The global apparel consumption is forecast to grow at a CAGR of 4 per cent and reach $2.6 trillion by 2025. Market growth rate of developed countries is expected to slowdown whereas large emerging economies will be the key drivers of growth. China and India, with a large population base, will be the fastest growing markets in the segment.
Apparel consumption in 2017 is estimated to at $1.8 trillion, which formed around 2 per cent of the world GDP of $79.3 trillion. EU-28 was the largest apparel consumer market worth $400 billion, which was followed by markets of the USA, China, and Japan. These top four markets together constituted approximately 59 per cent of the global apparel consumption. The next four largest markets were India, Brazil, Russia, and Canada, accounting for an additional 11 per cent share while the rest of the world held a 30 per cent share.
It is expected that over the next decade, domestic apparel market of India and China will attain high growth rates of 11 per cent each, to add a cumulative market size of $393 billion by 2025.