Web Exclusive | September 2018
Brazil apparel market to reach $42.80 bn
The brazil apparel market is projected to reach $42.80 billion by 2025, expanding at a substantial CAGR over the forecast period. Rising disposable income of people and growing consciousness for international fashion trends are the key factors contributing to the growth of the market. Factors such as increasing shift towards international fashion along with spiraling number of retail outlets in the market are anticipated to encourage Brazilian people to adopt fashionable apparel. Diversified manufacturing activities, digitalisation, and proliferation of smartphones are likely to have a positive impact on the sales of apparel in Brazil owing to time saving and convenience factors.
Brazil is one of the largest exporters of apparel and fashionable goods. Arab countries are some of the largest importers of apparels and textiles from Brazil. The United Arab Emirates accounted for the highest imports from Brazil, followed by Egypt, Algeria, and Morocco. Advanced techniques used in manufacturing industry items would probably help manufacturers to meet the global demand from various countries.
The country has experienced sluggish growth in the apparel and textile industry owing to its economic downfall. Economic downturn recorded during the year 2015-16 left the apparel industry highly affected. Nevertheless, with the recovering economy, the apparel industry is expected to rebound over the coming years. Heightened interest of the government and private players in country’s apparel and textile industry has contributed in making the country one among the top textile producing countries.
Brazil is also marked as one of the leading countries in consumption of hygiene textiles. On that front, it is estimated to record double-digit growth in the coming years. Rising disposable income coupled with improved fashion trends among young generation is projected to drive the apparel industry. Additionally, widening base of young population and changing trends associated with fashionable goods is playing an imperative role in the development of the market. The Brazilian government is supporting small vendors by providing subsides and large companies by minimising trade barriers to develop favorable business environment in the country.