PUBLISHER: Allied Market Research | PRODUCT CODE: 1298220
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298220
The Ethnic wear market size was $89,255.15 million in 2021 and is expected to reach $177,200.73 million by 2031, registering a CAGR of 7.2% from 2022 to 2031. Ethnic wear is elegant clothing that resembles the attire of a specific nation or group of people. It portrays a country's traditions as well as its citizens varied and rich sense of fashion. Anything, from a single item to a full ensemble, that signifies a person's ethnicity is considered ethnic dress. India is the country with the most popular ethnic clothing worldwide, followed by Japan, Malaysia, Singapore, Indonesia, Cambodia, Thailand, and the Philippines. Due to the emergence of new attractive trends and the expansion of brands' global reach, the market for ethnic wear has been expanding over the last several years. There are many players in the ethnic wear market such as BIBA Apparels, Manyavar fashion private limited, thebe magugu, Afrikrea, Global Desi, ELIA SAAB, Modanisa, Fabindia, Rainandrainbow, Raymond Ltd, landmark group, W for Women, Diwansaheb, and Nesavaali.
The ethnic wear market is expected to witness high growth owing to some of the reasons such as the increasing popularity of Indian ethnic wear. Due to the numerous alternatives available in Indian ethnic apparel, there is a significant demand from all over the world for this type of clothing. The increasing popularity of wearing sarees at parties and festivals around the world is being fueled by a number of fashionistas from different nations donning Indian ethnic wear. As a result, the demand for and expansion of the ethnic wear market will soar in the years to come.
The Asia-Pacific ethnic wear market had a major share in 2021 and is projected to grow significantly during the forecast period, owing to its significant research and development capabilities and well-developed infrastructure, the area is expected to contribute the most money to the global market during the forecasted period. Asia-Pacific dominated the global ethnic wear market in 2021 and is expected to sustain its dominance during the forecast period. Among the main industrialized and developing nations, India has the youngest median age and the largest population of children. The rapid decline in the age dependence ratio has enhanced the purchasing power of young people and raised their overall clothes spending. Because of the exposure they have received through the media and the internet age, these young people are brand-conscious and trend-oriented, which opens up previously unheard-of opportunities for shops and brands working in the area.
However, the corporate sector has a lower level of tolerance for ethnic clothing, which would lower global demand. Because they are deemed to be informal in the corporate world, bright colors, bold patterns, and heavy designs are not permitted, which prevents people from wearing ethnic clothing to work. These factors deter a substantial number of people from buying ethnic clothes, which lowers demand for ethnic wear globally.
The Ethnic wear market is segmented on the basis of type, end user, distribution channel, and region. As per type, the market is classified into traditional wear and fusion wear. According to end user the market is categorized into men, women, and kids. Based on distribution channel, the market is classified into online and offline. Further, the offline segment is classified into specialty store, retail store, and others. Region wise, it is analyzed across North America (U.S., Canada, Mexico), Europe (Russia, Spain, Italy, France, Germany, UK, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Chile, and Rest of Lamea).
The major players operating in the market focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. They have been also focusing on strengthening their market reach to maintain their goodwill in the ever-competitive market. Some of the key players in the ethnic wear market include BIBA Apparels, Manyavar fashion private limited, thebe magugu, Afrikrea, Global Desi, ELIA SAAB, Modanisa, Fabindia, Rainandrainbow, Raymond Ltd, landmark group, W for Women, Diwansaheb, and Nesavaali.