Menswear Market Size
|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and it's growth?
Menswear Market Analysis
The menswear market is projected to register a CAGR of 5.89% over the forecasted period.
Men these days are very up-to-date about their appearance and fashion. The consciousness of fashion and clothing around the world is increasing. For every occasion, there is a different outfit for men these days. An increase in e-commerce websites, affordable clothing, and the increased purchasing power of consumers are driving the market. The market players adopt different strategies to attract consumers, such as offering promotional discounts, casting celebrities in their advertisements, and having festive sales. In addition, companies are developing new shopping experiences for consumers to provide them with the finest shopping experience possible. For instance, in May 2022, H&M launched a new in-store shopping experience enabled by technology in the United States. This in-store shopping experience provides consumers with personalized recommendations, fast checkout, seamless payment, and upgraded delivery or return options.
The adoption of a luxury lifestyle among consumers has influenced the purchasing power of millennials to opt for luxury wear. People tend to spend on fashion wear, party wear, and even nightwear. Rapid growth and rising urbanization lead to a modern class of consumers with more money to spend who develop a growing passion for current fashion. The demand for occasion-specific clothing is growing within the menswear segment. Over the long term, the digitalization of online shopping apps, increased spending power, and awareness of clothing among men are expected to drive the market.
Menswear Industry Segmentation
Menswear means the clothes that are made for men which include shirts, pants, and seasonal wear as well. The global menswear market is segmented by product type, distribution channel, and geography. Based on product type, the market is segmented into trousers, denim, t-shirts, nightwear, winter wear, sportswear, and other product types. Based on distribution channels, the market is segmented into offline retail stores and online retail stores. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
|Other Product Types|
|Offline Retail Stores|
|Online Retail Stores|
Menswear Market Trends
This section covers the major market trends shaping the Menswear Market according to our research experts:
Growing Inclination for Online Shopping Among Men
A boost in exposure to the internet and e-commerce has improved fashion consciousness and the availability of high-end brands and rare products. Over the past few years, the companies have been targeting men’s wear due to growing purchasing power in emerging economies, including China and India. The rising influence of media and marketing strategies adopted by e-commerce platforms, such as celebrity endorsements, promotional discounts, and festive sales, is anticipated to fuel the market's growth in the coming years. Moreover, with the increasing number of online users, there has been a steady rise in online transactions and the average amount of money spent online. The users are ready to buy the goods on the spot due to online retail's ease, convenience, and time-saving advantages. Many luxury brands are forming partnerships with technology companies to enhance people's shopping experiences. For instance, in February 2022, LMVH Japan and SoftBank Corp. signed a partnership agreement. This agreement enhanced the online sales of LMVH with the help of the expertise of SoftBank Corp. in digitalization. The increased security features offered by online retailers, such as online payments, free delivery, improved online customer services, and the more customer-friendly design of shopping websites like Amazon, Myntra, Flipkart, and many more, influence customers to shop online.
To understand key trends, Download Sample Report
Asia-Pacific to Experience Robust Growth in the Menswear Market
The menswear industry has witnessed significant growth in recent years in China and India. This is because male shoppers tend to focus on quality and style, purchasing high-quality garments. According to data from the Indian Ministry of External Affairs, in 2021, the country had 1.3 billion people with an average age of 29. Due to the young population, the men's wear market is growing. The young generation these days is influenced by fashion models and actors. They want their wardrobe to be versatile and fashionable. In India, there are multiple festivals for which men need different attire. Indian brands are forming partnerships with famous designers to enhance the quality and fashion of men's wear. For instance, in February 2021, Aditya Birla Fashion and Retail formed a partnership with Tarun Tahilani, India's top designer, to enter the market for men's premium ethnic clothing.
Moreover, the rapid growth of China’s economy, increasing purchasing power among China’s urban middle-class customers, brand awareness, and demand for apparel quality drive the Chinese menswear market. The future of online shopping for men will continue to grow, owing to an increase in consumer acceptance of the internet as an alternative shopping channel. Given this fact, the menswear market will increasingly become competitive. The new millennial generation of Asian-Pacific men will be the key drivers for both European and American influences in menswear.
To understand geography trends, Download Sample Report
Menswear Industry Overview
The menswear market is highly competitive. Some major key global players in the menswear market include Gap Inc., Aditya Birla Management Corporation Pvt. Ltd., Kering, Burberry Group PLC, Reebok, Adidas, Nike, and Inditex (Zara), among others. All these players are trying different innovative marketing strategies to enhance the market value of their products. Some of the companies are forming mergers and acquisitions with foreign and local brands in the region to expand their portfolio. All of these players are expected to remain active in the global men's wear market as it grows.
Menswear Market Leaders
Aditya Birla Management Corporation Pvt. Ltd.
Industria de Diseño Textil, S.A.
H & M Hennes & Mauritz AB
*Disclaimer: Major Players sorted in no particular order
Menswear Market News
- October 2022: H&M's brand ARKET, a Nordic lifestyle brand, announced the opening of its new store located on Götgatan in Södermalm, Stockholm, Sweden. ARKET is a modern market and lifestyle brand that includes fashion and accessories for men, women, and children, as well as essential home items.
- August 2022: H&M launched a limited-edition denim collection inspired by circular fashion. The collection is the first to be manufactured from eco-friendly fabrics such as Circulose Viscose and TENCEL Lyocell with REFIBRA technology. Four pairs of loose-fit five-pocket jeans, two oversized button-down shirts, one oversized workwear jacket, and one hooded zip jacket are included in the collection, all in muted indigo tones with a clean stonewashed finish.
- July 2022: Gap Inc. formed a partnership with Reliance Retail Limited, India's largest retailer, to launch Gap Inc. in India. With this collaboration, Reliance began introducing Gap's latest fashion offerings for men, women, and children to Indian customers.
Menswear Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.4 Winter wear
5.1.5 Sports wear
5.1.6 Other Product Types
5.2 Distribution Channel
5.2.1 Offline Retail Stores
5.2.2 Online Retail Stores
5.3.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle-East and Africa
22.214.171.124 South Africa
126.96.36.199 Saudi Arabia
188.8.131.52 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Gap Inc.
6.3.2 Aditya Birla Management Corporation Pvt. Ltd
6.3.3 Industria de Diseño Textil, S.A.
6.3.4 Kering SA
6.3.5 Nike Inc.
6.3.6 PVH Corp.
6.3.7 Adidas AG
6.3.8 Burberry Group PLC
6.3.9 Hermès International S.A.
6.3.10 H & M Hennes & Mauritz AB
6.3.11 LVMH Moët Hennessy Louis Vuitton
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Menswear Market Research FAQs
What is the study period of this market?
The Menswear Market is studied from 2017 - 2027.
What is the growth rate of Menswear Market?
The Menswear Market is growing at a CAGR of 5.89% over the next 5 years.
Which region has highest growth rate in Menswear Market?
Asia-Pacific is growing at the highest CAGR over 2017-2027.
Which region has largest share in Menswear Market?
North America holds highest share in 2021.
Who are the key players in Menswear Market?
Gap, Inc., Aditya Birla Management Corporation Pvt. Ltd., Nike Inc., Industria de Diseño Textil, S.A., H & M Hennes & Mauritz AB are the major companies operating in Menswear Market.
Menswear Industry Report
Statistics for the 2023 Menswear market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Menswear analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.