As per the report published by Kings Research, Menswear Market was valued at USD 546.36 billion in 2023. The market is projected to reach USD 924.52 billion by 2031, growing at a CAGR of 6.89% from 2024 to 2031.
Menswear Market is exhibiting steady growth, driven by factors such as increasing fashion consciousness among men, rising disposable incomes, and evolving lifestyle trends. Key segments are witnessing robust demand, backed by the growing focus on sustainable and ethically sourced products. E-commerce platforms are playing a significant role in expanding market reach and accessibility.
Global Key Players:
Adidas AG, Alex Mill, Burberry Limited, Calvin Klein, Guccio Gucci S.p.A., Hanesbrands Inc., Nike, Inc, Patagonia, Inc., RALPH LAUREN MEDIA LLC, Tommy Hilfiger Licensing, LLC.
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However, challenges such as fluctuating raw material costs and competitive pricing strategies persist, pushing industry players to innovate and adapt to changing consumer preferences to maintain a competitive edge.
Top Key Insights:
- Based on product type, the apparels segment accounted for the largest market share of 46.85% in 2023
- Based on distribution channel, the online retailer segment is estimated to register a CAGR of 8.71% between 2024 and 2031
- On the basis of region, Asia-Pacific led the market in 2023 with a revenue share of 35.08%
Menswear Designer Zachary Prell Introduces New Menswear Brand – Orchard & Broome
February 2024: Renowned menswear designer Zachary Prell introduced a new brand, Orchard & Broome, marking a significant development in the fashion industry. Positioned at the convergence of streetwear and luxury, the brand responded to evolving menswear trends. Prell, the brand's co-founder and CEO, emphasized the use of premium materials like Peruvian pima cotton and versatile cotton blends. Orchard & Broome's launch signified a fresh perspective and a commitment to quality, catering to the dynamic preferences of modern consumers.
Incorporation of Sustainable Materials in Products Presents an Opportunity for Market Growth
The global menswear market presents a prime opportunity for brands that prioritize eco-friendly materials. This is due to the growing consumer awareness and demand for sustainable fashion, which highlights a significant market gap for menswear made from recycled fabrics, organic cotton, and other environmentally friendly materials. Companies investing in this niche can capitalize suitably on the shift towards conscious consumerism, offering stylish yet sustainable options that appeal to the modern man's values.
Increasing Emphasis on Offering Inclusive Sizing Options to Positively Impact Product Outlook
Catering to diverse body types and style preferences within the men's fashion industry is foreseen to impact the market favorably in the forecast duration (2024-2031). Many consumers struggle to find well-fitting clothes that suit their unique shapes and personal tastes. Brands focusing on inclusive sizing can expand their offerings to include a wide range of sizes and diverse styles, which would enable them to tap into a sizable market segment that is often underserved. By prioritizing inclusivity, these brands can foster customer loyalty and expand their reach in the competitive menswear market.
Asia-Pacific is Slated to Be the Fastest-Growing Region, Exhibiting the Highest CAGR of 8.42% Between 2024 and 2031
Based on region, the global menswear market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. The Asia-Pacific menswear market is anticipated to experience rapid growth due to several factors, including the region's large population, particularly in countries such as China and India, which represent a substantial consumer base.
Additionally, rising disposable incomes, urbanization, and a growing fashion consciousness among men contribute to increased demand. Furthermore, the expanding e-commerce sector and availability of a wide range of products cater to diverse consumer preferences, which is set to foster regional market growth.
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