Apparel Accessories Market
Apparel Accessories Market By Product Type (Belts, Handbags, Scarves, Jewellery), By Demographics (Men, Women, Children), By Price-based (Economy, Mid, Premium), By Sales Channel (Modern Trade, Franchise Outlets, Online)- Global Market Insights 2021 to 2031
Apparel Accessories Market Outlook
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.
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.
Report Also Addresses:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Apparel Accessories and How to Navigate
- Recommendation on Key Winning Strategies
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Sales of Apparel Accessories from 2016 to 2020 vs Market Outlook for 2021 to 2031
Historically, from 2016 to 2020, the market for apparel accessories exhibited a moderate growth rate of 4.4% CAGR. Economies of Asia Pacific such as India, China, Thailand, Malaysia, and South Korea are steering market growth.
This is due to easy availability of raw material, low labor cost, trade policies, and growth rate of economy.
On a global scale, it is been observed that the increasing disposable income of the middle-class population is changing spending behavior. This is influencing consumers to lean towards high-cost apparel accessories.
After scrutinizing the statistics and shift in dynamics, the global apparel accessories market is expected to flourish at close to 6% CAGR over the decade.
What are the Key Opportunities for Apparel Accessories Manufacturers?
Regional governments of developing economies have taken numerous initiatives to promote industrialization.
Several exemptions and subsidies were offered, which induced an inclination in manufacturers to expand geographically, and this will drive the growth of the market.
Also, several regional governments are promoting export of goods and trade across the globe, which is likely to attract manufacturers towards these regions, such as East Asia and South Asia.
Online sales channels have exhibited enormous volume growth in the past year during the outbreak of COVID-19.
Franchised outlets and specialty stores were muted, and a healthy sales volume was witnessed by online sales channels.
Manufactures have deployed their resources to strengthen their online sales channels as well as joined hands with numerous e-Commerce platforms to cater to a wide range of consumers worldwide.
An Adaptive Approach to Modern-day Research Needs
What are the Potential Restraints for the Global Apparel Accessories Market?
Price fluctuations have been observed in raw materials. Surging prices of raw materials have significantly impacted overall cost of end products, and this hinders the equilibrium of market.
Heightening raw material prices have affected operational revenues of companies, which proportionally pulls down the margin of manufacturers.
Stringent government regulations regarding environmental pollution may probably turn out to be a roadblock for the market.
Several raw materials, including fabrics, synthetics, leather, and rubber are the most polluting substances for the environment, causing air and water pollution.
Regulatory bodies have taken severe steps to cut down pollution, which has led to certain restrictions for manufacturers.
The market is top consolidated and bottom fragmented in nature, Tier-1 manufactures hold more than one-third market share.
Whereas, regional manufacturers operate strategically and offer products at lower price points.
Floating counterfeit products in the market is one of the most potential threats for tier-1 manufacturers. This substantially hampers annual revenue as well as tends to destruct the brand image.
Will Changing Trends in Fashion Trigger Demand for Apparel Accessories?
In the recent past few years, it is been observed that consumer spending on apparel accessories has reduced, which proportionally led to decreased retail value and sales volume.
Apparel accessories might be considered as a less essential product owing to consumer shift towards comfortable/casual attire and sportswear.
Change in climatic conditions in some regions is projected to showcase a negative impact on the market. For instance, winter apparel accessories may not gain much in cold regions with snowless winters.
Whereas, evolving fashion trends could unfold rewarding opportunities for manufacturers of apparel accessories.
Which Region Offers Immense Opportunity for Sales of Apparel Accessories?
With an incremental dollar opportunity of around 2.8 Bn, Asia Pacific is presumed to be the most lucrative market for apparel accessories.
Countries such as China, India, Indonesia, Malaysia, Thailand, and South Korea are the most prominent countries in the region.
Certain key factors such as low labor cost, increasing disposable income, steady economical growth, ease in the availability of raw material, and numerous government initiatives are poised to fuel market growth in the region over the forecast period.
Besides, India holds the world’s largest youth population. Growing affordability level of millennials is expected to fuel demand for apparel accessories over the assessment period.
What Makes China a Lucrative Market for Apparel Accessories?
In China, manufacturing of apparel accessories is expected to rise on the back of industrialization and emerging infrastructure, and is expected to expand at nearly 6% CAGR through 2031.
Asia Pacific is presumed to witness immense growth in the sales of apparel accessories along with a larger chunk of the market share.
China is presumed to be epicenter for the production of apparel accessories, owing to multitude avenues, including production facilities, technological advancements, easy availability of raw materials, and numerous favorable government initiatives.
Why is the U.S a Mature Market for Apparel Accessories?
The market in the U.S. is expected to witness a growth rate of over 3% CAGR during the assessment period. North America’s market is slightly lucrative, followed by Europe, and is expected to contribute significantly to the growth curve of the global market over the decade.
The U.S is presumed to steer demand for apparel accessories owing to development policies with regards to industrialization and mature infrastructure present in the country.
Why Do Economical Apparel Accessories Hold Larger Chunk of Market Share?
Economical apparel accessories are expected to corner a significant market share of nearly 40% in through 2031.
A bigger portion of demand has been seen from developing economies such as China and India. Owing to price concerns and comparatively less disposable income than developed economies, the population here are price-sensitive and prefer economical products.
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Majority of companies discussed in the report have focused on product launches and expanding their manufacturing units in developing regions. Strategies include innovation, collaborations with key players, partnerships, strategic alliances, and strengthening of regional and global distribution networks.
Historical Data Available for
|US$ Mn for Value|
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
|Available upon Request|
Key Market Segments Covered
- Eye wear
- Hat Apparel
- Apparel Accessories for Men
- Apparel Accessories Women
- Apparel Accessories Children
- Economical Apparel Accessories
- Mid-range Apparel Accessories
- Premium Apparel Accessories
- Super-premium Apparel Accessories
- Apparel Accessories Sold through Modern Trade
- Apparel Accessories Sold at Franchise Outlets
- Apparel Accessories Sold at Specialty Stores
- North America
- Latin America
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