Menswear Market Assessment, By Product Type [Apparel, Footwear, Accessories], By Category [Formal wear, Swimwear, Activewear, Loungewear, Others], By Price Range [Mass Segment, Premium Segment, Luxury Segment], By Distribution Channel [Online, Offline], B

Menswear Market Assessment, By Product Type [Apparel, Footwear, Accessories], By Category [Formal wear, Swimwear, Activewear, Loungewear, Others], By Price Range [Mass Segment, Premium Segment, Luxury Segment], By Distribution Channel [Online, Offline], By Region, Opportunities and Forecast, 2017-2031F

Global menswear market is projected to witness a CAGR of 4.5% during the forecast period 2024-2031, growing from USD 545.44 billion in 2023 to USD 776.26 billion in 2031. The factors that are driving the growth of the menswear market are the availability of tailored-fit clothing that fits seamlessly, rising fashion consciousness among men and rising importance of personal appearance, influence of social media which keeps men informed about the latest launches, current fashion trends and emergence of new brands, increasing prevalence of lifestyle, fashion influencers, fashion shows, and the relevance of retail distribution channel.

Additionally, shirts for formal wear are supplementing the market growth due to increasing consumers’ preference for formal wear. Certain social protocols and etiquette facilitate men's wearing formal attire in certain situations, such as formal dinners and official events, fostering market growth.

The key players are introducing innovative marketing techniques to attract consumers and gain a competitive edge in the market. These marketing strategies help consumers better position themselves in the market. For instance, in January 2024, J.C. Penney introduced the latest limited-edition collection to its private label, Stylus menswear brand. The brand collaborated with lifestyle influencer LaDarius Campbell to promote the collection, which hosted a live one-on-one styling masterclass event. Dedicated marketing campaigns for the launch of the menswear collection by the key players are driving the market growth in the forecast period. For instance, Marks and Spencer Group PLC launched its first dedicated menswear campaign, ‘Anything but Ordinary,’ to launch its autumn menswear collection.

Formal Wear to Dominate the Market

Formal wear is dominating the menswear market over others for several significant reasons. Men frequently wear formal attire, such as suits and ties, in professional environments, such as offices, corporate meetings, and business events. These attires signify competence, professionalism, and respect for workplace culture, which is why they are preferred by men in a formal setting.

Moreover, formal wear is worn on special occasions such as weddings, gala dinners, and corporate events, driving the market growth. Various cultural and religious traditions require men to wear formal attire during traditional ceremonies, rituals, and festive occasions. For instance, traditional formal garments such as tuxedos, sherwanis, and kimonos hold cultural significance and symbolic value in different traditions.

In January 2023, Men’s Wearhouse and Michael Strahan launched a custom suiting program. Each Men’s Wearhouse outlet nationwide has a team of expert tailors available to guide the walk-in customers through their fittings and personalize every element of their formalwear using a co-create custom builder app for a seamless and unique digital experience.

Sustainable Clothing as the New Global Menswear Market Trend

Sustainable clothing is driving the growth of the menswear market as consumers are increasingly becoming environmentally conscious. Manufacturers are utilizing organic and recycled materials to produce sustainable clothing, such as using recycled materials made from plastic bottles. Moreover, incorporating sustainable fabrics into their offerings, such as recycled polyester, organic cotton, and hemp, reduces reliance on resource-intensive materials and helps minimize the environmental impact. Moreover, menswear manufacturers are implementing initiatives such as the usage of natural dyes, production under one roof to eliminate irrelevant CO2 emissions, and upcycling old garments, further reducing waste and promoting the circular economy.

In March 2023, men’s fashion retailer, Suitable, included waistcoats in its collection, which are entirely made from recycled garments. These waistcoats have been produced in collaboration with Drop & Loop, from certified organic cotton or recycled polyester and are stained with natural dyes. Moreover, as the entire production process takes place under one roof, irrelevant CO2 emissions and energy consumption are minimized.

Other notable sustainability initiatives in the menswear market are supply chain transparency and fair labor practices. Manufacturers increasingly collaborate with ethical suppliers to ensure workers are treated fairly while working in a safe and ethical environment.

Online Retail to Support the Market Growth

Online retail distribution channels drive market growth due to consumers’ growing inclination towards online shopping. Consumers’ increasing exposure to the internet and e-commerce, along with the surging technological advancement in digital media, has driven customers to purchase menswear through online retail channels. As men find the online retail channel convenient and can shop remotely without the need to spare time from their busy schedules to shop at the physical outlets, they find this option more feasible and flexible. Moreover, apart from ease, the online retail channel has a wider variety of products as these products are listed by sellers worldwide, which helps customers pick up their designed products at discounted prices. These added features, such as free delivery, at-home delivery service, easy return and exchange of products, the convenience of online payment, and times delivery, appeal to the consumers and foster the growth of the menswear market.

In February 2024, Tiger Woods unveiled his latest lifestyle brand, Sun Day Red, in partnership with TaylorMade Golf Company. The company debuted with the launch of a menswear range, which has been exclusively sold at SunDayRed.com in Canada and the United States since May 2024.

Entrance of New Players Fueling the Growth

The entrance of new players and manufacturers in the menswear market is driving its growth for various reasons. With the increasing demand of consumers for diverse and innovative styles and evolving fashion trends, new entrants bring fresh designs and strategies to the market to drive its growth. This facilitates healthy competition, inducing new and existing players to innovate and introduce improved offerings.

Additionally, new players often focus on niche segments or emerging markets in menswear, catering to the specific preferences and needs of consumers. Specialization creates opportunities for market expansion and diversification, attracting new customers and encouraging existing ones to explore the latest styles and designs.

In September 2022, Tendam Group launched its latest menswear label, Ooto, in collaboration with an international model, Andres Velencoso. The brand focuses on the curation of goods for men over 35 years old and aims to be a go-to brand for men seeking stylish menswear. The garments are mostly casual and informal. The brand also offers evening wear, which is dominated by shades of grey and black.

Future Market Scenario (2024 – 2031F)

Due to various factors, the menswear market is witnessing exponential growth in the forecast period. These include the rising collaborations among the key players in the menswear market to create opportunities by fostering innovation, expanding market reach, and enhancing brand visibility. Collaborations between established brands and emerging designers or celebrities often result in unique and limited-edition collections, attracting new customer segments and driving growth.

Additionally, partnerships between menswear manufacturers and technology companies or sustainable fashion initiatives allow for integrating cutting-edge technologies and eco-friendly practices, further appealing to environmentally conscious consumers. Ultimately, these collaborations leverage the strengths of each partner, leading to mutually beneficial outcomes and sustained growth within the menswear market.

Key Players Landscape and Outlook

Key players in the market are helping the growth by focusing on continuous product innovation, retail expansions, and strategic marketing. The manufacturers are actively expanding their product portfolio, increasing the base of the customers, and catering to their evolving needs.

Fashion shows drive the growth of the market as the key players showcase their latest collection at the fashion shows for audiences from around the world to witness. Through these fashion shows, the companies and brands launch unique and latest designs of apparel, footwear, and accessories which become trendy.

In January 2024, Pharrell Williams and LVMH Group’s Louis Vuitton launched the menswear spring/summer collection 2024 as a part of Paris Fashion Week. The SS24 collection includes the Speedy Bag, leather Horizon luggage, trail backpacks, soft trunks, and Keepalls. These brands introduced a series of pop-up stores in over 50 LV storefronts worldwide, celebrating their latest collection. Each pop-up featured unique pieces which revolved around the initial vision of the collection, which was a convergence of fashion and pop culture.