Ethnic Wear Market to Reach $177.2 Billion, Globally, by 2031 at 7.2% CAGR: Allied Market Research

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Mar 13, 2023, 06:59 ET

PORTLAND, Ore., March 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Ethnic Wear Market by Type (Traditional Wear, Fusion Wear), by End User (Women, Men, Kids), by Distribution Channel (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global ethnic wear industry generated $89.3 billion in 2021, and is anticipated to generate $177.2 billion by 2031, witnessing a CAGR of 7.2% from 2022 to 2031.

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Prime determinants of growth

The increasing demand for fusion wear globally, the emergence of mix-and-match styles, the availability of high-end brands, and the rising number of fashion influencers drive the growth of the global ethnic wear market. However, less acceptance of ethnic wear in the corporate world restricts the market growth. Moreover, innovative designs and digital marketing present new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global ethnic wear market, owing to temporary closure of clothes manufacturing firms, the scarcity of raw materials, and unavailability of labor during the lockdown.
Not only the production but also the sale of ethnic wear was hampered due to closure of local clothing shops and big brand stores across the world, especially in the initial period of the pandemic.
As a result of the pandemic, consumer preferences have shifted toward online purchasing venues, which helped the market for ethnic wear grow and meet consumer demand during the pandemic.

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The traditional wear segment to maintain its leadership status throughout the forecast period

Based on type, the traditional wear segment held the highest market share in 2021, accounting for more than three-fifths of the global ethnic wear market, and is estimated to maintain its leadership status throughout the forecast period. Traditional dress is an ensemble of clothes, jewelers, and accessories with historical roots worn by a distinct group of people. The demand for traditional wear is rising as a result of rising awareness about own culture and heritage. The customs and cultural values of a country can be seen in the clothing, which makes clothing an expression, image, and personality of that country. However, the fusion wear segment is projected to manifest the highest CAGR of 7.8% from 2022 to 2031.

The women segment to maintain its leadership status throughout the forecast period

Based on end user, the women segment held the highest market share in 2021, accounting for more than half of the global ethnic wear market, and is estimated to maintain its leadership status throughout the forecast period. Women's clothing is constantly being experimented with in terms of material, design, and color palette by fashion designers. Consequently, the women's fashion market has dominated both the global fashion market and the market for ethnic clothing. Due to an increase in working women and a better women-to-men ratio, women are becoming more interested in ethnic clothing. However, the kids segment is projected to manifest the highest CAGR of 8.0% from 2022 to 2031.

The offline segment to maintain its lead position during the forecast period

Based on distribution channel, the offline segment accounted for the largest share in 2021, contributing to more than three-fifths of the global ethnic wear market, and is projected to maintain its lead position during the forecast period. Since the bulk of products are bought in offline stores and brand preference is easier to acquire in rural areas of developing countries, the offline market is crucial for customers living there. As a result, these elements are promoting market expansion. However, the online segment is expected to portray the largest CAGR of 7.7% from 2022 to 2031, attributed to the easy availability, discount prices & offers, and the facility of home delivery to customers.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly three-fifths of the global ethnic wear market, and is likely to dominate the market during the forecast period. India, which offers a vast variety of ethnic clothes, is one of the main contributors to the regional ethnic wear market. Over the course of the forecast period, the market for ethnic wear is anticipated to rise due to the rising popularity of Indian ethnic wear and the rising demand for it from the rest of the world. However, the LAMEA region is expected to witness the fastest CAGR of 8.5% from 2022 to 2031. Increase in spending capabilities, owing to the rising ethnic wear market trends and Focus on Research and Development (R&D) initiatives by market players.

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Leading Market Players: -

TCNS Clothing Co. Ltd.,
BIBA Fashion Limited,
Nesavaali Ltd.,
Vedant Fashions Limited,
Raymond Limited,
Thebe Magugu (Proprietary) Limited,
Landmark Group,
Afrikrea,
Ochre & Black Private Limited,
Modanisa Elektronik Magazacilik ve Tic.A.S.,
Newhanfu,
ELIA SAAB,
Rain & Rainbow,
Diwan Saheb Fashions Pvt. Ltd.,
Fabindia Limited

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