Award-winning market research solution, Reportlinker.com, predicts the global apparel and footwear market to grow at a 6.65 per cent CAGR to reach $ 2736.86 billion by 2026. In its latest report Global Apparel and Footwear Market, Reportlinker.com says, apparel and footwear businesses are attracting investments from several large multinational companies. This has resulted in the gradual transformation of a commodity market into a branded products market, being dominated by multinational companies, adds the report.
The report segregates the global apparel and footwear market on the basis of type, product type, end-user, distribution channels and region. As per analysis, the apparel market dominates on account of factors such as rapidly changing fashion, increasing influence of western culture, growing internet penetration, as well as the continuous launch of altering fashion at lower prices supported by aggressive branding.
In 2026, specialty stores are anticipated to account for a majority share in the global apparel and footwear market; however, the online channels are expected to increase during the forecast period.