The market for garments is facing rapid changes. Many retail brick and mortar stores are getting closed up or downsized but the demand is ever multiplying due to the online market space. This trend is expected in the market to continue and is expected to be fuelled by the growth of e-commerce, mobile users and personalisation of apparels. The global market for garments is expected to witness technological upgradation. Textile machinery hubs like Germany, India, Italy, China are already innovating in the market and these machines are capable of producing high – quality clothing. The major factors influencing the growth in the market include rise of environmentally friendly fibres, rising demand from the developing countries and rising demand for non – woven textile products.
Ken Research’s Global Garments Market (2018-2023) gives a detailed analysis on the global market for garments. The report provides details about the major challenges impacting the market growth. The report contains an in-depth analysis of the vendor's profile, which includes financial health, business units, key business priorities, SWOT, strategies, and views. The prominent vendors covered in the report include Gap Inc, H&M, Inditex,Kering, L Brands, LVMH, Nike, Adidas, Calvin Klein and Burton. The report will help the investors make strategic decisions.
Online platforms like Amazon and other big regional players are likely to expect rises in their revenues from the apparel section. Though many consumers use these platforms for comparison of prices, quality, reviews and offers, the platforms are looking to integrate various other fashion partners and influencers and try other engaging methods to boost sales.Research also show about the trends of sourcing to be diverse from multiple countries and regions that provides variability in costs, speed and flexibility. But many companies are discovering new sourcing destinations to reduce the number of vendors they are collaborating and working with due to social and environmental compliance costs. Another trend in the market is the onshoring and offshoring that is becoming much more visible than it used to be.
Region – wise, China lead the world’s production and exports in both raw textiles and garments market. This is followed by India and the US. North America is the leading producer and exporter of raw cotton. Apart from these, there are many developing countries moving up the ladder like Pakistan, Sri Lanka and other South American countries. The dynamics of China which is moving towards a service – based economy, will move the market for garments as well towards the developing markets.
For more information on the research report, refer to below link:
Ankur Gupta, Head Marketing & Communications