Market Size of Asia Pacific Fashion Accessories Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2018 - 2022 |
| CAGR | 5.21 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
APAC Fashion Accessories Market Analysis
The Asia-Pacific fashion accessories market is expected to register a CAGR of 5.21% during the forecast period.
The COVID-19 pandemic had a significant impact on the Asia-Pacific market for fashion accessories. Even before COVID-19, the region's economy was growing slowly, and the pandemic made things more challenging for industry participants. The fashion accessory production hubs in China and India were either shut down or switched over to the production of vital COVID-19 supplies as a result of the restrictions during the pandemic. The closure of single-branded and multi-branded stores had a significant negative impact on offline sales, and online sales compensated for a minor chunk of overall sales because of the strength of e-commerce in China, Japan, and India.
The Asia-Pacific region's market for fashion accessories is anticipated to expand considerably over the medium term as a result of various factors, including expanding economies, a rise in young consumers' spending, and the accessibility of branded fashion accessories through e-commerce. For instance, in November 2021, Myntra (an Indian online retailer) unveiled a dedicated luxury section on its platform that will see the retailer sell 65 brands, including Polo Ralph Lauren, Ted Baker, Hackett London, Hugo, and Fred Perry.
Additionally, it is anticipated that markets will be largely driven throughout the forecast period by nations like India. The provisional estimates of the GDP issued on May 31, 2022, by the India Brand Equity Foundation show that the Indian economy has fully returned to the real GDP level of the pre-pandemic years of 2019-20. The rapid growth in the economy of India and Japan is one of the major factors that will affect the fashion accessories market during the forecast period.
APAC Fashion Accessories Industry Segmentation
A fashion accessory is used to complete an outfit and complement the wearer's look. The Asia-Pacific fashion accessories market is segmented by product type into footwear, apparel, wallets, handbags, watches, and other products. By end users, the market is segmented into men, women, kids/children, and unisex. By distribution channel, the market is segmented into the offline channel and online channel. Based on geography, the market is segmented into China, Japan, India, Australia, and the rest of Asia-Pacific. For each segment, the market sizing and forecasts have been done based on value (in USD million).
| By Product Type | |
| Footwear | |
| Apparel | |
| Wallets | |
| Handbags | |
| Watches | |
| Other Products |
| By End User | |
| Men | |
| Women | |
| Kids/Children | |
| Unisex |
| By Distibution Channel | |
| Offline Retail Channel | |
| Online Retail Channel |
| By Geography | |
| China | |
| Japan | |
| India | |
| Australia | |
| Rest of Asia-Pacific |
Asia Pacific Fashion Accessories Market Size Summary
The Asia-Pacific fashion accessories market is poised for significant growth over the forecast period, driven by expanding economies and a rising inclination towards branded and luxury accessories among young consumers. The region's market dynamics were notably affected by the COVID-19 pandemic, which disrupted production hubs in China and India and shifted consumer preferences towards online shopping. Despite these challenges, the market is expected to benefit from the robust growth of e-commerce platforms, particularly in China, Japan, and India, where consumers are increasingly seeking branded fashion accessories. The resurgence of the Indian economy and the high degree of urbanization in countries like Japan further bolster the market's potential, making it an attractive landscape for both existing and new players.
China stands out as a key player in the Asia-Pacific fashion accessories market, with its consumers showing a strong preference for branded products and a significant increase in spending power. The country's mature supply chain and manufacturing capabilities provide a competitive edge, supporting the growth of high-end brands. The market is characterized by intense competition, with both local and international companies vying for market share. Brands are leveraging social media and influencer partnerships to enhance their appeal, while expanding their presence through e-commerce platforms. The introduction of luxury products and the strategic expansion of retail outlets in countries like Australia and Singapore highlight the region's growing importance in the global fashion accessories market.
Asia Pacific Fashion Accessories Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Footwear
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2.1.2 Apparel
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2.1.3 Wallets
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2.1.4 Handbags
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2.1.5 Watches
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2.1.6 Other Products
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2.2 By End User
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2.2.1 Men
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2.2.2 Women
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2.2.3 Kids/Children
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2.2.4 Unisex
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2.3 By Distibution Channel
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2.3.1 Offline Retail Channel
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2.3.2 Online Retail Channel
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2.4 By Geography
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2.4.1 China
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2.4.2 Japan
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2.4.3 India
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2.4.4 Australia
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2.4.5 Rest of Asia-Pacific
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Asia Pacific Fashion Accessories Market Size FAQs
What is the current Asia Pacific Fashion Accessories Market size?
The Asia Pacific Fashion Accessories Market is projected to register a CAGR of 5.21% during the forecast period (2024-2029)
Who are the key players in Asia Pacific Fashion Accessories Market?
Nike Inc., Zhejiang Semir Garment Co. Ltd., Puma SE, Bosideng International Holdings Limited and Li-Ning Company Limited are the major companies operating in the Asia Pacific Fashion Accessories Market.
