An important contributor to the global GDP, the global apparel market stood at $1.9 trillion in 2018. EU and the USA dominate the global apparel market with a combined share of over 41 per cent while they account for only 11 per cent of the world population. While, highly populated Asian countries, such as China, India and Japan, home to approximately 38 per cent of the world population collectively account for a market of 21 per cent.
The global apparel demand is expected to boost at a steady CAGR of 5 per cent to grow from the current $1.9 trillion to reach $2.6 trillion by 2025. Among the top ten markets of apparel, Asian giants China and India are expected to deliver the most promising growth rates of 10 per cent and 12 per cent, respectively, when compared to the world aggregate of 5 per cent. China at $450 billion, is set to become the largest apparel market in the world by 2025, while India will be propelled to fourth on the list with an expected market size of $164 billion. Higher economic growth and rise in per capita income of individuals will lead to the growth in the apparel market in these developing countries.
