration of designer clothing in countries such as Indonesia, Malaysia, and India.