Global Men's Wear Market Size, Share, Growth Analysis, By Product type(Clothing/Apparel, Accessories), By Distribution channel(Online and offline) - Industry Forecast 2024-2031

Global men's wear market size was valued at USD 465.79 billion in 2022 and is poised to grow from USD 480.23 billion in 2023 to USD 613.08 billion by 2031, at a CAGR of 3.1% during the forecast period (2024-2031).

Men's clothing typically consists of sturdy fabrics in neutral tones, featuring subtle adornments compared to women's attire. It spans a broad spectrum, encompassing sportswear, winter attire, sleepwear, casual wear, formal wear, and ethnic garments. A recent trend in the industry is the increasing demand for personalized and tailored garments. As men become more fashion-conscious and place greater emphasis on personal appearance, the global demand for men's clothing is on the rise. Additionally, the significant growth of the e-commerce sector and increased purchasing power have led men to invest more in clothing. This has prompted them to turn to online shopping platforms for the convenience, time-saving benefits, and extensive options they offer. Moreover, with the growing awareness of environmental issues, several leading brands have introduced eco-friendly clothing made from organic materials, avoiding synthetic fabrics that can cause skin sensitivities. Furthermore, many high-end brands such as Ralph Lauren, Burberry, and Armani are expanding their product lines by launching specialized sections for menswear. Other factors contributing to market growth include the increasing influence of social media and aggressive marketing strategies employed by manufacturers, including celebrity endorsements, seasonal sales, and promotional discounts.

Top-down and bottom-up approaches were used to estimate and validate the size of the global men's wear market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Men's Wear Market Segmental Analysis

Men's wear market has been segmented based on product type, distribution channel, and region. By product type, the market is segmented into clothing/apparel, accessories, and footwear. By distribution channel, the market is segmented into offline and online. By region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.

Drivers of the Global Men's Wear Market

In the upcoming years, the apparel market is expected to benefit from the increasing adoption of social media. Influencers and fashion icons on various social media platforms play a crucial role in informing users about the latest trends and aspects of fashion through their social feeds. Consequently, users are prompted to make purchases directly through social media platforms. In 2020, Instagram, an American social networking service, introduced a new feature within its app that allows creators to sell products directly. This functionality enables influencers to engage with customers and promote their products directly on the app. The favorable impact of these integrated product offerings and the expanding influence of social media are expected to contribute positively to the growth of the global men's apparel market.

Restraints in the Global Men's Wear Market

To bolster their domestic economies, various industrialized and developing nations are imposing restrictions on free trade. For instance, the US administration has taken measures such as renegotiating NAFTA and imposing higher tariffs on goods from China, signaling a shift towards protectionism. These actions could potentially escalate trade tensions and counteract the current trend of increasing global free trade. If trade barriers continue to rise, import costs could increase by 10% and exports could decline by 15% between 2016 and 2020. Such developments could significantly impact the growth of the men's market, which relies on the efficient and cost-effective movement of goods across borders.

Market Trends of the Global Men's Wear Market

According to a Forbes article titled "The Emergence of The New Male Power Shopper," men have exhibited a newfound enthusiasm for shopping, surpassing female consumers both online and offline. The millennial generation has rejected traditional stereotypes, with both hedonistic and utilitarian shoppers representing a significant portion of this demographic. The rise of e-commerce has played a pivotal role in driving this trend, alongside the increasing purchasing power of men worldwide. Consequently, businesses are now prioritizing male consumers when designing and marketing their products. Recognizing this shift, brands like Untuckit, Lululemon, Gap, and Bonobos have tailored their offerings to cater to male consumers. Additionally, the influence of celebrities across various media platforms, including movies, television, news, magazines, posters, and talk shows, significantly impacts fashion trends and dressing habits. Celebrities not only set trends but also shape fashion preferences by showcasing the latest styles.