From straight legs and wide crotches on wool, trousers have evolved into a key fashion element. The global trousers market now offers all kinds of fabrics and colors. A range of trendy trousers are available for both men and women, which has boosted the sale and export markets.
The trousers market India is expected to grow at a CAGR of 8 per cent to reach a value of Rs 37,540 crore ($375.4 billion) in 2019 from Rs 25,180 crore ($251.8 billion) in 2014. Last year, the trousers market in the US generated highest revenue; the market volume for the same is expected to increase to 1,653.94 million pieces by 2021. The women’s trousers segment, on the other hand, is estimated to reach $37,962 million in 2019 and the market volume is expected to be 2,426.04 million pieces by 2021.
Eastern countries prefer premium range, US generates highest revenue
Technology has enabled market leaders to offer trousers in a variety of styles and fabrics. For instance, trousers made of blended and manmade fabrics are in demand as they are easy to wash, dry quickly, resist wrinkles, and are also resistant to moths and mildew. They also offer the comfort of cotton without losing their appeal.
People in the eastern countries, especially from the upper middle and high income segments are opting for the premium range of trousers. This range is likely to flourish in future with new players entering the segment. For instance, men in Singapore traditionally prefer to dress in suits but the hot and humid climate is currently to opt for smart shorts, trousers and shirts.
In 2019, the US trousers’ market emerged as the biggest revenue generator with the girls and women category generating $37.962billion while that of men generating $34.311billion. The market is expected to grow annually at a CAGR of 2.4 per cent. On the other hand, for the trousers’ segment of men and boys, was worth $34.311bn in 2019 and the market is expected to grow annually by at a CAGR of 1.8 per cent (CAGR 2019-2021).
Consumers today prefer occasional; specific and branded ready-made trousers with innovative colours and styles. They can be classified as value seekers, who seek quality and comfort at an acceptable price, and image seekers who rely on the retailer’s recommendation.
Advanced technologies, high quality fabrics to boost growth
The current trousers’ market is expected to grow at a CAGR of 8 per cent to Rs 50,730 crore in 2023.There are about 60 regional and national trouser brands in the Indian market that are growing annually at around 30–35 per cent. India in the last five years has become one of the top trouser exporters across the world, although challenges like machinery advancements and cost-effectiveness have slowed down this growth rate. Known for its precision, India has a reputation for offering quality garments. However, the race to offer cost efficient merchandise and production of large quantity of goods are hampering the growth in this market. Other issues such as political unawareness and unfavorable government policies are also slowing down the growth in the export market. To resolve this issue, manufacturers need to adopt advanced technologies along with high quality and innovative fabrics. Only then will the market continue to grow.