World: Ap­parel man­u­fac­tur­ing mar­ket to cross US $ 1K bil­lion by 2021 as per TBRC Re­port

Stitch World - - NEWS TRACK -

The ap­parel man­u­fac­tur­ing mar­ket has wit­nessed a year-on-year in­crease from 4 per cent to 6 per cent dur­ing the pe­riod 2013 to 2017, ac­cord­ing to a re­port re­leased by The Busi­ness Re­search Com­pany ( TBRC), a mar­ket re­search and con­sul­tancy firm.

The mo­men­tum is ex­pected to con­tinue in the com­ing years as well, as the gar­ment man­u­fac­tur­ing sec­tor is es­ti­mated to touch US $ 1,007 bil­lion by the year 2021.

The global ap­parel mar­ket at ex-man­u­fac­turer price splits to about 55 per cent ladieswear, 38 per cent menswear and 7 per cent kidswear. It is a part of the larger mar­ket of ap­parel and leather goods man­u­fac­tur­ing and was worth about 60 per cent of that mar­ket in 2016 (US $ 755 bil­lion).

By 2021, it is es­ti­mated that Asia-Pa­cific will be worth US $ 432 bil­lion, which is sig­nif­i­cantly higher than North Amer­ica (US $ 213 bil­lion) and Western Europe (US $ 173 bil­lion). East­ern Europe, how­ever, is the fastest grow­ing re­gion with the de­mand for clothes in­creas­ing at an im­pres­sive 13.5 per cent rate – the fig­ure is ex­pected to touch US $ 70 bil­lion by 2021.

Among 12 largest sin­gle-coun­try economies, China at US $ 155 bil­lion has emerged as the big­gest mar­ket in 2017, over­tak­ing USA (US $ 144 bil­lion) which topped in 2016. Grow­ing at 8.16 per cent, China is ex­pected to race ahead of USA in fu­ture (by 3.33 per cent).

Surg­ing re­mark­ably at 13.46 per cent per year, Rus­sia is an­other fast grow­ing mar­ket.

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