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The hot categories
Tier-1 and Tier-2 cities to boost growth of trousers
Growing annually at around 30-35 per cent and expected to maintain a growth rate of CAGR 8 per cent from here on till 2023 , trouser is considered one of the fastest growing segments , which has picked up pace since the advent of polyester / viscose blends . Estimated to be US $ 3.40 billion in 2013 , the trouser market in India is expected to touch US $ 7.4 billion in 2023 .
Growth in income levels , changes in lifestyle and the entry of foreign brands have further added to the growth quotient , leading around 60 regional and national trouser brands to vie for the numero uno position , thereby opening up wide options for consumers to choose from . The potential for growth is further propelled by increased consumption of trousers in rural India that has encouraged many retailers to focus attention on the countryside .
The scene is no different in the women ’ s section with many brands and retailers offering discount schemes and loyalty programmes to tempt women into experimenting with trousers . At present , a bulk of the women ’ s trouser market is concentrated in the metros and larger cities . However , in the years to come , the category is expected to register deeper penetration into Tier-1 and Tier-2 cities as well .
Denim : A growth segment within trousers
Currently at US $ 45.71 billion , the youth-driven Indian denim market is expected to grow at Compound Annual Growth Rate ( CAGR ) of 9.7 per cent to touch US $ 115.14 billion by 2026 and the key factors behind this phenomenal growth are the increasing penetration of brands into
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Tier-1 and Tier-3 cities and the rising aspirations of consumers from smaller cities to follow the latest trends .
Of the total market , men ’ s denim segment accounts for 84 per cent of the market while the women ’ s denim segment and kids ’ denim segment comprise 10 per cent and 6 per cent , respectively . In the women ’ s segment , expected to witness the fastest growth ( at CAGR 17.5 per cent ), denim trousers is still the most popular while athleisure is also catching up fast . The key areas of fashion and fit element , a must in the women ’ s category , are now being taken care of through the introduction of flexible / stretch fabrics for different applications .
Further , the denim market in India is also segmented on its ‘ premiumness ’. The super-premium , premium , and mid-market segments together make up only 8 per cent of the total Indian denim market .
The future value growth within the denim category , as per experts , shall be because of the increased demand for enhanced product attributes : fashion , quotient , stretch and lightweight fabric , varying colours , styling and detailing . This trend is emerging across both men ’ s and women ’ s segments .
Off the shelf shirts poised for growth
Shirts account for 12 per cent of the total market in which men ’ s shirts hold a percentage share of 94 per cent while women ’ s shirts make up for the remaining 6 per cent . In 2017 , the domestic shirt market was estimated at US $ 5.83 billion , which is expected to touch US $ 10.1 billion by 2027 growing at a CAGR of 6 per cent .
However , in terms of growth , women ’ s segment is expected to
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Currently at US $ 45.71 billion , the youthdriven Indian denim market is expected to grow at Compound Annual Growth Rate ( CAGR ) of 9.7 per cent to touch US $ 115.14 billion by 2026 and the key factors behind this phenomenal growth are the increasing penetration of brands into Tier-1 and Tier-3 cities and the rising aspirations of consumers from smaller cities to follow the latest trends . |
grow at a CAGR of 11 per cent over the next decade while men ’ s is expected to grow at a CAGR of 5 per cent . Despite the number of rapidly flourishing brands , the penetration of the private and international labels are yet on the lower side due to higher price points . Nevertheless , to make their presence felt , private labels and e-tailers have reportedly modified their pricing strategy to offer shirts in low to mid-price range while the major organised players are trying to capture the market with ‘ efficient sourcing , low overheads ’ and , above all , higher volumes , and Bangladesh definitely stands far ahead of the competitors in all these aspects when it comes to sourcing .
Everyday casuals propel T-shirts market
Lately , Indian fashion retail is witnessing a huge demand for knit products . The knitwear market is expected to grow at a promising rate of 9 per cent over the next decade to reach US $ 23.56 billion from the current market size of US $ 10.04 billion .
Category-wise , men ’ s section still holds the sway in knitwear market accounting for 40 per cent followed by womenswear ( with a market share of 34 per cent ) and boys ’ and girls ’ sections claiming 18 and 8 per cent , respectively .
According to the latest reports from India ’ s leading management consulting firm Technopak Advisors , the size of the T-shirts market in India is estimated to grow at a promising CAGR of 10 per cent over the next decade . In this product category , menswear holds a key market share , followed by womenswear and kidswear . However , the women ’ s segment is registering a faster growth and experts attribute this to the
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