The global men’s wear products market was valued at USD 227.6 billion in 2021 and is projected to expand at a CAGR of 5.4% from 2022 to 2030. Men’s wear is becoming more versatile and stylish as the demand for fashion-forward clothing increases. Furthermore, a surge in the number of fashion-conscious young male consumers is driving the demand for men’s wear products. The growing trend of athleisure and loungewear is further propelling the market growth.

The increasing popularity of sustainable fashion is boosting the demand for organic and eco-friendly men’s wear products. For instance, in April 2021, Gucci launched an organic cotton collection, ‘Off the Grid’, which consists of t-shirts, polo shirts, sweatshirts, and jackets made from recycled and organic materials. The collection further reinforces the brand’s commitment to sustainability and ensures that the products are made from materials that are good for the environment.

The increasing trend of customization of men’s wear products is also driving the market growth. For instance, in June 2021, Reebok launched its 3D printed custom sneaker, the Liquid Floatride Run. The sneaker is available in a range of sizes, colors, and even a 3D printed pattern. Additionally, the rising trend of online shopping is expected to further propel the demand for men’s wear products.

Moreover, the rising trend of online influencers is also driving the market growth as they endorse various fashion labels, thereby increasing the brand’s visibility and resulting in increased sales. Furthermore, the growing trend of male fashion bloggers and vloggers is also accelerating the market growth, as they offer styling tips and suggestions to their followers, inspiring them to try new looks and styles.

The increasing trend of buying designer men’s wear is propelling the market growth. For instance, in March 2021, Versace launched its new men’s wear collection, inspired by the brand’s iconic designs and prints. The collection is crafted from luxurious fabrics and features intricate detailing and embroidery, making it a desirable choice for fashion-conscious men. Additionally, the increasing trend of collaborations between fashion labels and luxury brands is further driving the market growth.

The apparel segment led the market and accounted for a share of around 45.7% in 2022. Growing trend of athleisure and casual clothing among men is boosting the demand for men’s casual wear globally. According to an article published by The Wall Street Journal, in April 2020, roughly 40% of men’s apparel sales in 2019 came from casualwear, and more than 65% of men aged 18-34 said they prefer to shop for casualwear when shopping for apparel. In addition, increasing disposable income among consumers, the emergence of online shopping platforms, and changing fashion trends are some of the major factors expected to drive the growth of the men’s wear market in the coming years.

The footwear segment is expected to expand at the fastest CAGR of 7.3% over the forecast period. Growing demand for stylish, comfortable, and lightweight shoes among men is driving the market growth. According to an article published by the Footwear News, in August 2020, more than 60% of men prefer to shop for shoes online. In addition, increasing brand consciousness and rising preference for branded shoes among consumers are some of the other factors driving the demand for men’s footwear. Moreover, the rising trend of online shopping is further boosting the growth of the market.

The department stores segment accounted for the largest share of over 28.4% in 2022. Department stores offer a wide range of men’s wear clothing and accessories, providing customers with a broad selection of products to choose from. They also offer services such as personal shopping and alterations, allowing customers to customize their clothing and accessories. In addition, department stores offer discounts and promotional offers on various brands, which has helped to drive the segment’s growth.

The online segment is also expected to register a CAGR of 11.2% from 2022 to 2027. With the rise of e-commerce, online retailers have become popular among customers due to the convenience of shopping from home. Online retailers offer a wide range of men’s wear products, including clothing, accessories, and footwear, making it easier for customers to find the right product. In addition, online retailers offer discounts and promotional offers to attract customers, which has further driven growth in the segment.

The formal wear segment accounted for the largest revenue share of 42.3% in the year 2022. Increasing demand for formal wear in the professional and corporate sectors is driving the market. The inclination of the population towards traditional and formal dressing is also a major factor driving the formal wear segment. Additionally, the growing awareness of brands among the younger generation is anticipated to fuel the market. For instance, in December 2021, Hugo Boss launched a new campaign, “The Sharpest Tool in the Shed,” to promote its men’s formalwear collection.

The casual wear segment is expected to register the highest CAGR of 4.8% over the forecast period. The surge in the number of working professionals and the increasing disposable income of the middle-class population is driving the market for casual wear. The increasing acceptance of streetwear culture as a fashion trend is also a key driver of the casual wear segment. Furthermore, the increasing demand for online shopping is expected to drive the market.

Asia Pacific is projected to be the largest regional market and is expected to register a CAGR of 6.7% during the forecast period. Increasing demand for apparel and accessories among young consumers, rising disposable incomes, and growing awareness regarding fashion trends are among the primary factors driving the growth of the regional market. Moreover, the availability of a wide range of men’s wear products, such as suits, t-shirts, jeans, jackets, and other apparel, is further contributing to the growth of the regional market.

Europe is expected to witness the second-fastest growth over the forecast period. The market in the region is driven by the increasing demand from the younger demographic, rising disposable incomes, and the increasing popularity of fashion and style among men. Additionally, the presence of established players, such as H&M and Zara, is further expected to drive the market in the region. Moreover, the increasing number of innovative e-commerce platforms, such as ASOS, is expected to provide a further boost to the market in the region.

In this part of the men’s wear products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your men’s wear products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a men’s wear products business comes from the sales of men’s apparel and accessories such as suits, shirts, trousers, jeans, shoes, belts, ties, and other items. Other possible sources of profit from the business include seasonal sales, discounts, and online sales.

Projecting Expenses
In this section, all the regular expenses related to keeping the men’s wear products business running will be described. The list of operating expenses includes rent, wages, marketing, advertising, inventory costs, utilities, insurance policies, and other cost of goods sold.

Some of the key companies operating in the men’s wear market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Nike Inc. launched its new collection of men’s wear featuring the latest in streetwear.

– In August 2022, Ralph Lauren Corporation launched a new line of men’s clothing inspired by the American West featuring a range of denim, flannels, and plaids.

– In October 2022, Uniqlo launched a new line of men’s clothing with a focus on sustainability.

Some of the prominent players in the men’s wear market include:

– Nike Inc.
– Adidas AG
– Ralph Lauren Corporation
– Uniqlo
– H&M
– Gap Inc.
– Zara
– Tommy Hilfiger
– Levi Strauss & Co.
– Hugo Boss AG

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global men’s wear products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Casual Wear
– Formal Wear
– Active Wear
– Accessories
– Footwear

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Department Stores
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Mass
– Premium

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Factors that Impact the Men’s Wear Market?
[A]: Factors such as the growing demand for customized and fashionable men’s wear, changing lifestyles, the emergence of e-commerce, increasing disposable income, and the growth of the celebrity culture are driving the growth of the men’s wear market.

[Q]: What are the Major Segments of the Men’s Wear Market?
[A]: The men’s wear market is segmented into casual wear, formal wear, ethnic wear, and other categories.

[Q]: Who are the Major Players in the Men’s Wear Market?
[A]: Major players in the men’s wear market include Zara, H&M, Nike, Gap, Levi Strauss, and PVH Corporation.

[Q]: What are the Key Trends in the Men’s Wear Market?
[A]: Increasing popularity of athleisure, the rise of online shopping, and the emergence of fast-fashion are some of the key trends in the men’s wear market.

[Q]: What are the Growth Opportunities in the Men’s Wear Market?
[A]: The growing demand for custom-tailored men’s wear, the emergence of smart fabrics, and the increasing demand for sustainable fashion are some of the growth opportunities in the men’s wear market.