According to a new report published by Allied Market Research titled, “Western Wear Market by Type, Distribution Channel, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global western wear market size was $71,132 million in 2016, and is expected to reach $ 99,423 million by 2023, registering a CAGR of 4.8% from 2017 to 2023. Europe dominated the global western wear market in 2016, accounting for three-sevenths share of the total revenue.
Western wear is a comfortable, one-of-a-kind clothing sector that originated in the American Old West in the nineteenth century. The rise in demand for western wear clothing has been fueled by rising disposable income and the proliferation of fashion e-commerce. This market’s growth is fueled by an increase in the number of young people and a greater awareness of fashion among customers. Items businesses are focused on sponsoring fashion events and celebrity wardrobes to define specific fashion trends in order to cope with dynamic fashion trends that cause a fall in sales of old clothing. Manufacturers work with packaging businesses to develop new garment packaging, such as a biodegradable barrier tray, which is projected to boost market development in the near future.
In 2016, Europe accounted for approximately one-third share of the total western wear market, and is expected to maintain its position during the forecast period. Developing lifestyle and rise in disposable income of consumers are expected to drive the Asia-Pacific market.
Some of the major players operating in the western wear industry are Benetton Group S.r.l., Diesel S.p.A., The Gap Inc., Aditya Birla Fashion and Retail Ltd. Bestseller, Forever21, Inc., Marks and Spencer plc., Hennes & Mauritz AB, MANGO, and Inditex SA.
Other western apparel brands such as Gianni Versace S.p.A., Chanel S.A. LVMH Mot Hennessy Louis Vuitton SE, and Herms International S.A. are gaining popularity among the youth population, propelling growth of western wear market.