What is the global market size of Men’s Wear Market?

Men’s Wear Market size was valued at USD 560.2 billion in 2021 and is poised to grow from USD 594.26 billion in 2022 to USD 952.89 billion by 2030, growing at a CAGR of 6.08% in the forecast period (2023-2030).

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

Q: What is the key market trend for Global Men’s Wear Market?

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.

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.

Global Men’s Wear Market Report Snapshots

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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. '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.', '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.'

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.

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.

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.

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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

Global Men’s Wear Market Insights

Global Men’s Wear Market Report Snapshots

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