The United States was well ahead of China in 2017, when the retail apparel market size was $327.61 billion for the United States and $235.30 billion for China. . The US market size increased to $332.86 billion in 2018 and $337.52 billion in 2019. But the market size decreased to $252.90 billion in 2020 due to the pandemic and the frequent blockages, according to Fibre2Fashion’s market analysis tool, TexPro. The market size declined to $282.89 billion in 2021 and is projected to reach $290.40 billion through 2025, growing at a CAGR of 2.80% during 2020-2025.
The size of China’s apparel retail market increased to $258.83 billion in 2018 and $283.42 billion in 2019. The pandemic has also disrupted China’s economy and its market size is fell to $264.92 billion in 2020. But China rebounded to $284.70 billion in 2021, due to a milder impact from COVID-19, according to TexPro. The market size is expected to reach USD 372.13 billion in 2025, growing at a CAGR of 7.03% during the period 2020-2025.
China overtook the United States to take the top spot in terms of apparel retail market size during the COVID-19 years of 2022 and 2021, mainly due to the lower impact of the pandemic by compared to the largest economy in the world. China is predicted to gain further ahead of the US by 2025 as the growth in market size will more than double for the Asian giant. #
The size of the global apparel market was $1387.66 billion in 2017, which increased to $1450.90 billion in 2018 and $1518.81 billion in 2019. It fell to $1263.67 billion in 2020. But the market size grew to $1352.42 billion in 2021. 2025, growing at a CAGR of 4.5% during the period 2020-2025.
Fibre2Fashion Information Office (KUL)