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Myanmar Fashion and Apparels Market Size to Grow at a CAGR of 22% During the Forecast Period 2021-2026

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Myanmar Fashion and Apparels Market Size to Grow at a CAGR of 22% During the Forecast Period 2021-2026

October 18
18:36 2021
Myanmar Fashion and Apparels Market Size to Grow at a CAGR of 22% During the Forecast Period 2021-2026
Myanmar Fashion and Apparels Market
Increasing Penetration of Social Media Driving the Growth of Myanmar Fashion and Apparels Market.

Myanmar Fashion and Apparels Market size is estimated at $6.2 billion in 2020, growing at a CAGR of 22% during the forecast period 2020-2026. Clothing or garments in general are referred to as apparel. Apparel manufacturers cut, sew and produce garments by knitting fabric first, then cutting and stitching it into a garment. Apparel manufacturers are involved in manufacturing of clothing and fashion accessories for men, women and kids. There are various types of apparel such as formal wear, casual wear, sportswear, night wears and many others. Apparels are made from wide range of different material such as cotton, linen and leather are sourced from plants and animals. Material like leather is made from animal skin and cotton and linen are made from plants. Increasing demand for sportswear and performance wear coupled with rising fashion trends are the major factors driving the growth of the market. Shift in preference to branded products coupled with changing lifestyle of the people is set to further enhance the overall market development of the Myanmar Fashion and Apparels Market for the period 2020-2026.

Myanmar Fashion and Apparels Market Segment Analysis – By Type

Formal Wear held the largest share in the Myanmar Fashion and Apparels Market in 2020 and is estimated to grow at a CAGR 18.2% during the forecast period 2020-2026. Formal wear is the traditional western dress code which is suitable for formal social events. Formal wear mostly made of chiffon, velvet, satin and other types of fabric. It is most comfortable and relaxed apparel as well as it is most preferred by consumers thereby formal wear are estimated to register the higher CAGR over the period 2020-2026.

Myanmar Fashion and Apparels Market Segment Analysis – By Fiber Type

Plant based fiber held the largest share in the Myanmar Fashion and Apparels Market in 2020 and is estimated to grow at a CAGR 16.8% during the forecast period 2020-2026. Plant based fiber such as cotton, jute and other fiber are tough and durable. Cotton fiber is breathable and wicks which transmits away from the body, as well as it is absorbent and removes liquid away from the skin. Plant based fibers are cheap, strong, and easy to clean compared to other fiber type thereby plant based fiber are estimated to register the higher CAGR over the period 2020-2026.

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Myanmar Fashion and Apparels Market Segment Analysis – By Distribution Channel

Supermarkets/Hypermarkets held the largest share in the Myanmar Fashion and Apparels market in 2020 as supermarkets/hypermarkets offer better brand visibility, easy shopping experience and the availability of a wide range of apparels and brands. Also Supermarkets/Hypermarkets are focused on to provide better services to its consumers. However Online Retailers is suspected to growth at a higher CAGR of 26% during the forecast period 2020-2026 owing to the convenience and attractive offer it provides.

Myanmar Fashion and Apparels Market Drivers

Increasing Penetration of Social Media

Increasing penetration of social media and marketing strategies adopted by key players is increasing the growth of the Myanmar Fashion and Apparels Market. Furthermore, consumers learn about the current trends and other aspects of fashion from social media channels, which connect influencers and fashion idols to people through their social feeds. These individuals then make purchases through social media thereby increasing the growth of the Myanmar Fashion and Apparels Market during the forecast period 2020-2026.

Rising Inclination Towards Online Sales

Increasing inclination towards online sales and adoption of strategies by e-commerce platforms such as celebrity endorsements, promotional discounts and festive sales is increasing the growth of the Myanmar Fashion and Apparels Market. The number of online transactions and the average amount of money spent online are steadily increasing as the number of online users grows. Owing to the ease, convenience, and time-saving benefits of online retail, people are eager to purchase things on the spot thereby increasing the growth of the Myanmar Fashion and Apparels Market during the forecast period 2020-2026.

Myanmar Fashion and Apparels Market Challenges

Scarcity of raw Material 

Major factor that is set to impede the growth of the Myanmar Fashion and Apparels Market are scarcity of raw material and labor that affects on manufacturing of apparels. Another factor which hamper the growth of market is fast changing preferences and shifting choices of consumers. 

Myanmar Fashion and Apparels Market Landscape

Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Myanmar Fashion and Apparels Market. In 2020, the Myanmar Fashion and Apparels Market share is consolidated by the top ten players present in the market. The Myanmar Fashion and Apparels Market, top 10 companies are Inditex, Adidas, Punto Fa, S.L., Nike Inc., PVH Corp., Hennes & Mauritz AB, Bossini International Holdings Ltd.,  Hang Ten, Decathlon and Kering S.A.

Developments

In August 2020, Inditex, the leading multinational company in the garment industry signed agreement with IndustryALL to support the global garment industry to recover from the crisis created by the pandemic. 

Key Takeaways 

Myanmar Fashion and Apparels Market is increasing in 2020 owing to increasing fashion trend in this region. The Myanmar Fashion and Apparels Market scope for different regions will be provided in the final report.

Rising inclination towards online sales are set to aid the market growth of the Myanmar Fashion and Apparels Market report.

Scarcity of raw material and labor is poised to create the hurdles for the Myanmar Fashion and Apparels Market. 

Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Myanmar Fashion and Apparels Market report.

Related Reports:

A. Myanmar Professional Hair Care Market 

https://www.industryarc.com/Report/7401/myanmar-professional-hair-care-market-report.html

B. Cosmetic Packaging Market 

https://www.industryarc.com/Report/15263/cosmetic-packaging-market.html

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