Demand for western wear is up and the market is expected to see continued growth.
According to a new report published by Allied Market Research, the global western wear market is expected to reach $99.4 billion by 2023, registering a compound annual growth rate (CAGR) of 4.8% during the period.
The report, Western Wear Market by Type, Distribution Channel, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, said Europe dominated the market in 2016 and is expected to maintain its position through 2023, growing at a CAGR of 3.8%, in terms of value. The region accounted for three-sevenths of the $71.1 billion market.
However, the biggest growth will come from the Asia-Pacific. In 2016, China and Japan collectively accounted for about half of the total Asia-Pacific western wear market. Now the report says the region is expected to register the highest CAGR, 6.2%, in terms of value—with India expected to grow 12.2%.
The large fashion-conscious youth populations in Asian countries like China and India are expected to lead the increased demand for western wear. And women’s western wear will outpace men’s.
“Fashion designers have always been experimenting with women’s fashion in terms of material, design, and pallette,” the report noted. “Women held a dominant position in 2017 and would continue to maintain the lead over the forecast period.”
Western wear is an apparel segment derived from American Old West region of the 19th century, known for comfort, durability and variety, which includes men’s and women’s jeans, T-shirts and jackets. According to the report, an increase in disposable income has fueled demand for the clothing, as has an increase in an fashion conscious youth consumers.
Major players in the western wear space include Benetton, Diesel, Gap, Forever 21, Inditex, Bestseller, Marks and Spencer, H&M and Mango—and these companies could see a boost in sales on the market growth. On the higher end, brands like Gianni Versace, Chanel and Hermès are counted as key in the space, the report noted.