USD 62.46 billion
Report ID: SQMIG25K2050 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 61 | Figures: 75
Women’s Blazer Market size was valued at USD 62.46 billion in 2021 and is poised to grow from USD 64.77 billion in 2022 to USD 86.62 billion by 2030, growing at a CAGR of 3.7% in the forecast period (2023-2030).
The growth of the market is mostly attributed to the changing fashion trends and Asian Pacific consumers' acceptance of western fashion trends. The demand for women's blazers in the garment industry is anticipated to be aided by the growing number of working women. The Bureau of Labor Statistics reports that women held 50.4% of American occupations in 2020, up from 49.7% in 2019. Increasing consumer spending power, disposable income, and the expansion of the retail sector are anticipated to fuel market expansion over the forecast period. Furthermore, consumer spending is anticipated to be facilitated and the market expansion will likely be boosted by the largest business R&D and innovative product releases.
The product is made from a variety of fibers, including cotton, polyester, cellulosic nylon, wool, acrylic, and velvet. A person's impression of contemporary business is altered by the product. Also anticipated is a global market influence from fast fashion. The fast fashion business model has made it possible to buy designer apparel at a nearby store. Large volumes of products are produced at a lower quality and cost. As a result of expanding consumer spending, sales are increasing on the global market.
Additionally, producers are concentrating on raising the profile of their brands and the expectations of their customers. By making discounts and offers, manufacturers are also attempting to grow their consumer base. It is also anticipated that the launch of online platforms by significant merchants and producers will improve consumer accessibility and spur market expansion.
The global apparel market is seeing an increase in the sustainable and eco-friendly trend. One of the negatives of the market expansion is environmental issues and rising pollution brought on by the manufacturing process as well as waste generation. The market's expansion is anticipated to be constrained by growing awareness of the serious environmental effects. The United Nations estimates that 8% of the world's greenhouse gas emissions are produced by the worldwide apparel and footwear industry. A global trend that is influencing the traditional market is recycling and upcycling.
US Women’s Blazer Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 62.46 billion
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Global Women’s Blazer Market is segmented based on Fiber, Distribution Channel and region. Based on Fiber the market is segmented into Cotton, Polyester, Cellulosic and Others. Based on Distribution Channel the Women’s Blazer Market is segmented into Online and Offline. Based on region the global Women’s Blazer Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Women’s Blazer Market Analysis by Fiber
The polyester market dominated the market and made for over 45% of the global market's revenue in 2021. It is expected to rise at a CAGR of 3.2%. Polyester is a type of synthetic fiber that comprises substances with an ester functional group. The fiber, which is made from petroleum, is one of the most widely used in the global textile business. This fiber is strong and comparatively more affordable than other materials used to make clothing. Due to its durability and resistance to various environmental conditions, consumers prefer clothing made of polyester fiber. Given all these advantages, polyester is used most frequently in the textile industry to create clothing.
The cellulosic category is anticipated to experience substantial increase during the projection period. The segment is projected to have the highest CAGR in the global market, 5.7%. Cellulosic fiber is made by processing plant fibers including cotton, flax, wood pulp, and others. Cellulosic fiber is used to make a variety of textiles, including denim, corduroy, muslin, and organza. This fiber also has a strong ability to absorb moisture. These fibers are becoming more and more well-liked among consumers as the trend towards eco-friendly, sustainable, and green products grows. This is expected to increase consumer demand for cellulosic blazers, boosting the segment's growth over the forecasted period.
Women’s Blazer Market Analysis by Distribution Channel
The offline distribution channel had a bigger revenue share of around 75% in 2021 and was anticipated to expand at a CAGR of 3.3%. Examples of offline channels include shopping malls, specialty stores, wholesalers, and retail establishments. Major players and retailers use the conventional retail channel to boost sales. In this industry, the term "offline channel" refers to organized distribution channels that offer discount programs, customer-focused services, and direct sales of a variety of apparel to end consumers. Additionally, a lot of stores let clients test the authenticity and quality of the products, which influences their degree of confidence. As a result, the offline market segment contributes more to overall income.
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Asia Pacific is anticipated to have the greatest CAGR than any other region 4.4%, and a market share of about 25%. Because of countries like China and India, market income is rising. The Asia Pacific area acts as the production hub for the leading brands in the sector because of the reasonable labor costs and lax laws. As a result, local marketplaces now stock a wider variety of goods. Because of increased consumer disposable income and an expanding population, the market is likely to expand significantly throughout the forecasted period. The adoption of western dress patterns is also contributing to an increase in demand for the products in the business. In addition, improvements in the retail industry and the rise of both offline and online retailing are anticipated to fuel demand and market expansion in the area.
The European region held the highest market share on the global marketplace. In 2021, the region produced more than 30% of the revenue from the global market. This is mostly due to rising adoption rates and product awareness among prospective customers. The big player's robust presence on the market and extensive distribution network through their distribution channels or third parties are also credited with their higher market share. Well-developed nations like Germany, the U.K., and France are having a favorable impact on market revenue due to their greater levels of disposable income and purchasing power.
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Women’s Blazer Market Drivers
Increasing number of Women in Workforce to Bolster Market Growth
Women’s Blazer Market Restraints
Players might Face Hindrance During Forecast Period
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The market for women's blazers is characterized by the existence of numerous well-established players as well as numerous small and medium-sized players. In order to match consumers' expectations in light of shifting fashion consciousness, key players are concentrating on the development of new items. The major market participants also place a high priority on sustainable production and a sustainable supply chain. The development of novel approaches to improve the product's functioning and longevity is another area on which players are concentrating. Additionally, major firms are extending their regional reach through joint ventures, partnerships, mergers, and acquisitions. For instance, in June 2021 it was announced by the Prada Group and the Ermenegildo Zegna Group that they would be purchasing the majority of the shares of Filati Biagioli Modesto S.p.A.
Women’s Blazer Market Top Player’s Company Profiles
Women’s Blazer Market Recent Developments
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 by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Women’s Blazer market is mostly attributed to the changing fashion trends and Asian Pacific consumers' acceptance of western fashion trends. The demand for women's blazers in the garment industry is anticipated to be aided by the growing number of working women. One of the negatives of the market expansion is environmental issues and rising pollution brought on by the manufacturing process as well as waste generation. The market's expansion is anticipated to be constrained by growing awareness of the serious environmental effects.
|Market size value in 2021||USD 62.46 billion|
|Market size value in 2030||USD 64.77 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Women’s Blazer 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 Women’s Blazer 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.
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