Despite the slow growth rate against casual wear, the global formal wear market is expected to grow at 4.8 per cent CAGR to reach $99,423 million by 2023. Formal wear segment is expected to dominate the Western wear market during the forecast period. This growth will mostly be driven by luxury brand awareness and social media trends. E-retail will also propel the growth of western wear market, as this channel makes products available to consumers across various regions. Correspondingly, social media platform provides emerging new fashion trends, thus increasing promotion and product.

In terms of value, the formal wear segment is expected to grow at a CAGR of 4.40 per cent during the forecast period. Asia-Pacific will dominate this market growth with 6.2 per cent CAGR. The online platforms segment is likely to account for more than one-fourth share of the total market in 2016. Some major players operating in the western wear industry include: Benetton Group Srl., Diesel SpA, The Gap Inc, Aditya Birla Fashion and Retail Ltd. Bestseller, Forever21, Inc., Marks and Spencer plc., Hennes & Mauritz AB, Mango, and Inditex SA.

Other western apparel brands such as Gianni Versace S.p.A., Chanel S.A. LVMH Mot Hennessy Louis Vuitton SE, and Herms International S.A. are gaining popularity among the youth population, propelling growth of western wear market.