LONDON--(BUSINESS WIRE)--The global fashion and apparel market is currently valued at over USD 3 trillion, accounting for more than 2% of the world’s total GDP. Each of the global womenswear, menswear and kids-wear market segments have experienced strong growth rates in recent years. Overviews of the prospects for each of these segments are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to connect with over seven million companies around the globe.
Global women’s apparel market to continue steady growth
The global women’s apparel market is experiencing steady growth driven by growing consumer spending power. The value of the global women’s apparel market reached USD 505 billion in 2015 and is expected to grow at a CAGR of around 3% during the next five years.
The women’s apparel market in Asia Pacific is expected to have the highest CAGR of any region, growing at 4% over the next five years. Specifically, China and Japan are among the largest markets for global women’s apparel products.
Growth of the global menswear market has outpaced womenswear
The global menswear market is growing at a rate faster than the women’s segment and is expected to continue to outpace womenswear through 2020. The global menswear market totalled USD 418.9 billion in 2015 and is expected to reach USD 522.3 billion by 2020, posting a CAGR of about 4.8% from 2016 to 2020.
Increasing online sales for menswear globally is one of the major factors boosting market growth. It is also predicted that the online sales for menswear will grow further with an annual average of 14.2% between 2015 and 2020.
Big boom for kidswear
As one of the few sectors in the fashion industry which kept steady growth during the global economic crisis, the global kidswear market scooped total sales of USD 145.6 billion in 2015, up from USD 131.1 billion in 2010. Its market size is expected to grow at a CAGR of more than 6% by 2020.
Social media and the influence of celebrity offspring have been playing increasingly vital roles in driving the market for kidswear.
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