A new report ‘Western Wear Market’ by the Allied Market Research estimates, global western wear market valued at $74,497.50 million in 2020, is projected to grow 5.37 per cent to reach $136,881.41 million by 2031. The formal wear segment is expected to grow at a CAGR of 4.8 per cent in value during the forecast period. Asia-Pacific region is expected to register the highest CAGR of 6.6 per cent during period. Developing lifestyle and rise in disposable income of consumers are expected to drive the Asia-Pacific market.

Europe is expected to grow at 4.1 per cent CAGR. In 2020, Europe accounted for approximately one-third share of total western wear market, and is expected to maintain its position during the forecast period. In global western wear market, India is expected to grow at a CAGR of 8.0 per cent, in terms of value.