Egypt, alongside Nigeria, is poised to dominate the African fashion landscape, encompassing accessories, apparel and footwear, according to Statista.
Egypt’s fashion industry is expected to reach $ 1.28 billion in 2023, continuing its upward trend. This market is anticipated to reach a market volume of $ 2.35 billion by 2027, showing a compound annual growth rate of 16.40 per cent between 2023 till 2027.
The country is expected to have a user base of 56.4 million in the fashion business by 2027. Its penetration rate, which stands at 33.3 per cent, is expected to soar to 47.1 per cent by 2027.
A youthful demographic drives demand in the fashion industry since they are fundamentally more fashion-conscious and eager to willing to spend more on apparel and accessories.
By the end of 2023, Egypt and Nigeria are expected to generate a whopping $ 2.5 billion in revenue.
The projected market volume is expected to grow at a compound annual growth rate of 10.03 per cent between 2023 and 2027, reaching an estimated peak of $ 1.92 billion by the end of the period.
