The global apparel market has shrunk around 1.8% as a result of the financial crisis, according to a new report from just-style.

The study, "Tomorrow’s apparel industry: products, markets, and processes – forecasts to 2016," calculates the total market value at retail prices has fallen to US$755bn this year, from $769bn in 2007.

North America comprises around 21% of the current value, with Western Europe 24%, according to the research.

However, both market shares were diminished by 2008's banking crisis and the resultant downturn.

The report also found that women’s outerwear was the category with highest global market value, followed by men's wear, women’s underwear, children's wear and sportswear respectively.

The 'Tomorrow’s apparel industry' report also includes information on future merchandise trends; market and distribution evolution; the supply chain; future sourcing and production; political and government influences; ethics, Fairtrade and CSR, and technology and systems.

Click here to download the report, which forecasts future trends during the next six year.