Growing Demand For Sports/Performance Wear Is Aiding The Clothing And Apparel Market’s Growth
The global clothing and apparel market is expected to grow from $844 billion in 2019 to nearly $1,183 billion in 2022 at a compound annual growth rate (CAGR) of 11.75%. The demand for sportswear and performance wear has been increasing globally. The shift in this category is mainly driven by increasing awareness about healthy lifestyles, and interest in fitness activities in the global population. The global sportswear market is expected to reach $184.6 billion by 2020 and will likely reach 10.4% user penetration in 2022. The changing consumer preferences towards clothing designed for fitness wear and other athletic activities is worn in other settings, such as at the workplace, school, or casual or social occasions, which will drive the demand for sportswear and performance wear, which in turn is expected to drive the overall clothing and apparel market globally.
Increasing consumer preference towards extra comfort and high-performance apparel is also driving the demand for multi-functional fabrics. Multi-functional fabrics are made using combinations of fibers such as natural and man-made fabrics with improved characteristics and applications. These textiles have protective capabilities such as flammability, water repellent solutions or laminates, ballistic protection, medical and hygiene benefits. These are mainly used in defense, industrial, athletics, or as outdoor apparel. Manufacturers such as Klopman International and Henan Tianyu Garment Co., Ltd are adding multi-functional fabric capabilities to existing products range to explore new markets.
Governments in developing countries are relaxing certain laws, which will also help drive the growth of the global clothing and apparel market. Norms such as foreign direct investments in developing countries are being relaxed to encourage investments from foreign companies. For example, in 2017, the government of India allowed 100% foreign direct investments (FDI) in single brand retail and 51% FDI in multi-brand retail, aiding foreign retailers in setting up their stores in India, which will lead to increase in apparel brands entering the country, which in turn is expected to drive the potential of the overall clothing and apparel market.