Press release
Global Knitwear Market Anticipates Robust Growth Amidst Fashion Trends
Knitwear Market
The global knitwear market is experiencing substantial growth, with projections indicating an increase from $111.59 billion in 2023 to $165.92 billion by 2030, representing a Compound Annual Growth Rate (CAGR) of 5.83% during the forecast period. This surge is attributed to heightened fashion awareness, the proliferation of e-commerce platforms, and the availability of diverse product varieties.
Competitive Landscape and Regional Demand
The knitwear market is characterized by the presence of prominent players such as Adidas AG, Gap Inc., Gildan Activewear Inc., Hackett Ltd, Abercrombie & Fitch Co., Loro Piana S.P.A., Marks and Spencer Group plc, Nike Inc., Puma SE, Ralph Lauren Corporation, Lactose, The Nautical Company Ltd., Fast Retailing Co., Ltd., Victoria's Secret, and YOOX NET-A-PORTER GROUP. Among various regions, the Asia Pacific has emerged as a significant market due to increasing disposable incomes and a growing fashion-conscious population.
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United States: Knitwear Market Growth and Trends
In the United States, the knitwear market is witnessing steady growth, propelled by technological advancements and a strong inclination towards athleisure and casual wear. Consumers' preference for comfort, coupled with the influence of social media on fashion trends, has led to increased demand for knitwear products. Major brands are focusing on sustainability and innovation to cater to the evolving consumer preferences.
Asia Pacific: Knitwear Market Opportunities and Expansion
The Asia Pacific region presents significant opportunities for the knitwear market, driven by rising disposable incomes, urbanization, and a burgeoning middle class. Countries like China and India are experiencing increased demand for knitwear, with consumers seeking both traditional and contemporary designs. The expansion of e-commerce platforms has further facilitated market growth, allowing consumers access to a wide range of products.
Europe: Knitwear Market Trends and Consolidation
Europe remains a significant market for knitwear, with a strong emphasis on quality and fashion-forward designs. The region has witnessed consolidation among key players aiming to strengthen their market position and expand their product portfolios. Sustainability and ethical production practices are gaining prominence, influencing consumer choices and driving market trends.
Middle East and Africa: Knitwear Market Updation and Growth
The Middle East and Africa knitwear market is projected to grow at a CAGR of 13.2%, reaching approximately $12,904.30 million by 2025.
This growth is attributed to increasing disposable incomes, urbanization, and a growing fashion-conscious population. The region offers opportunities for both local artisans and international brands, blending traditional craftsmanship with contemporary fashion sensibilities.
Recent Developments and Strategic Collaborations
The knitwear industry has seen several strategic collaborations and investments aimed at enhancing technological capabilities and expanding market reach. Manufacturers are incorporating sustainable materials and innovative designs to meet the evolving consumer demands. The integration of advanced technologies in production processes is also contributing to improved efficiency and product quality.
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Knitwear Market segmentation :
by Type
Innerwear
T-Shirts & Shirts
Sweaters & Jackets
Sweatshirts & Hoodies
Shorts & Trousers
Evening Dresses, Suits, & Leggings
Accessories
by Material
Natural
Synthetic
Blended
by Application
Outerwear
Innerwear
Sportswear
Others
by Consumer Group
Men
Women
Kids
The Men's component of the Consumer Group holds the largest market share and is anticipated to grow at a compound annual growth rate (CAGR) of 6.7% during the projected period. growth in the use of apparel and the introduction of new styles in the men's market. The Segment focuses on each application's current position and potential for substantial application value, market share, and growth valuation.
by Distribution Channel
Offline
Online
During the projection period, the Online Distribution Channel segment is anticipated to expand at a compound annual growth rate (CAGR) of 9%. Online sales of knitwear products, which are a subset of the fashion and garment industry, have increased. The sale of knitwear products online is growing as a result of the growing penetration of online knitwear sales in emerging economies including Brazil, Russia, India, China, and South Africa (BRICS). Additionally, the rise in online sales, the widespread use of smartphones in developing countries, the rise in the middle class and their increasing disposable income, and the development of cutting-edge e-commerce technologies are all contributing to the demand for knitwear products.
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Learn about the top players driving innovation in the Knitwear Market :
1. Adidas AG
2. Gap Inc.
3. Gildan Activewear Inc.
4. Hackett Ltd
5. Abercrombie & Fitch Co.
6. Loro Piana S.P.A.
7. Marks and Spencer Group plc
8. Nike Inc.
9. Puma SE
10.Ralph Lauren Corporation
11.Lactose
12.The Nautical Company Ltd.
13.Fast Retailing Co., Ltd.
14.Victoria's Secret
15.YOOX NET-A-PORTER GROUP
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