The global apparel and footwear market is expected to grow at a CAGR of 6.65 per cent and in value terms, to reach US $ 2736.86 billion by 2026.
Reportlinker.com, an award-winning market research solution, claimed this in its latest report Global Apparel and Footwear Market.
The apparel and footwear business are the drivers of the fashion industry. It is because of the continuous rise in population, changing lifestyle and economic development that apparel and footwear production has experienced a significant growth.
The apparel and footwear market has become an attractive destination for investments and several large multinational companies are entering into this market.
This has resulted in the gradual transformation of a commodity market into a branded products market, being dominated by multinational companies.
The report says that the global apparel and footwear market can be segregated based on type, product type, end-user, distribution channels and region.
As per the analysis, it is discovered that the apparel market is the dominating segment in comparison to footwear.
Due to the driving factors such as rapidly changing fashion, increasing influence of western culture, growing internet penetration, as well as the continuous launch of altering fashion at lower prices supported by aggressive branding.
In 2026, specialty stores are anticipated to account for a majority share in the global apparel and footwear market; however, the online channels are expected to increase during the forecast period.
Globally, NIKE, adidas, H&M, PVH Corp., VF Corporation, Puma SE, Kering SA, Next Plc. are the companies operating in the apparel and footwear market, while in India Aditya Birla Fashion and Retail Limited is the leading player in this segment.