Canadian Apparel Industry Growing Fast Thanks To Lifestyle Changes

The high-performance Apparel segment is a fast-growing segment in the textile industry across the globe. The segment is characterized by protective clothing and sportswear that help in keeping athletes comfortable and dry. They are designed to offer the wearer protection against environmental risks. There are new trends that are emerging in apparel such as athleisure and growing online purchases.

The outlook of the apparel industry

The growth of the high-performance segment is attributed to lifestyle changes among most people today. The proliferation of active sports such as running, aerobics, swimming, athletics and mountaineering among other sports have contributed to growth in the industry. Demand for high-performance apparel is increasing across the globe thanks to increasing health and fitness awareness. Another factor contributing to growth is an increase in disposable income as well as the improvement of living standards.

The global revenue estimate from the apparel industry will be around $33,691 with the market expected to grow by 2.7% annually. The leading segment is the women and girls apparel segment whose market volume in 2019 is $13,519.

Comparing globally most of the revenue in the apparel segment comes from North America particularly the US. In 2019 revenue generated will be $348,300 million. Comparable to total population numbers per person revenues generated in 2019 will be $900.56.

Canadian apparel industry

In Canada, the retail apparel industry has been growing steadily in the last few years. Market players in Canada include Ryu Apparel Inc. (OTCMKTS: RYPPF), Lululemeon Atheletica Inc. (NASDAQ: LULU) and Canada Goose Holdings Inc. (NYSE: GOOS). Apparel retail sales in Canada increased by 1.7% last year with significant growth reported in luxury and apparel sales. The retail apparel sales in Canada in 2018 were around $30.9 billion with women apparel accounting for 55% of total sales.

Ryu has been one of the market leaders in the apparel market in Canada. The company has been growing its digital marketing as well as e-commerce business. The company has grown its retail locations to gain exposure in Toronto, Vancouver, Southern California and New York City. The company has continued to expand and grow its brand recognition as it looks to cut a share of the apparel market.

The Functional Fabric Fair Portland

The textile sector is looking forward to the Functional Fabric Fair Portland that will present suppliers offering new trends for 2021. Over 1,500 companies in the textile industry have committed to attend the fair. This will be an opportunity for industry experts to offer educational programming, display of iconic garments as well as networking. There will be several designers and apparel veterans from leading brands such as Adidas, Nike, Fila, GAP and Under Armour among others.

The apparel market will continue growing going forward at a higher CAGR. Of all the segments the retail section is leading the globe as the channel for apparel sales globally. The growing shift in lifestyle will be vital in growing sales in the industry going forward.

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This article by Money News National is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Money News National has no position in the stocks mentioned. Thank you for reading.

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