Knitwear Market is driven by a rapidly evolving Rising awareness regarding fashion and knitwear with a healthy CAGR of 12.10% during the forecast period of 2022 to 2030
Sep 26, 2023
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Knitwear Market Insights
According to MRFR analysis, the global knitwear market is expected to register a CAGR of 12.10% from 2022 to 2030 and hold a value of over USD 1605.69 billion by 2030.
The knitwear market refers to the segment of the fashion industry that deals with clothing items made from knitted fabrics, such as sweaters, cardigans, dresses, and accessories like hats and scarves. Knitwear is popular due to its versatility, comfort, and style, making it a staple in many people's wardrobes. The COVID-19 pandemic has had a significant impact on the global knitwear market. The outbreak of the virus has led to the closure of manufacturing plants, distribution centers, and retail stores, which disrupted the entire supply chain of the fashion industry. Additionally, with consumers being more cautious with their spending during the pandemic, demand for non-essential items like knitwear decreased, resulting in a decline in sales. However, as lockdowns and restrictions have eased in some regions, the knitwear market has started to recover, and sales are slowly picking up. The pandemic has also shifted consumer behavior towards online shopping, and e-commerce sales have increased significantly, providing a new channel for knitwear manufacturers to reach their customers.
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Regional Analysis
The knitwear market is geographically diverse, with the Asia Pacific region being the largest market, followed by Europe, North America, and the rest of the world. The Asia Pacific region is home to many major knitwear manufacturers and has a strong supply chain, which has enabled it to dominate the market. The region's market is also driven by the demand for knitwear in countries like China, Japan, India, and South Korea.
In Europe, the knitwear market is driven by the demand for high-quality, fashionable knitwear items. Countries like Italy, the UK, France, and Germany are major markets in the region. North America's market is driven by the demand for knitwear in the winter months, as the region experiences cold weather conditions.
Market Segmentation
The Global knitwear market has been segmented into based on type, category, end-use and distribution.
Based on Type: Natural, Synthetic and Blended
Based on Category: Men, Women and Kids
Based on End-Use: Innerwear and Outerwear
Based on Distribution Channel: Store Based and Non-Store Based
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Key Players –
Some of the top key market players are 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), LENZING AG (Austria) and Ecowool (New Zealand) (New Zealand)
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