In a new report by Allied Market Research, the global readymade garments market size was valued at $983.7 billion in 2019. This research also projects that this market will reach $1.2 trillion by 2027, registering a compound annual growth rate of 8.8% from 2021 to 2027. The highest contributor to this growth was the outer clothing segment. The prominent market for apparel is China and the US.
The primary reason for such high forecasted growth is the increasing demand for clothes. Increasing promotion and innovative marketing are also increasing sales of clothes across the globe. Furthermore, sports apparel is in huge demand and the demand is projected to increase. Another section of growth was the formal wear section. In 2019 this segment of the market grew at 9.1%. However, another segment of the market is expected to exceed this growth rate in the future.
Based on the research, woven fabric has shown the highest growth in 2019, with a growth rate of 9.1%. On the other hand, the non-woven sector growth rate was 9.4%.
The key players in the readymade garments industry have relied on product launch and business expansion to remain relevant in the global readymade market share.