Men’s Wear Market Size, Share & Trends Analysis Report By Product (Clothing, Accessories, Footwear), By Distribution Channel (Offline, Online) - Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

The global Men’s Wear market gathered revenue around USD 530 Billion in 2021 and market is set to grow USD 858.75 Billion by the end of 2030 and is estimated to expand at a modest CAGR of 6.59% during the prediction period 2022 to 2030.

Growth Factors:

The growth of the market can be attributed to increasing fashion consciousness among millennial men. The designers have enhanced their focus on the masculine aspect of society owing to its potential for bearing higher prices.

A boosted exposure to the internet and e-commerce has improved the fashion consciousness and availability of high-end brands and rare products. Over the past few years, the companies have been targeting men’s wear as a result of growing purchasing power in emerging economies including China and India. Along with brands targeting men’s wear including Ralph Lauren, Burberry, and Armani, recognized designers also view men’s wear as a market with immense potential.

om Fords, Michael Kors, and Sean Combs are a few brands that are focused on the men’s wear segment. The styles and trends in the market have been constant for a while and have not undergone many changes and a lot can be explored. Fashion consciousness among men is increasing owing to the omnichannel route for marketing fashion brands.

Fashion shows across the globe including Paris, New York, London, Los Angeles, Rome, Milan, Barcelona, and Berlin have made sure to garnish men’s fashion with apt attention and publicity. Furthermore, fashion magazines such as ZQ, Men’s Vogue, Fantastic Man, and Nylon Guys have entered the picture and are contributing to the growth of men’s fashion and clothing.

Report Coverage

Men's Wear Market Trends

According to an article published by Forbes in January 2021, “The Rise of The New Male Power Shopper,” it was found that men have been exhibiting new interest in shopping and have been even leaving behind female shoppers both online and offline. The millennials have been out casting every single stereotype that has prevailed in a while. Among these, both utilitarian and hedonic kind of shoppers make a good percentage of the population. E-commerce has played a vital role in creating this trend

Further, with increasing purchasing power of men from across the globe is positively affecting the situation. Owing to these factors most companies have started considering men as important target audience while manufacturing and marketing the products. Brands including Untuckit, Lululemon, Gap, and Bonobos have been realizing this potential of male shoppers and creating assortment of merchandise.

Fashion and dressing styles are hugely influenced by the appearance of the celebrities in movies, television, news, magazines, posters, and talk shows. Celebrities influence fashion by wearing whatever is in style currently but they also create trends. A major influence of fashion can be seen through their looks sported at airports, red carpet events, and premieres. This has been continuously setting up new fashion trends regularly.

Social media has grown and has now become a primary place for brands and celebrities to sport a new trend. Facebook, Instagram, Pinterest, YouTube, Twitter, and Snapchat having been playing an influential role in this agenda. All the aforementioned factors together are influencing the adoption of the trendiest apparels, accessories, and footwear among men.

According to OECD the global market of counterfeit good is worth over USD 459 billion. Counterfeit goods are among the biggest threats to the global apparel, accessory, and footwear industry. It reduces sales significantly along with diluting brand reputations. Numerous brands are adversely affected by the counterfeit industry. The online market supports some of the largest counterfeiters, who with their gigantic supply chain, are creating a major destruction.

Furthermore, the apparel, accessories and footwear counterfeiting problem are colossal. The loss caused by the counterfeit alone costs over USD 30.7 billion of revenue annually from counterfeit goods, according to official EU statistics. According to OECD, the global import of counterfeit and pirated goods is worth nearly half a trillion dollars a year, with the U.S., Italian and French brands facing the hardest hit.

Product Insights

The clothing/apparel segment held the largest share of 50.7% in 2021. This product category comprises upper wear, lower wear, sportswear, activewear, innerwear, sleepwear, and ethnic wear. Upper wear includes jackets, coats, blazers, suits, vests, shirts, t-shirts, polos, sweaters, jumpers, cardigans, hoodies, sweatshirts, jerseys, tanks, thermals, and pullovers.

Lower wear includes trousers, shorts, jeans, pants, tights, three-fourths, and cargos. Growing application of sports apparel among adults as a result of increasing health awareness among the working-class population is expected to have a positive impact on the men’s wear market growth. Furthermore, the growing importance of advanced apparel fortified with polymer composite materials including Spandex is one of the prominent trends in the market.

The accessories segment is expected to witness the fastest growth over the forecast period. This growth is attributed to the growing demand for luxury and high-end products among millennials and high net worth individuals. The market for expensive bags, belts, purses, cufflinks, and watches has bounced from economic uncertainties and geopolitical crises. Men are more than ready to pay for quality and brand, thus creating an upthrust in the market.

Distribution Channel Insights

Offline distribution channels accounted for the largest share of 84.3% in 2021 owing to exposure and accessibility to the largest number of shoppers. A certain section of the society, mostly generation X, is not so comfortable buying clothes online. In addition, season clearance sales and instant availability are able to lure the customers toward this distribution channel.

Online distribution channel is anticipated to witness significant growth in the coming years on account of the availability of the newest trends, rarest brands, and most in-demand apparel vogues at the most convenient price, along with the biggest discounts. In addition, most of these online shopping spaces have a collaboration with various other banks, which offer different payment modes and extra discounts when payments are made using a specific medium. Due to this, banks and other payment channels have been promoting themselves via these e-commerce websites, thereby leading to extra marketing and enhancing the overall sales.

Regional Insights

North America held the largest market share in 2021 owing to higher purchasing power parity in the region as compared to others. Furthermore, the U.S. has an immense number of brands actively functioning in the market, which includes Ralph Lauren, Calvin Klein, Tommy Hilfiger, and Hollister. Thus, the global market has deep roots in the region and has a huge influence across the globe.

Men’s fashion in apparels, footwear, and accessories witnessed a high growth rate over the last few years owing to increasing sports and outdoor activities by the men in the U.S. According to a report published in 2020, ‘Outdoor Participation Report’ by the Outdoor Industry Association, in 2017 approximately 50.8% which is 144.4 million of the U.S. population participated in an outdoor activity for minimum once in the year, in which 54% was the male population. These trends are anticipated to foresee a high men’s wear market growth over the forecast period.

Asia Pacific is expected to expand at a CAGR of 9.6% from 2022 to 2030. This scenario is attributed to the growing establishment of offline and online players in the women wear market. Furthermore, increasing the ability to pay for its requirements is adding to the growth of the market. The Chinese and Korean manufacturers are manufacturing copies of expensive brands and making them available to people, which has been driving the market.

The China men’s wear market was valued at USD 55.11 billion in 2021 and is estimated to grow with a CAGR of over 9% during the forecast period. China having the largest population in the world is being targeted by apparel and footwear manufacturers. Large number of domestic manufacturers have brought international quality products at cheaper prices. Therefore, the Chinese market is fragmented in nature with high competition rivalry.

Major manufacturers are collaborating with the e-commerce and other trading companies to expand their distribution channel across the country. For instance, in February 2019, Xu Zhi, a London based luxury fashion label collaborated with JD.com, a Chinese e-commerce company to expand into men’s wear market. These market trends are anticipated to boost the demand for the men’s wear over the forecast period.

Some of the prominent players in the Men’s Wear Market include:  Adidas Group; Calvin Klein; Gianni Versace S.r.l.; Guccio Gucci S.p.A.; Raymond Group; HUGO BOSS; LACOSTE; LEVI STRAUSS & CO.; Nike, Inc.; RALPH LAUREN MEDIA LLC; and Tommy Hilfiger, LLC. 

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

• By Product

• Clothing/Apparel
• Accessories
• Footwear
• By Distribution Channel
• Offline
• Online

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Highlights of the Report:

• Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
• Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
• Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
• Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market

Research Methodology

In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Men’s Wear market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.

Secondary resources referred to by analysts during the production of the Men’s Wear market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.

Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Men’s Wear markets more accurate and reliable.

Secondary Research

It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.

The secondary research sources referred in the process are as follows:

• Governmental bodies, and organizations creating economic policies
• National and international social welfare institutions
• Company websites, financial reports and SEC filings, broker and investor reports
• Related patent and regulatory databases
• Statistical databases and market reports
• Corporate Presentations, news, press release, and specification sheet of Manufacturers

Primary Research

Primary research includes face-to face interviews, online surveys, and telephonic interviews.

• Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
• In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.

Industry participants involved in this research study include:

• CEOs, VPs, market intelligence managers
• Procuring and national sales managers technical personnel, distributors and resellers
• Research analysts and key opinion leaders from various domains

Key Points Covered in Men’s Wear market Study:

• Growth of Men’s Wear in 2021
• Market Estimates and Forecasts (2017-2027)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for Men’s Wear and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  Men’s Wear Consumption Analysis
•  Men’s Wear Production Analysis
•  Men’s Wear and Management