Press release
Apparel Accessories Market Estimated to be sold worldwide by 2022
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In addition, rapid inflow of counterfeit products has emerged as major challenge for market players. The future prospects of the market is being undermined by the emergence fast fashion brands and online retailers who are stuffing in products that are relatively cheaper as compared to ones in the franchised outlets. Also, frequent inflation in price is slowing down the value growth in demand for apparel accessories. Premium-priced apparel accessories are exhibiting a poor market performance, particularly in emerging markets owing to the existence of a massive pool of highly price-sensitive consumers. In recent years, sales of winter-wear apparel accessories have also taken a hit due to climatic changes. Demand for products such as woollen scarves, gloves, and hats has gone down drastically owing to milder winters.
Global Apparel Accessories Market: Key Projections
Asia-Pacific excluding Japan (APEJ) is anticipated to remain at the forefront of the global market for apparel accessories throughout the forecast period.
Steady rise of the economy, an expanding base of working class population, availability of ample amount of raw materials and cost-friendly labor resource are factors that are playing important role in driving the growth of apparel accessories market in APEJ.
Over the assessment period, the region is anticipated to command for a considerable revenue share of the global market as well as reflect a steady CAGR.
On the basis apparel accessory types, demand for handkerchiefs is expect to gain traction in the near future. In terms of revenue, sales of handkerchief currently command for nearly 14% share of the global market.
By the end of 2022, over US$ 13,200 Mn worth handkerchiefs are expected to be sold globally. Moreover, handkerchiefs sales is projected to remain relatively higher in APEJ.
On the basis of demographics, the women apparel accessories segment is expected to remain highly attractive between 2017 and 2022. Currently, the segment represents more than 44% revenue share of the global market and is expected to remain dominant throughout the forecast period, followed by the men apparel accessories segment.
By price-based, demand for apparel accessories with economy pricing is expected to remain considerably high. Currently, the economy apparel accessories segment represents nearly 39% revenue share of the market. The segment is expected to reflect a CAGR of over 4% during the forecast period.
Modern trade is expected to remain the largest sales channel for apparel accessories over 2022. Each year, a large bulk of apparel accessories are sold through modern trade.
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Competition Tracking
H & M Hennes & Mauritz AB, Kering S.A., NIKE, Inc., Hugo Boss AG, Burberry Group plc, The Gap, Inc., LVMH Moët Hennessy Louis Vuitton S.E., Industria de Diseño Textil, S.A., Adidas AG and PVH Corp are among the prominent companies that are functioning in the global market for apparel accessories.
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