The global men’s shirts market size is estimated to reach USD 127.65 billion by 2028, registering a CAGR of 4.4% over the forecast period, according to a new report by Million Insights. Increased demand for customized shirts with a wide range of choices in colors, styles, and patterns, coupled with rising acceptance of corporate culture and increasing fashion consciousness are driving the market. Moreover, manufacturers are adopting automatic machines to increase production and at the same time reduce the cost associated with it. The industry participants are focusing on increasing their customer base by reaching them in different ways, such as e-commerce platforms and offering discount schemes. In addition, rising per capita income and purchasing power are also among the key growth-driving factors.
During the COVID 19 pandemic, governments of various countries restricted citizens to stay at home as precautionary measures. Various sports events, exhibitions, and other public events were canceled across the world. Moreover, although corporate offices are opened with a smaller number of employees, most of them are working from home. This, in turn, resulted in the market experiencing a short fall in the sales of apparel due to restricted production, disturbed supply chains, and reduced demand. Considering this overall short slack in market revenue, it is expected that the sector will soon witness a healthy growth post-pandemic.
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The casual shirts segment dominated the market with a revenue share in 2020 and is projected to grow at a steady CAGR from 2021 to 2028. The products are available in a wide variety of styles, textures, and weaves, which transform an individual’s looks, thereby driving the demand. Casual shirts are widely accepted by corporate offices for dressing at workplaces. Thus, casual shirts are gaining more popularity contributing to the growth of the global market.
The offline distribution channel segment accounted for the maximum revenue share of the global market in 2020. Offline channels include exclusive showrooms, distributors, and retail stores. Manufacturers and marketers use the traditional retail channel for more sales. The segment includes organized retail channels, which are more customer-oriented and provide better services by selling a variety of apparel directly to the end users. In addition, these stores provide a choice of physical verification and trials & facility of products to the end users and contribute to the market revenue.
Asia Pacific is expected to be the fastest-growing regional market from 2021 to 2028. China and India are positively contributing to the growth of the regional market. With the growing population and increasing disposable income in these countries, the region is witnessing huge demand for apparel. Many multinational companies are expanding in this region due to low labor costs and easy availability of raw materials, which result in low manufacturing costs. Rising information technology is also positively affecting market growth.
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Men’s Shirts Market Report Highlights
• Europe was the largest regional market in 2020 and accounted for the maximum revenue share of the overall market
• Well-developed economic countries, such as Germany, U.K., and France, positively contributed to the market growth in the Europe region
• The casual shirts segment dominated the market in 2020 due to the high demand. However, the dress shirts segment is estimated to record the fastest CAGR from 2021 to 2028
• The online distribution channel segment is projected to register the fastest growth rate from 2021 to 2028
• The growth is credited to the rising consumer inclination towards online shopping due to the simplicity and convenience offered by these platforms
Men’s Shirts Market Segmentation
Million Insights has segmented the global men’s shirts market on the basis of type, distribution channel, and region:
Men’s Shirts Type Outlook (Revenue, USD Million, 2017 – 2028)
Men’s Shirts Distribution Channel Outlook (Revenue, USD Million, 2017 – 2028)
Men’s Shirts Regional Outlook (Revenue, USD Million, 2017 – 2028)
Central & South America
Middle East & Africa
List of Key Players of Men’s Shirts Market
H&M Hennes&Mauritz AB
Guccio Gucci S.p.A.
Burberry Group Plc
Giorgio Armani S.p.A.
Dolce & Gabbana S.r.l.
Gianni Versace S.r.l.
Louis Vuitton, Inc.
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