Economical Apparel Accessories to Capture 40% Market Share through 2031, Evaluates Fact.MR
Published : 09 Jun 2021 Industry: Consumer Goods
As per a revised report published by Fact.MR, the appeal accessories market is anticipated to surpass US$ 12.6 Bn in 2021, and expand at a CAGR close to 6% over the next ten years.
Popularity of economical apparel accessories has been observed in the past few years. The foremost driving factor for the sales of economical apparel accessories is surging demand from developing economies. A larger chunk of demand comes from these regions where consumers are pretty price-sensitive.
Asia Pacific accounts for more than 30% market share, followed by North America and Europe. This is due to rapid industrialization and easy availability of raw materials.
Online sales channels have witnessed enormous growth in the past year due to the outbreak of COVID-19. Relaxations in trade restrictions after the initial lockdowns, especially in developing economies, will further bolster demand.
Key Takeaways from Market Study
- According to Fact.MR, East Asia dominates the global apparel accessories market, and is foreseen to maintain its dominance in terms of market share over the forecast period. This regional market is estimated to expand at a CAGR of around 6% through 2031.
- China is estimated to account for more than 80% of the East Asia volume share by the end of forecast period.
- Revenue from economical appeal accessories is anticipated to increase at a CAGR of close to 6% over the next ten years, and reach US$ 8.5 Bn by 2031.
- Asia Pacific dominated the global market and accounted for around US$ 6.5 Bn in 2031, which was nearly 30% of the global market share.
“Increasing disposable income and industrialization across the globe will aid market growth over the coming years,”says a Fact.MR analyst.
Key players in the market have been spending on geographical expansion and strengthening their sales and distribution networks. Prominent player are leaned towards developing innovative products that are comparatively more sustainable. Such enhancements will drive demand for apparel accessories in the medium- to long-term forecast period.
Prominent tier-1 manufacturers such as The Gap, Inc., Hennes & Mauritz AB, NIKE, Inc., Adidas AG, and many more account for one-third market share. Players are operating strategically and deploying resources to strengthen their sales and distribution networks across the globe.
Companies are opting for both, organic and inorganic growth strategies to corner a significant amount of market share. Partnerships, collaborations, and joint ventures are the most preferable strategies that provide the leverage of technological advancements and distribution networks.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global apparel accessories market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of product (belts, handbags, scarves, eyewear, jewellery, neckties, gloves, handkerchiefs, hats, and others), demographic (men, women, and children), price (economy, mid, premium, and super-premium), and sales channel (modern trade, franchise outlets, specialty stores, and online), across six major regions of the world (North America, Latin America, Europe, APEJ, Japan, and the Middle East & Africa).
About the Consumer Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Consumer goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant – Retail & Consumer Goods