14 December 2021, Mumbai:
The global ethnic wear market is growing at six per cent a year, says a ResearchAndMarkets.com study. The ethnic wear market is expected to witness a CAGR of 6.3 per cent from 2021 to 2028. The study further states offline retail made up the largest revenue share of 63.8 per cent in 2020 and is expected to grow at a CAGR of 6 per cent from 2021 to 2028.
Due to globalization, the transfer of culture and tradition, as well as individuals traveling and residing in different countries, there has been a strong demand for ethnic clothing from many nations across the world. The worldwide desire for ethnic dresses at theme-based functions, rent-based models for renting ethnic garments, and the expansion of distribution channels through e-commerce are driving the ethnic wear market. The study highlights women segment will witness the fastest CAGR of 6.6 per cent over the forecast period. Asia Pacific dominated the market and accounted for the largest revenue share in 2020 and is projected to witness a CAGR of 6.5 per cent over the forecast period.
Retailers and global brands are introduced ethnic wear collections in their product line. In April 2020, H&M introduced a sari collection in collaboration with designer Sabyasachi Mukherjee. In September 2019, Uniqlo launched its first retail store in India and introduced a special kurta collection. The online distribution channel is the fastest-growing segment. Many brands across the world are focusing to get the maximum business through e-commerce as it provides the convenience of contactless delivery. The surge in work from home for many employees has resulted in an increase in online businesses of ethnic wear brands.
The Middle East market represents enormous growth opportunities. Several buyers in the region have developed a taste for both modest fashion and homegrown labels that reflect their culture. The demand for ethnic wear including burkhas and hijabs is projected to witness significant growth.
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