Islamic Clothing Market To Be Worth US$88bn By 2025
The global Islamic clothing market is expected to reach US$88.35 billion by 2025, according to a new report by US marketing and consulting firm Grand View Research.
Increasing expenditure by Islamic populations on lifestyle and apparels, especially among the wealthy, elite, and traditional Middle Eastern populations are expected to propel demand.
In 2017, ethnic wear accounted for 70.9 percent market share, in terms of revenue, owing to rising demand for abayas, hijabs, thobes, and bubbas in countries with a high Islamic population. The burkha and naqaab segment are expected to expand at a CAGR of 5.4 percent from 2017 to 2025, owing to increasing demand from Middle Eastern countries – including Saudi Arabia, the UAE, and Iraq.
Sustainable fashion is expected to register a CAGR of 4.9 percent over the forecast period on account of the shifting focus of leading fashion brands towards the development of innovative clothing options for the younger population. The Asia-Pacific region accounted for 31.3 percent of revenue in 2017, with more than 63 percent of the world’s Muslim population located in Indonesia, Pakistan, India, Bangladesh, Myanmar, and Morocco.
Key players operating in the Islamic clothing market include House of Fraser, Marks & Spencer, Aab, H&M, and Mango, which are catering to the rising demand for diverse options from different parts of the world.
Major countries outside the Western fashion industry contributing to a significant share include Malaysia, Turkey, and Indonesia, where the industry is highly lucrative.
However, the research says controversies around losing the ethnic value of Muslim clothing due to its shift towards the mainstream fashion industry may hamper market growth. Initiation of various marketing campaigns by industry players in line with maintaining the core of the Muslim precepts – Sharia, or the Islamic law – is projected to propel the growth of the Islamic clothing market.
In addition, increasing demand for modest-yet-fashionable clothing, especially from the younger generation with high purchasing power, is likely to complement market growth.
Increasing reservations regarding over-commercialization of what is primarily meant to be a rigorous religious mandate can pose a challenge to market players. In addition, the involvement of multinational fashion brands is projected to restrain the growth of small Islamic clothing companies.
Originally published on www.insideretail.asia