Knitwear Market Demand to Hit USD 998.6 billion, Expand at a CAGR of 5.6% by 2031 | TMR Study

Knitwear represents a versatile category within the fashion industry, encompassing a wide range of garments made from knitted fabrics such as sweaters, cardigans, dresses, scarves, and hats. With its comfort, warmth, and fashion appeal, knitwear holds a prominent place in consumers' wardrobes across various seasons and occasions. This research post provides insights into the knitwear market, including its overview, key driving factors, growth opportunities, and future outlook.

Overview: The knitwear market is a significant segment within the global apparel industry, valued at billions of dollars annually. Knitted garments are popular among consumers worldwide for their comfort, softness, and versatility. The market caters to diverse consumer preferences, offering a wide variety of knitwear styles, designs, colors, and materials to suit different tastes and fashion trends.

Knitwear market is estimated to attain a valuation of US$ 998.6 Bn by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 5.6% during the forecast period, 2022-2031

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The significant players are- Adidas AG, GAP Inc., Gildan Activewear Inc., Hackett Limited, Hollister Co., Loro Piana S.p.A., Marks and Spencer plc., Nike Inc., Puma SE, Ralph Lauren Corporation, Lyle & Scott, The Lacoste Group, The Nautical Company (UK) Ltd, Uniqlo co., Ltd., Victoria's Secret, and YOOX NET-A-PORTER GROUP S.P.A etc.

Key Driving Factors:

Fashion Trends and Seasonal Demand: Fashion trends and seasonal changes influence consumer preferences for knitwear. In colder months, there is a higher demand for thicker, chunky knits and woolen sweaters, while lightweight, breathable knits are favored in warmer seasons. Fashion designers and brands innovate with knitwear designs, patterns, and textures to stay on-trend and appeal to consumers.

Comfort and Versatility: Knitwear is valued for its comfort, flexibility, and ease of wear. Consumers appreciate the softness and stretchiness of knitted fabrics, making knitwear garments suitable for various activities and occasions, from casual wear to formal events. The versatility of knitwear allows for layering and styling options, enhancing its appeal to fashion-conscious consumers.

Material Innovation and Sustainability: Innovations in yarns, fibers, and knitting techniques drive advancements in knitwear production. Sustainable materials such as organic cotton, recycled fibers, and eco-friendly yarns gain traction among environmentally conscious consumers, prompting brands to prioritize sustainability in their knitwear collections.

E-commerce and Digital Retail: The growth of e-commerce platforms and digital retail channels expands access to knitwear for consumers worldwide. Online retailers offer a wide selection of knitwear styles, sizes, and colors, along with convenience, competitive pricing, and personalized shopping experiences, driving the adoption of online shopping for knitwear purchases.

Growth Opportunities:

Customization and Personalization: Consumer preferences for personalized and customized knitwear present opportunities for brands to differentiate themselves and cater to individual tastes. Customization options such as monogramming, color choices, and fit adjustments allow consumers to create unique, one-of-a-kind knitwear pieces tailored to their preferences.

Inclusivity and Size Diversity: Brands that embrace inclusivity and size diversity in their knitwear offerings can tap into a broader consumer base and meet the needs of diverse body types and sizes. Offering extended size ranges, petite and tall options, and adaptive designs ensures that knitwear is accessible and inclusive for all consumers.

Cross-category Collaborations: Collaborations between knitwear brands and other fashion and lifestyle categories, such as athleisure, activewear, and loungewear, present opportunities for innovation and market expansion. Cross-category collaborations allow brands to reach new audiences, explore new markets, and create unique, hybrid knitwear products that blend fashion with functionality.

Technology Integration: Integrating technology into knitwear products, such as smart textiles, wearable technology, and performance-enhancing features, adds value and functionality to knitwear garments. Smart knitwear products with built-in sensors, moisture-wicking properties, and temperature regulation capabilities cater to tech-savvy consumers seeking innovative and functional apparel solutions.

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Future Outlook: The future outlook for the knitwear market is positive, driven by factors such as changing consumer preferences, material innovation, sustainability trends, and digital retail advancements. Brands that innovate, adapt to evolving trends, and prioritize sustainability and inclusivity are well-positioned to capitalize on emerging opportunities and sustain growth in the competitive knitwear market. Additionally, leveraging digital technology, customization options, and cross-category collaborations will be key to engaging consumers and driving sales in the evolving fashion landscape.

Market Segmentation -

Product Type
Innerwear
T-Shirts & Shirts
Sweaters & Jackets
Sweatshirts & Hoodies
Shorts & Trousers
Evening Dresses, Suits, & Leggings
Other Accessories (Cap, Scarves, Gloves, Socks, etc.)

Material Type
Natural
Synthetic
Blended

Price Category
Low
Medium
High

End-user
Men
Women
Kids

Distribution Channel

Online
E-commerce Website
Company Owned Websites

Offline
Specialty Stores
Departmental Stores
Other Retail Stores

This Report lets you identify the opportunities in Knitwear Market by means of a region:

North America (the United States, Canada, and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
South America (Brazil etc.) The Middle East and Africa (North Africa and GCC Countries)

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Key Features of the Knitwear Market Report: -

➤ Analyze competitive developments such as expansions, deployments, new product launches, and market acquisitions.

➤ Examine the market opportunities for stakeholders by identifying higher growth sections.

➤ To study and analyze the global Knitwear industry status and forecast including key regions.

➤ An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.

➤ It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter's Five Forces analysis to provide a deeper understanding of the market.

➤ It helps you make strategic business decisions and investment plans.

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About Us Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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