Global Readymade Garments Market Size Analysis Report - Market Share, Forecast Trends and Outlook (2024-2032)

Global Readymade Garments Market Outlook

The global readymade garments market size was valued at USD 1110.98 billion in 2023. The market is further projected to grow at a CAGR of 9.3% between 2024 and 2032, reaching a value of USD 2468.62 billion by 2032.

Key Takeaways

Readymade garments, also known as ready-to-wear, are mass-produced clothing items that are made in standard sizes and sold as finished products, as opposed to being custom-made for an individual. With the first ready-made garment factory established in New York City in 1831, the readymade garments market has gained popularity due to their cost-effectiveness and standard sizing. These garments can be worn immediately after their purchase.

Unlike custom-made clothes, which are tailored to a specific person's measurements and preferences, readymade garments are produced with standard patterns and construction techniques to keep costs lower and are intended to fit most people without significant alteration. The readymade garments market growth is further driven by several key factors. These include changing consumer preferences, evolving fashion trends, a rising youth population, and the availability of a highly productive workforce, particularly women, at a reasonable price.

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Key Trends and Developments

Growing fashion and clothing industry, rising demand for sportwear by fitness enthusiasts, and introduction of antiviral fabrics are increasing the readymade garments market value

Readymade Garments Market Trends

Research indicates that viruses and bacteria can remain active on textile surfaces for up to two days, making the introduction of antiviral fabric a significant advancement in ready-made garment market development. Garments treated with antiviral fabrics can significantly reduce the risk of transmission and contamination, thereby ensuring improved hygiene and safety for the wearers. Companies like Arvind and Raymond have launched readymade garments, shirting and suiting fabrics, and face masks using this technology, further emphasising the potential benefits of antiviral fabrics in readymade garments market. Furthermore, the easy availability of readymade garments on online platforms and the rising number of online shoppers have also significantly contributed to the ready-made garments market growth.

Additionally, factors such as low manufacturing costs, easy availability of raw materials, and government support have further propelled the market expansion. However, the readymade garment industry faces certain challenges, including issues with durability and quality in stitching, environmental impact of garment production, and the need to adapt to customer preferences and seasonal demand shifts. Despite these challenges, the demand for readymade garments is expected to continue growing and evolving in response to changing consumer demands and technological advancements.

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Market Segmentation

Global Readymade Garments Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Growing popularity of casual wear to bolster the growth of the readymade garments market

The formal wear segment witnessed a moderate growth in the historical period. Formal wear incorporates decency and professionalism in the outfit, therefore, witnessing an increased demand in the corporate sector.

Meanwhile, the casual wear segment is likely to account for a significant readymade garments market share over the forecast period owing to the growing preference for comfortable clothing options, especially after the COVID-19 outbreak and the prevalence of work-from-home culture.

Online channel holds a significant market share because many online websites offer attractive discount deals

Amongst the several distribution channels, online segment is anticipated to lead the readymade garments market in the forecast period due to the growing popularity of various e-commerce websites that provide several options along with attractive discounts. The cash on delivery option provided by the websites has proven to be convenient for consumers and is expected to further aid the segment’s growth.

Meanwhile, as per the readymade garments market report, the supermarket and hypermarket segment is expected to witness steady growth in future due to the rapid urbanisation and establishment of shopping malls, particularly in developing economies.

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Competitive Landscape

The market players are producing garments using new and cutting-edge technologies to stay ahead in the competition, further increasing their presence by entering into international markets.

Other key players in the global readymade garments market report include VF Corporation, Hennes & Mauritz AB, Hanesbrands Inc., Under Armour, Inc, PVH Corporation, Aditya Birla Management Corporation Pvt. Ltd., Gap Inc, Jockey International Inc, and Benetton Group s.r.l, among others.

Readymade Garments Market Analysis, By Region

Asia Pacific is one of the dominating regions due to region’s increasing population

The Asia Pacific region is anticipated to hold a dominant position in the readymade garments market because of the rising disposable income, growing working population, rapid urbanisation, and the thriving fashion and clothing industry in the region. The improved living standards and the growing focus on appearance, especially in countries like Vietnam, India, and China, can bring ample opportunities for the market expansion in the region.

This market growth is  further supported by the India’s robust export trade and government initiatives aimed at enhancing textile production, such as the Amended Technology Upgradation Fund Scheme (ATUFS) and the Advance Authorisation (AA) schemes, which focuses on strengthening and increasing the production of textile and apparel products, including readymade garments in the country.

Meanwhile, the readymade clothing industry in North America is growing at a steady rate due to the rise in demand for sportswear and the expansion of businesses. The presence of high-end or luxury fashion brands, such as Louis Vuitton, Nike Inc., and Benetton Group is also contributing to increase the region’s market share. Additionally, the emerging trend of garment manufacturing companies, such as Zara launching their own online shopping platforms is contributing to the easy availability of garments, including readymade clothing.

Key Highlights of the Report