MENSWEAR APPAREL RETAIL: An Indian Industry Overview, Trends & Near Term Outlook

When considering a 9-year growth rate, the menswear segment is projected to increase by a CAGR of 13.37% to reach USD 57.44 billion in FY 2030. Menswear's contribution signifies both its current dominance and its promising trajectory in India's apparel landscape...

- Amit Gugnani, Parmesh Chopra

The Indian menswear apparel market, a vibrant tapestry of tradition and modernity, stands as a testament to the country's evolving fashion landscape. As we delve into 2024, the industry presents itself as a dynamic arena, ripe with opportunities and trends that cater to the contemporary Indian man.

From the bustling streets of metropolitan cities to the serene ambience of smaller towns, menswear in India is more than just clothing; it's a narrative of cultural identity, economic growth, and stylistic expression. The market's robust expansion is propelled by a burgeoning middle class, technological advancements in retail, and a young, fashion-forward demographic that is as diverse as the country itself.

India's diverse climate further diversifies the market, offering unparalleled variety.

Understanding the Indian Menswear Market Growth

Economic Implications: According to Technopak data, Menswear commanding 41% share, valued at USD 28 billion in FY 2024, signifies a robust market. Projections indicate that by FY2028, it could reach USD 54 billion, registering an impressive CAGR of 17.8%. This growth potential translates to increased revenue opportunities for businesses operating in menswear. Moreover, job creation across various segments, from manufacturing to retail, is likely to follow suit.

Shift in consumer preferences aided by category expansion: The Indian menswear market is witnessing a dynamic shift, driven by changing consumer preferences and category expansion. With increased disposable income, consumers are exploring beyond basic needs, opting for varied and aspirational styles. This has led to the emergence of new categories such as streetwear, athleisure, and a renewed interest in ethnicwear.