Global Apparel Accessories Market Set to Reach $24 Billion by 2032, Led by Growth in Developing Economies and E-commerce Trends

Emergence of New E-commerce Channels Will Rev up Sales of Apparel Accessories, flourishing at over 6% CAGR: Fact.MR Report

The global ­­­­­apperal accessories market is projected to grow at a staggering 6% value CAGR, reaching US$ 24 billion, following an assessment period ranging from 2022-2032. As per a newly published report on this industry by Fact.MR, a valuation of US$ 13.36 billion has been anticipated during FY 2022.

From 2017-2021, demand for Apparel Accessories flourished at a growth rate of 4.4%, concluding at US$ 12.6 billion. The 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.

The Asia Pacific accounts for more than 30% market share, followed by North America and Europe. This is due to rapid industrialization and the easy availability of raw materials. The upward trend of online sales of apparel is further likely to amplify the market growth over the forthcoming period.

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Key Takeaways from the 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 2032.
• China is estimated to account for more than 80% of the East Asia volume share by the end of the 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 2032.
• Asia Pacific dominated the global market and accounted for around US$ 6.5 Bn in 2032, 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.

Market Expansion Faces Challenges Due to Price Volatility

Rapid fluctuations in raw material prices have significantly impacted the cost of end products, disrupting market stability. The rising costs of essential materials such as fabrics, synthetics, leather, and rubber have strained the operational revenues of companies, leading to reduced profit margins for manufacturers. Additionally, stringent government regulations aimed at curbing environmental pollution have created further challenges for market players, restricting manufacturing processes and increasing compliance costs.

The environmental impact of raw materials has drawn regulatory scrutiny, with authorities imposing strict measures to mitigate air and water pollution. Many of the core materials used in production contribute significantly to environmental degradation, prompting governments to enforce limitations on their use. These regulations, while essential for sustainability, have added pressure on manufacturers, compelling them to explore alternative materials and adopt eco-friendly production practices, which often come with increased costs.

The market is characterized by a mix of top-tier consolidated players and smaller regional manufacturers. Tier-1 companies dominate the landscape, holding more than one-third of the market share, while regional players operate strategically by offering cost-effective alternatives. However, the proliferation of counterfeit products poses a significant threat to major manufacturers, eroding annual revenues and damaging brand reputation. The influx of low-quality imitations creates consumer distrust and disrupts market dynamics, making it a persistent challenge for industry leaders.

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Competitive Landscape

The global market is highly fragmented with the presence of a large number of local and regional players. Market players are concentrating on product launches to broaden their market footprints.

• In August 2021, Gap Inc. acquired Drapr, an eCommerce startup and online application based on technology that enables customers to quickly create 3D avatars and virtually try on clothing. Drapr is designed to help customers find the best clothing size and fit for their style and body type while helping retailers reduce unnecessary returns.
• In September 2021, Industria de Diseño Textil SA-owned fashion accessories company Uterqüe unveiled an online flagship store on Alibaba Group Holding Ltd.'s portal Tmall, marking the brand's foray into China.
• In December 2021,NIKE, Inc., announced the acquisition of RTFKT, a leading brand that leverages cutting-edge innovation to deliver next-generation collectibles that merge culture and gaming.

More Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the global Apparel Accessories market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period 2022-2032.

The study reveals essential insights based onProduct (Belts, Handbags, Scarves, Eyewear, Jewelry, Neckties, Gloves, Handkerchiefs, Hat Apparel, Others) Demographic (Apparel Accessories for Men, Apparel Accessories for Women, Apparel Accessories for Children) Price (Economical Apparel Accessories, Mid-range Apparel Accessories, Premium Apparel Accessories, Super-premium Apparel Accessories) Sales Channel (Modern Trade, Franchise Outlets, Specialty Stores, Others) across five major regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).

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