Women's Blazer Market (2022 - 2028)

Women's Blazer Market Summary

The global women’s blazer market size was valued at USD 62.46 billion in 2021 and is projected to reach USD 80.67 billion by 2028, growing at a CAGR of 3.7% from 2022 to 2028. The growth of the market is significantly attributed to the evolving fashion trend and adoption of western fashion styles by consumers in the Asia Pacific.

The increasing number of working women is expected to facilitate the demand for women’s blazers in the apparel industry. According to the Bureau of Labor Statistics data, in the U.S. women employees held 50.4% of American jobs in 2020 which was 49.7% in 2019. Increasing consumer spending capacity, disposable income, and expansion of the retail sector is expected to drive the growth of the market in the forecast period. Additionally, research and development and innovative product launches carried out by the key players is likely to facilitate consumer spending and boost the market growth.

The COVID-19 pandemic induced lockdown situations across various countries restricted their citizens to participate in public gatherings and suggested staying inside as a precautionary measure against the coronavirus. Various sports events, exhibitions, and other public events were canceled across the world. Moreover, corporate offices switched to complete work from home mode or operated with a minimum workforce present at office premises. This resulted in a decrease in demand for products from potential customers. Lack of consumers, disrupted supply chain, plummeted production, and halt in trade activities altogether affected the market growth. However, over the forecast period, the market is expected to recover quickly and witness promising growth.

The product is manufactured from various types of fibers such as cotton, polyester, cellulosic nylon, wool, acrylic, and velvet. The product transforms an individual’s look to modern business from traditional. Fast fashion is also expected to affect the global market. Fast fashion is a business model through which designer clothes are made available at a local store. The quality and price are reduced and products are manufactured in a massive amount. This is resulting in increased consumer spending and boosts sales in the global market.

Additionally, manufacturers are focusing on expanding the brand awareness of their products by considering end-users expectations. Manufacturers also trying to increase their customer base by offering discounts and offers. Launching online platforms by key retailers and manufacturers is also expected to increase consumer accessibility and drive market growth.

The sustainable and eco-friendly trend is rising in the global apparel market. Environmental concerns and increasing pollution due to the manufacturing process as well as waste production is one of the drawbacks of the market growth. Increasing awareness about the grave impact on the environment is expected to restrain the market growth. According to the United Nations, the global clothing and footwear industry produces 8% of the world’s greenhouse gas emissions. Recycling and the upcycling trend is gaining momentum in the world affecting the conventional market.

Distribution Channel Insights

Offline distribution channel contributed a larger revenue share of around 75% in 2021 in the global market and is projected to exhibit a CAGR of 3.3% from 2022 to 2028. Offline channels include shopping malls, specialty stores, wholesalers, and retail stores. Key players and retailers use the traditional retail channel to sell more. Offline channel includes organized distribution channels in this market, which offer discount schemes and customer-oriented services by selling a variety of apparel directly to the end-users. Additionally, these stores enable quality and authenticity verification of the products with trial facilities, which influence the consumer's trusting sentiments. Thus offline segment contributes more to the market revenue.

Online distribution channel is anticipated to register a faster growth of CAGR of 5% from 2022 to 2028. Citizens started using online shopping portals and mobile apps for shopping and are getting popular due to their simplicity and convenience. Products are available at economic rates via online channels compared to offline. End-users prefer brands, that manufacture quality products, and favor authentic shopping portals or mobile apps to purchase the products, leading to the growth of the online segment. Retail giant, Inditex, owner of Zara SA, is planning to increase its online sales by over 25% by 2022 compared to the 14% in 2019. Under the company strategy, large stores will act as distribution centers for online sales.

Fiber Insights

Polyester segment dominated the market and contributed the largest revenue share to the global market of over 45% in 2021 and is anticipated to grow at a CAGR of 3.2% from 2022 to 2028. Polyester is a synthetic type of fiber, that contains compounds of the ester functional group. The fiber is obtained from petroleum and is one of the most popular fibers in the textile industry across the world. This fiber is durable and relatively more economic material used for manufacturing apparel products. Consumers prefer apparel made from polyester fiber, as it is resistant to all types of environmental conditions and improves durability. With all these benefits, polyester is consumed most for making apparel in the textile industry.

Cellulosic segment is anticipated to witness strong growth over the forecast period. Segment is expected to register the highest CAGR of 5.7% from 2022 to 2028 in the global market. Cellulosic fiber is obtained after processing of cotton, flax, wood pulp, and other plant fibers. Cellulosic fiber is used to create variety of fabrics such as denim, corduroy, muslin, and organza. This fiber also present excellent moisture absorbing quality. With increasing trend of sustainable, green, and eco-friendly products, popularity of these fibers is rising among the consumers. This is expected to increase demand for cellulosic blazers in the market and boost the segment growth over the forecast period.

Regional Insights

Asia Pacific is expected to grow with the highest CAGR of 4.4% from 2022 to 2028 and is estimated to contribute market share by revenue of around 25% by 2028. Countries such as China, and India are positively contributing to the growth of market revenue. The Asia Pacific is the manufacturing hub for the leading brands in the market, owing to the cheap labor and flexible regulations. This enables higher product availability in the local markets. With the growing population and increasing disposable income of the consumers, the market is expected to witness strong growth over the forecast period. Moreover, the adoption of western clothing style is also augmenting the demand for the products in the market. Additionally, developments in the retail sector and expansion of offline as well as online retailing are expected to drive the demand and market growth in the region.

The European region accounted for the highest market share in the global market. In 2021, the region held a share of over 30% of revenue in the global market. This is mainly attributed to the higher product awareness among the potential consumers and higher adoption rate. The strong presence of the key player with their extensive distribution network through their distribution channels or third parties is also credited for higher market share in the market. Well-developed economic countries such as Germany, the U.K., and France are positively contributing to the market revenue due to higher disposable income and spending capacity.

Key Companies & Market Share Insights

The women’s blazer market is characterized by the presence of various well-established players and several small and medium players. Key players are focusing on the launch of the products to meet consumers’ expectations with changing fashion consciousness. Sustainable production and a sustainable supply chain are also prime focus of the key players in the market. Additionally, players are focusing on the innovation of new techniques to increase the durability and functionality of the product. Moreover, key players are expanding their reach across geographic via joint ventures, partnerships, and mergers and acquisitions. For instance, Prada Group and Ermenegildo Zegna Group announced the acquisition of the majority of stakes in Filati Biagioli Modesto S.p.A. in June 2021. Some of the prominent players in the global women’s blazer market include:

• Dior

• CHANEL

• Guccio Gucci S.p.A.

• PRADA

• Giorgio Armani S.p.A.

• Burberry Group Plc

• Dolce & Gabbana S.r.l.

• Gianni Versace S.r.l.

• Louis Vuitton, Inc.

Women’s Blazer Market