Increasing Adoption of Luxury Lifestyle Among Consumers Is Anticipated to Drive Myanmar Fashion and Apparels Market During The Forecast Period 2021-2026. 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.
The adoption of a luxury lifestyle among customers has encouraged millennials' purchasing power to choose luxury clothing is driving Myanmar fashion and apparels market. Moreover, shift in preference to branded products coupled with rising spending of the people on fashion wear, party wear, even nightwear is a vital factor increasing the growth of Myanmar fashion and apparels market. Furthermore, increasing disposable income of the people and rising middle class population leads to rise in demand for various types of apparel in this region. According to, Organization for Economic Co-operation and Development (OECD), in the Asia-Pacific the growth of middle-class population is expected to reach at 66% in 2030.
Apparels are clothing materials worn on body includes shirts, pants, coats, trousers, dresses, and others. It is usually made of fibers or textiles, such as natural fibers and synthetic fibers. Natural fibers include fibers obtained from plant, animal such as cotton, silk and wool. Natural fibers are sustainable materials which are easily available in nature and have advantages like low-cost, lightweight, renewability also it is eco-friendly. Synthetic fibers are man-made and produced from chemical such as polyester, rayon, acrylic, and many others. The longyi is the most well-known Myanmar’s national garment, worn by both men and women across the country. Textiles, weaves, textures, colors, and materials used in apparel which are diverse, including velvet, silk, lace, muslin, and cotton.
Myanmar Fashion and Apparels Market is increasing owing to growing importance of traditional culture and costume for instance the increasing demand for longyi, also known as the sarong, a traditional Myanmar garment worn by both men and women in this region is driving the market. Furthermore, Myanmar’s apparel industry is growing rapidly owing to the apparel industry is trying to shift away from contract manufacturing to higher-value-added production models. New items such as wind jackets, overcoats, capes, and formal dress, help the business diversify into undiscovered export markets. According to report published by The United States Agency for International Development, the apparel sector in Myanmar contributes significantly to the country's export earnings, with around USD 6 billion in exports in 2019. Moreover, Manufacturers in this country are continuously investing in the apparel market and focusing on innovation to expand their product range. With changing lifecycle there is rise in preference for formal wear apparel which has driven new growth opportunities for Myanmar Fashion and Apparels Market during 2020-2026.
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Myanmar Fashion and Apparels Market Growth Drivers:
Increasing Disposable income of the People:
Increasing disposable income of the people coupled with rising spending capacity of the people on apparels also contribute abetting the growth of the market. Furthermore, growing urbanization and changing lifestyle of people also increases the growth of for Myanmar Fashion and Apparels Market.
Rising Social Media Influencer:
Rising social media influencer in this region also contribute abetting the growth of the market. The use of influencers has changed the way to market their apparel products and try to increase sales. With 71% of social media marketers claiming to have an influencer marketing budget, influencers are valuable to businesses thereby increases the growth of Myanmar Fashion and Apparels Market.
Increasing Fashion Trends:
Increasing fashion trends coupled with the changing retail landscape for all brands is contributing growth of Myanmar Fashion and Apparels Market. Moreover, rising brand awareness and demand in apparel quality that driving the growth of Myanmar Fashion and Apparels Market.
The Major Players in this Market Include
The major companies in Flavor Ingredients Market include Inditex, Adidas, Punto Fa, S.L., Nike Inc., PVH Corp., Hennes & Mauritz AB, Bossini International Holdings Ltd., Hang Ten, Decathlon and Kering S.A.
In August 2020, Inditex, one of the largest multinational garment corporation formed an agreement with IndustryALL to assist the global garment sector in recovering from the pandemic's problem.
Over the years, companies have mainly focused on research and development and have been investing in developing various products. The successful advertising strategies and shift in preference of branded apparels driving the Myanmar Fashion and Apparels market during 2020-2026.
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