USD 465.79 billion
Global Men’s Wear Market Size, Share, Growth Analysis, By Product type(Clothing/Apparel, Accessories), By Distribution channel(Online and offline) - Industry Forecast 2024-2031
Report ID:
SQMIG25K2063 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|
Tables:
61 |
Figures:
78
Global Men’s Wear Market Insights
Global Men’s Wear market size was valued at USD 465.79 billion in 2022 and is poised to grow from USD 480.23 billion in 2023 to USD 613.08 billion by 2031, at a CAGR of 3.1% during the forecast period (2024-2031).
Menswear is generally made of structured and durable fabrics with neutral colors and more subdued embellishments as compared to women’s apparel. It is available in a wide variety, ranging from sportswear, winter wear and nightwear to casuals, formals and ethnic. One of the recent trends in the industry is the rising demand for customization and tailored clothing. With the rising fashion-consciousness and increasing importance of personal appearance among men, the demand for menswear is escalating across the globe. Besides this, the significant growth in the e-commerce industry and an increase in their purchasing power have prompted the male population to spend more on clothing. This has also encouraged them to purchase clothes through online shopping platforms as they offer convenience, save time, and provide numerous options. Furthermore, with the growing environmental consciousness, several leading brands have introduced ecological clothing made from organic materials as opposed to synthetic fabrics that can cause skin allergies.
Moreover, many premium brands, like Ralph Lauren, Burberry, and Armani, are focusing on expanding their product portfolio by launching specialized menswear sections. Other factors, such as the rising influence of social media and the aggressive marketing strategies, including celebrity endorsements, festive sales and promotional discounts, adopted by the manufacturers, are also driving the market growth.
US Men’s Wear Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
online
Fastest Growth
online
Growth Rate
3.1% CAGR
Global Men’s Wear Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Men’s Wear Market Size By distribution channel 2021-2030 ($ Bn)
Global Men’s Wear Market Size By distribution channel 2021-2030 (%)
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Global Men’s Wear Market Segmental Analysis
Men’s wear Market has been segmented based on Product Type, Distribution Channel, and region. Based on product type, the market is further sub-segmented into Clothing/Apparel, Accessories, and Footwear. On the basis of distribution channel, the Men’s Wear Market is further sub-segmented into offline and online. Based on region, the Men’s Wear Market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Men’s Wear Market Analysis by Product Type
The largest share belonged to the clothes and apparel sector. This product category includes outerwear, innerwear, sleepwear, sportswear, activewear, and ethnic clothing. Jackets, coats, blazers, suits, vests, shirts, polo shirts, jumpers, cardigans, hoodies, sweatshirts, jerseys, tanks, thermals, and pullovers are examples of upper clothing. Trousers, shorts, jeans, pants, tights, three-quarters, and cargos are examples of lower clothing. Increasing adult use of sports apparel as a result of rising working-class health consciousness is anticipated to positively affect the growth of the men's wear market.
Men’s Wear Market Analysis by Distribution channel
Due to exposure and accessibility to the greatest number of consumers, offline distribution channels made up the largest portion of the market. Online clothing purchases are uncomfortable for a particular segment of the population. Moreover, rapid availability and seasonal clearance prices can entice customers to this distribution channel. The availability of the newest trends, rarest brands, and most sought-after clothing fads at the most convenient price, coupled with the biggest discounts, is expected to drive considerable growth in the online distribution channel in the upcoming years.
Global Men’s Wear Market By distribution channel 2021 (%), 2022 (%)
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Global Men’s Wear Market Regional Insights
Due to its larger buying power parity than other regions, North America had the greatest market share in 2021. In addition, the U.S. market is home to a huge number of brands, including Ralph Lauren, Calvin Klein, Tommy Hilfiger, and Hollister. As a result, the global market has strong roots in the area and has a significant impact on the entire world.
Asia-Pacific to experience Robust Growth in the Menswear Market, the menswear industry witnessed significant growth in recent years in China and India. This is because male shoppers tend to focus on quality and style, purchasing high-quality garments. India has most of a young population, about 65% below 35 years of age, stimulating the menswear market. The rapid growth of China’s economy, increasing purchasing power among China’s urban middle-class customers, brand awareness, and demand for apparel quality drive the Chinese menswear market. The future of online shopping for men will continue to grow, owing to an increase in consumer acceptance of the internet as an alternative shopping channel; given this fact, the menswear market will increasingly become competitive.
Global Men’s Wear Market By Geography, 2021-2030, 2024-2031
- Largest
- Fastest
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Global Men’s Wear Market Dynamics
Men’s Wear Market Drivers
Social Media Influence to Bolster Market Growth
- In the coming years, rising social media adoption is anticipated to fuel the apparel market. Through their social feeds, influencers and fashion icons on social media platforms inform users of the newest trends and other facets of fashion. These people then make purchases through social media. Instagram, an American social networking service, launched a new feature in their app in 2020 that enables creators to sell goods directly from the app. Influencers can connect with customers using this function and market their products on the app. Global men's market growth will be influenced favourably by new integrated product offerings and the growth of social media.
Men’s Wear Market Restraints
Trade Tariffs to Hinder Market Growth
- Restrictions on Free Trade: In order to strengthen their domestic economies, several industrialised and developing economies are putting limits on free trade. In addition to renegotiating NAFTA (the North American Free Trade Agreement) and raising duties on Chinese produced goods, the US administration is adopting a more protectionist position. These modifications may trigger a larger trade conflict, reversing the current trend towards increased global free trade. A rise in trade barriers, for instance, may, between 2016 and 2020, result in an increase in import costs of 10% and a reduction in exports of 15%. This would have an impact on the expansion of the men's market, which depends on the quick and inexpensive movement of goods between nations.
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Global Men’s Wear Market Competitive Landscape
The Men’s wear market is highly competitive and most of the companies have vast distribution channels across regions and are fully integrated across the chain. Companies compete among themselves by aggressive pricing strategy, to gain a higher market share. They also focus on developing new products with the absorption of new technology and refining its produced products to sustain in the competition and to gain higher market shares among the competition. Along with product innovations, players are aiming at strategic partnerships with regional players to strengthen regional footprint in the market.
Men’s Wear Market Top Player’s Company Profiles
- H&M
- Zara (Inditex)
- Nike
- Adidas
- Uniqlo
- Levi Strauss & Co.
- Gap Inc.
- PVH Corp. (Calvin Klein, Tommy Hilfiger)
- Ralph Lauren
- Hugo Boss
- Burberry
- Giorgio Armani
- Lululemon Athletica
- Under Armour
- Puma
- Kering Group (Gucci, Saint Laurent)
- Fast Retailing (J Brand, Theory, Comptoir des Cotonniers)
- LVMH (Louis Vuitton, Dior, Kenzo)
- Richemont (Cartier, Dunhill, Montblanc)
- Michael Kors Holdings.
Men’s Wear Market Recent Developments
- In March 2024, Myntra is strengthening its strategic partnerships with international brands to enhance the consumer experience.
- In March 2024, Zegna Group's "quiet luxury" Zegna menswear products saw a 20% increase, reaching $1.2 billion across its brand portfolio. The US-based Thom Browne brand, renowned for its contemporary take on tailored work attire, achieved a 15% growth, reaching $409 million. Additionally, the recently acquired Tom Ford Fashion brand contributed $255 million to the company's revenue, including $105 million in the fourth quarter.
- In February 2024, India's direct-to-consumer (D2C) market, projected to reach $100 billion by 2025, has experienced remarkable growth in recent years. Fashion startups dominate the D2C segment, benefiting from the country's burgeoning fashion industry, forecasted to reach $43.2 billion by 2025. D2C brands seek to leverage Indian consumers' increasing demand for innovation and declining loyalty to traditional players.
Global Men’s Wear Key Market Trends
- According to a Forbes article titled "The Emergence of The New Male Power Shopper," men have recently shown a renewed interest in shopping and have even begun to overtake female consumers both online and offline. Every single cliché that has recently been prevalent has been outcast by the millennial generation. Both hedonistic and utilitarian shoppers account for a sizable portion of this group. E-commerce was a major factor in the development of this trend. Also, the issue is being positively impacted by the growing purchasing power of men around the world. Due to these reasons, the majority of businesses now prioritise targeting men when creating and promoting their products. A variety of brands, including Untuckit, Lululemon, Gap, and Bonobos, have recognised the buying power of males and developed products for them. The appearance of celebrities in media including movies, television, news, magazines, posters, and talk shows has a significant impact on fashion and dressing habits. Celebrities set trends as well as affect fashion by donning the latest trends.
Global Men’s Wear Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Men’s wear market analysis, the adoption of a luxury lifestyle among consumers has influenced the purchasing power to opt for luxury wear among millennials. People tend to spend on fashion wear, party wear, and even nightwear. Rapid growth and rising urbanization lead to a modern class of consumers with more money to spend that develop a growing passion for current fashion. The demand for occasion-specific clothing is growing within the menswear segment. A boosted exposure to the internet and e-commerce has improved the fashion consciousness and availability of high-end brands and rare products. Over the past few years, the companies have been targeting men’s wear due to growing purchasing power in emerging economies, including China and India. The rising influence of media and marketing strategies adopted by e-commerce platforms such as celebrity endorsements, promotional discounts, and festive sales are anticipated to fuel the market's growth in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 465.79 billion |
| Market size value in 2031 | USD 613.08 billion |
| Growth Rate | 3.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Men’s Wear Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Men’s Wear Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Men’s Wear Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Men’s Wear Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Men’s Wear Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Men’s Wear Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Men’s Wear Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Men’s Wear Market Report Snapshots
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