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