Knitwear market is a continually rising space and is expected to continue increasing throughout the forecast period. The market growth is mostly attributed to the rising popularity of knitted apparel and the rise in the global economy that increases the purchasing power of consumers. Manufacturers are actively venturing into the luxury fashion market, which, as a result, is impacting the growth of the market.
The knitwear market research report industry is projected to grow from USD 721.81 Billion in 2022 to USD 1605.69 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.10% during the forecast period (2022 - 2030)
Also, powerhouses of power dressing, those who are increasingly changing their labels launching modernist capsule collection, keeping their focus on Knitwear accelerate the market growth further. According to Market Research Future (MRFR), the global Knitwear market valuation is estimated to appreciate at a significant CAGR during the review period (2022-2030).
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Increasing access to recycled cotton mix yarn, manmade synthetic yarns, and blends with low MOQ quick turnaround time is likely to boost the market growth. Also, favorable government policies push the growth of the market, fostering production and exports in their country. Besides, funding support from public and private sectors for RD to drive technology upgrades increase the size of the market.
Additionally, factors such as the briskly growing e-commerce industry and increasing industrialization across the world drive the growth of the market. On the other hand, price volatility in a few chemical compounds, including dyes salt used in the knitwear industries, is a major factor impeding the growth of the market. Nevertheless, rising numbers of clothing line launches would support market growth throughout the assessment period.
Global Knitwear Market - Segments
The report has five segments for a better understanding,
By Material Type : Natural, Synthetic, and Blended.
By Category : Men, Women, and Kids.
By End-Use : Innerwear and Outerwear.
By Distribution Channel : Store based and non-store based.
By Regions : Americas, Europe, Asia-Pacific, Middle East Africa, and Rest-of-the-World.
Global Knitwear Market - Regional Analysis
Asia Pacific dominates the global Knitwear market, witnessing the rising demand. The largest market growth is attributed to the increasing awareness among customers regarding the changing fashion trends and rises in per capita disposable income. Moreover, the growing trend of outsourcing production operations to APAC countries is fuelling the region’s market growth. Also, lucrative incentives, such as the increased limit of foreign currency loans for knitwear manufacturers and exporters, foster regional market growth.
Besides, funding support from public and private sectors in the region for RD to drive technology upgrades supports the market growth. Additionally, factors such as the briskly growing e-commerce industry in the region, alongside the increasing industrialization in developing economies, take the market forward. Heading with the heightened demand from major fashion markets, the APAC knitwear market is expected to retain its dominance throughout the forecast period.
Knitwear markets in Europe and North America are also demonstrating significant growth on the global front. Factors such as the presence of several prominent players in these regions, alongside the higher purchasing power of customers to buy premium knitwear products, act as a key driving force behind the market growth. Europe and North America Knitwear markets are expected to hold a major share in the global market during the assessment period.
In North America, increasing awareness among people and strong demand for Knitwear from the fashion apparel industry is driving the growth of the market. The US market holds a significant share in the regional knitwear market. Besides, the presence of major manufacturers such as St. John and Ralph Lauren, who are reinventing themselves pivoting from, power dressers to modern apparel, impacts the regional market growth positively.
The Knitwear market in Europe is growing at a substantial CAGR due to the strong presence of major players such as Puma SE and The Nautical Company (UK) Ltd. Besides, factors such as the large-scale demand in clothing furnishing industries are driving the market demand for Knitwear in the region. Germany accounts for the major contributor to market growth, followed by Italy, France, Spain, and the Netherlands.
Global Knitwear Market - Competitive Analysis
Manufacturers strive to offer quality knitwear using the best knitting technologies to develop a range of apparel, including sweater manufacturer, cardigan manufacturer, pullover manufacturer, and Christmas jumper’s manufacturer. They sell their clothing lines to all major retail stores and department store catalog companies. Manufacturers develop and market premium luxury collection using sustainable yarns like Scottish cashmere, Italian Merino, British Lambswool, Linen, and Indian Cotton, etc.
Also, they try to gain access to recycled cotton mix yarn, manmade synthetic yarns, and blends with low MOQ quick turnaround time. They develop state-of-the-art infrastructure equipped with advanced knitting technology and make-up washing equipment, accompanied by highly skilled staff, to fabricate any design to perfection.
Major Players:
Adidas AG (Germany)
Gildan Activewear Inc. (Canada)
Loro Piana S.p.A. (Italy)
Puma SE (Germany)
Ralph Lauren Corporation (the USA)
The Nautical Company (UK) Ltd
Victoria's Secret (the USA)
Maglificio Ripa S.p.a (Italy)
Industry/ Innovation /Related News:
Nextil (Spain), one of the world's largest knitted and elastic fashion fabric manufacturers, announced that its future growth would be targeted at the high-end knitwear segment as an alternative to the diminishing fast fashion business.
Bangladesh Bank announced raising the limit of foreign currency loans for knitwear manufacturers and exporters from the central bank's export development fund to USD 20 MN from USD 15 MN. Bangladesh Knitwear Manufacturers Exporters Association would from now on get USD 20 MN from EDF for input procurement to bring parity between apparel makers and knitwear markers.
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