Global Western Wear Market Opportunity Analysis and Industry Forecast, 2016-2023
POTLAND, 5933 NE WIN SIVERS DRIVE, # 205, OR 97220, USA., Aug 9, 2021 /EINPresswire.com/ – According to a new report released by Allied Market Research titled Western Wear Market by Type, Distribution Channel, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023 ”, the global western wear market size was $ 71,132 million in 2016 and is expected to reach $ 99,423 million by 2023, registering a CAGR of 4.8% from 2017 to 2023. Europe dominated the global western wear market in 2016, accounting for three-sevenths of total revenue.
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Western clothing is a unique and comfortable clothing segment derived from the region of the American Old West of the 19th century. The growth in disposable income and the expansion of online clothing retailing has led to an increase in demand for Western clothing. Increasing youth population and fashion awareness among consumers are fueling this market growth. Dynamic fashion trends are driving down sales of existing clothing; thus, to cope, clothing brands are focusing on sponsoring fashion events and celebrity wardrobes to set specific fashion trends. Manufacturers are working with packaging companies to offer innovative packaging for clothing, such as biodegradable barrier trays, which are expected to drive market growth in the near future.
Other Western clothing brands such as Gianni Versace SpA, Chanel SA LVMH Mot Hennessy Louis Vuitton SE and Herms International SA are gaining popularity among the youth population, propelling the growth of the Western clothing market.
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Formal wear segment is expected to dominate the western wear market during the forecast period. However, casual wear is expected to attract the attention of consumers from different cultures.
Luxury brand awareness and social media trends are expected to drive the growth of the Western clothing market during the forecast period. Online retailing is one of the major factors propelling the growth of the western wear market as this channel makes products available to consumers in various regions. As a result, the social media platform provides new emerging fashion trends, thereby increasing the promotion and awareness of the products.
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Key Findings of the Western Wear Market:
In terms of value, the formal wear segment is expected to grow at a CAGR of 4.40% during the forecast period.
Asia-Pacific is expected to dominate, registering the highest CAGR of 6.2%, in terms of value. Europe is expected to maintain its position throughout 2023, with a CAGR of 3.8% in terms of value.
The online platforms segment is estimated to represent more than a quarter of the total market in 2016.
China and Japan collectively accounted for about half of the total Asia-Pacific western wear market in 2016.
In the global western wear market, India is expected to grow at a CAGR of 12.2%, in terms of value.
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In 2016, Europe accounted for around a third of the total western wear market and is expected to maintain its position during the forecast period. The development of lifestyle and the increase in disposable income of consumers are expected to boost the Asia-Pacific market.
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