The global Men’s Wear Market size is projected to touch USD 741.2 billion by the end of 2025, according to a new report released by Million Insights. It is estimated to grow at a CAGR of 6.3% from 2019 to 2025. The market growth is attributed to growing preferences for style and personal grooming along with rising social-media campaigns to maintain casual and formal styles among adults. Further, the increasing penetration of e-commerce retails such as Amazon, Myntra, eBay and Mr. Voonik have become a popular shopping mode for customers resulting in growing sales of various fashionable men’s wear products.
The men’s fashion is influenced by various fashion shows conducted worldwide across London, Milan, Paris, Berlin, Rome, Barcelona and New York has made a profound impact on the latest trends and garnished men’s fashion. Moreover, fashion magazines such as Fantastic Men, Nylon Guys and Men’s Vogue featuring famous celebrities and their clothing styles have also supported the growth of men’s fashion.
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By product, led the men’s wear market, in 2018 and is anticipated to continue its dominance in the forecast period. Key players are focusing on the development of innovative products having a touch of traditional values that are highly demanded by customers. For example, a leading player named Raymond Group, in 2018 introduced traditional Khadi products under the names, Ethnic and Next Look. These brands will sell products including trousers, short kurtas, bandh galas, shirts and long kurtas, with a price range of 3000 to 4000 INR.
Asia Pacific is projected to grow at the highest CAGR of 6.6% over the forecast period. The increasing number of mobile phone users and their preference for the online purchase is attributed to regional market growth. This has resulted in increasing investments by the key players on enhancing their online portals to ensure their dominance in the market over the forecast period. Further, this region has large number of middle-class population in nations such as India, Bangladesh and China are anticipated to be supporting factor for market growth.
Key players in the market include Guccio Gucci S.p.A.; Nike, Inc.; Adidas Group; LACOSTE; Gianni Versace S.r.l.; HUGO BOSS; Tommy Hilfiger, LLC; LEVI STRAUSS & CO.; RALPH LAUREN MEDIA LLC; Raymond Group; and Calvin Klein. Key players are focusing on continuous product innovation and are expected to follow the same strategy in the coming years.
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Further key findings from the report suggest:
• The footwear division is projected to achieve a revenue of USD 280 billion by 2025.
• Online distribution channel is projected to grow with a highest CAGR of 11.4% over the forecast period.
• North America achieved a revenue of USD 148.5 billion in the year 2018.
Million Insights has segmented the global men’s wear market on the basis of type, fabric, and region:
Men’s Wear Product Outlook (Revenue, USD Billion, 2015 – 2025)
Men’s Wear Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
Men’s Wear Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)
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