Europe’s market share will continue its decline in the forecast years, hindered by dwindling birth rates and economic turmoil. Credit: Shutterstock

The global childrenswear market is set for a regional shake-up in the coming years, driven by economic growth and population trends across key markets with a compound annual growth rate (CAGR) of 2.4% to reach $225.6bn between 2023 and 2028.

Asia Pacific’s rising prominence

Asia Pacific market shares are expected to rise from 27.0% in 2023 to 29.4% according to a GlobalData report titled: “Global Childrenswear Market to 2028.”

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This growth will be fuelled by emerging markets such as the Philippines, India, and Malaysia, which are experiencing rapid urbanisation, economic development, and expanding populations.

Americas to lose ground in the market

Despite gaining 2.0 percentage points of market share between 2018 and 2023, the largest region, the Americas, will lose ground by 2028, falling 0.4 percentage points to a 38.2% share.

GlobalData attributed this drop to soaring inflation compelling parents to trade down to cheaper brands and purchase lower volumes.

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Europe’s share will continue its decline in the forecast years, hindered by dwindling birth rates and economic turmoil. The region is expected to lose 1.9 percentage points between 2023 and 2028, with its share falling to 27.3%.

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The report said the Middle East & Africa’s share will soften slightly to 5.1% by 2028, as geopolitical disturbance surrounding Israel will offset benefits from affluent shoppers in Saudi Arabia and the United Arab Emirates.

India to surpass Türkiye as third-largest childrenswear market

By 2028, India is expected to surpass Türkiye to become the third-biggest childrenswear market, thanks to its developing economy and fast-growing population.

In May 2024, clothing brands that traditionally targeted adults, such as Phase Eight, were found to capitalise on the growth opportunity presented by childrenswear with a GlobalData report suggesting it will be worth $225.6bn by 2028.