Global Workwear Market to Reach $42.7 Billion by 2026

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Aug 17, 2021, 10:10 ET

SAN FRANCISCO, Aug. 17, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Workwear - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 17; Released: April 2021
Executive Pool: 2666
Companies: 240 - Players covered include Aditya Birla Fashion and Retail Ltd. (ABFRL); Alexandra PLC; Alsico NV; Aramark; Carhartt, Inc.; Cherokee Uniforms, Inc.; Cintas Corporation; Dockers; Duluth Holdings Inc.; Fristads Kansas AB; HAVEP; Raymond Limited; Red Wing Shoe Company, Inc.; Simon Jersey Limited; Snickers Workwear; The Donna Karan Company LLC; Tranemo Textil AB; UniFirst Corporation; V.F. Corporation; Williamson-Dickie Manufacturing Company; Wolverine World Wide, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Apparel, Footwear); Application (Chemical, Power, Biological, Food & Beverage, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

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ABSTRACT-

Global Workwear Market to Reach $42.7 Billion by 2026
Workwear refers to any type of clothing that is paid for and issued by an employer to an employee for use during work hours. Well-designed and comfortable workwear is capable of improving the productivity of the employees. The primary reason for issuing workwear is ensuring safety of the worker while simultaneously providing an employee with a corporate image or identity. Workwear is also deemed as an exceptional tool for advertising, and several employers opt in favor of issuing workwear to staff as a marketing tactic. In certain cases, workwear protects clothing worn by workers against weather conditions or soiling. However, workwear is not regarded as personal protective equipment (PPE), thereby not covering under its meaning high-visibility clothing, weather and wind-protected clothing for workers. The workwear market is composed of three distinct segments - General Workwear, Corporate Workwear, and Uniforms.

Irrespective of the economic performance of a country, workwear is a necessary apparel required by employees of any organization for appropriately performing their daily tasks. Image wear, also known as career wear or corporate wear represents the most attractive segment of the workwear market where employees wear one or more clothing item that best reflects and enhance their company's image and offer marketing and branding benefits. Workwear primarily comprises General Workwear (including both while collar and blue collar employees); Corporate Workwear (image wear, career wear, and corporate clothing), and Uniforms (public sector employee clothing such as military, fire fighters, and police). Key workwear trends evolving across the world include the growing prominence of the athleisure workwear offering versatility, comfort, durability, and performance; emphasis on fashion and style with manufacturers offering trendier silhouettes and varied colors in workwear; rising focus on women workwear with more comfortable, performance driven, protective, and fitter workwear being designed for women utility and office workers; and expanding e-commerce network with distributors as well as manufacturers increasing their online retail presence owing to massive proliferation of the Internet.

Amid the COVID-19 crisis, the global market for Workwear estimated at US$32.6 Billion in the year 2020, is projected to reach a revised size of US$42.7 Billion by 2026, growing at a CAGR of 4.6% over the analysis period. Apparel, one of the segments analyzed in the report, is projected to grow at a 4.3% CAGR to reach US$33.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Footwear segment is readjusted to a revised 5.5% CAGR for the next 7-year period. This segment currently accounts for a 22.9% share of the global Workwear market.

The U.S. Market is Estimated at $12.1 Billion in 2021, While China is Forecast to Reach $4.6 Billion by 2026
The Workwear market in the U.S. is estimated at US$12.1 Billion in the year 2021. The country currently accounts for a 35.98% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$4.6 Billion in the year 2026 trailing a CAGR of 6.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR while Rest of European market (as defined in the study) will reach US$4.9 Billion by the close of the analysis period.

Healthy growth is projected for the market in the coming years driven by the huge population base of 20-35 years age group millennials worldwide, the major buyer category for almost all types of workwear. Rising employment of female workforce and young professionals and the transformation of workwear, particularly corporate wear, from conventional business suits to casual corporate wear are expected to offer lucrative opportunities for market expansion. Other important factors promoting market penetration include rising popularity of organic workwear and the growing role of Internet and social media in influencing decision making. In addition, the significant role of safety, comfort and functionality in workwear selection is anticipated to continue driving manufacturers to focus on fabric innovation. Recent workwear innovations poised to benefit market prospects include smart apparel in uniforms, wearable technologies in workwear, and stretch fabrics, organic fabrics, anti-microbial fabrics, and fabrics with moisture management, fire-resistance, stain-free and anti-creasing properties. The workwear market globally is also expected to gain momentum from the expansion of the foodservice industry, steady growth registered by the healthcare and social care sector, and resurgence of the construction industry along with generation of new employment opportunities in these sectors. While workwear have witnessed a noticeable evolution in the following centuries in terms of functionality, looks, designs and fabric, the requirement remains intact. Today, dress or uniform codes for workspaces and other environments are unwritten, and are generally accepted as a primary element of human appearance. Over the last decade, workwear has emerged as a vivacious industry that represents a promising and huge market.

By Application, Food & Beverage Segment to Reach $5.8 Billion by 2026
Global market for Food & Beverage (Application) segment is estimated at US$4.2 Billion in 2020, and is projected to reach US$5.8 Billion by 2026 reflecting a compounded annual growth rate of 6.0% over the analysis period. The United States constitutes the largest regional market for Food & Beverage segment, accounting for 39.6% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 8.0% over the analysis period, to reach US$668 Million by the end of the analysis period. More

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Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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