July 21, 2024
Merchandise Designing Market

Merchandise Designing is Projected to Driven by Booming Fashion Industry

Merchandise designing refers to conceptualizing and developing products or ranges of products for retail sale. This includes tasks like deciding colors, designs, sizing, quality, styles and branding for apparel, accessories, home decor and other retail products. With growing fashion consciousness and demand for latest trends, brands are focusing more on creative designing and launching new merchandise collections regularly. This has boosted the merchandise designing market substantially.

The merchandise designing industry offers array of services starting from concept development, sourcing fabrics and materials, sample creation, quality checks and technical designing. Designers curate aspirational collections keeping in mind current fashion trends, customers psyche and brand image. Carefully planned merchandise helps companies differentiate their products and connect better with target audiences. Apart from apparels, bags and shoes, merchandise designers also work on other product categories like fragrances, cosmetics, electronics and food items. They play an integral role in envisioning attractive product ranges for global retail brands.

The global Merchandise Designing Market is estimated to be valued at US$ 92.99 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

Experimenting with emergent design technologies like 3D printing, augmented reality and virtual prototyping has picked up pace among top designers. Such cutting edge techniques enable fast iteration of design ideas and accurate virtual simulation of products before manufacturing. Growing emphasis on sustainability has also led many labels to adopt eco-friendly fabrics, recycled materials and zero-wastage processes in their merchandise development. Customization based on geographical markets and rising importance of emerging e-commerce channels are some other notable trends impacting the industry.

Porter’s Analysis

Threat of new entrants: The merchandise designing market requires huge investments to acquire the necessary skills and technology. Established brands have strong brand recognition and economies of scale which make it difficult for new players to enter.

Bargaining power of buyers: Buyers have moderate bargaining power as there are many established brands to choose from. However, buyers may not have awareness about new and small brands.

Bargaining power of suppliers: Designers and manufacturers have low bargaining power as there are many suppliers in the market. Brands can easily switch to other suppliers.

Threat of new substitutes: Alternatives include private labels and digital printing which have lower set up costs. However, recognized brands have strong brand loyalty and identity.

Competitive rivalry: The market is highly fragmented with competition among major global sports brands. Brands attempt to differentiate based on design, innovation, and celebrity endorsements.

Key Takeaways

The Global Merchandise Designing Market Size is expected to witness high growth over the forecast period supported by rising sports and fashion culture. The global Merchandise Designing Market is estimated to be valued at US$ 92.99 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.

Major growth is expected in Asia Pacific with high demand from China, Japan and India. Asia Pacific dominates the market and is expected to grow at the fastest pace. China holds the largest share in the market owing to large population, growing middle class and acceptance of western trends. India and other Southeast Asian countries are also witnessing heavy demand.

Key players: Key players operating in the merchandise designing market are Nike, Adidas, Puma, Under Armour, New Balance, ASICS, VF Corporation, Lululemon, Columbia Sportswear, Ralph Lauren, Li Ning, L Brands, H&M, Zara, Uniqlo, Forever21, Gap, Next, Esprit, and C&A. The major players are focused on offering designs and styles tailored for different geographies and customer segments. they are also investing in innovation and newer fashion trends.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it