The market size value per capita for men's and boys' cotton shirts in the Philippines decreased from $0.55 in 2013 to $0.39 in 2023. The value has seen a consistent downward trend, with minimal fluctuations, declining sharply between 2013 and 2015 and stabilizing slightly from 2017 onwards, maintaining a steady yearly decrease thereafter. Notably, from 2022 to 2023, there was a decline of 2.5%. Over the past five years, the compound annual growth rate (CAGR) reflects a modest decrease, underlining a persistent downward trajectory.
Future trends to watch for include:
- Potential market rebound influenced by economic recovery post-pandemic.
- Increased demand for sustainable and locally produced textiles could alter market dynamics.
- Potential shifts in consumer preferences towards non-cotton fabrics affecting market values.
