Product ID: SQSG25K2019
Report ID: SQSG25K2019 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 95 | Figures: 76
Cashmere Clothing Market size was valued at USD 3.07 billion in 2021 and is poised to grow from USD 3.2 billion in 2022 to USD 4.44 billion by 2030, growing at a CAGR of 4.2% in the forecast period (2023-2030).
The market for cashmere clothing is predicted to increase due to the rising popularity of goods like quality and perfect woollen apparel, which is boosting demand and fostering market expansion. Cashmere yarn is used to create clothes made of the material. Compared to other varieties of wool, this kind is stronger, softer, lighter, and finer. Because of its high moisture content and ease of temperature adjustment, it also contributes to the improvement of visual appeal.
Therefore, it is anticipated that all of these factors would increase product demand during the projection period. Due to issues including social exclusion and stay-at-home restrictions, the pandemic impacted both the manufacturing and sale of cashmere throughout the world through both online and offline channels. For instance, the amount of online clothes sales made by more than 3000 merchants and direct-to-consumer brands was reduced by 20% month over month at ShipBob, a tech-enabled third-party logistics service provider, from February to April 2020.
Consumers today are more aware of their spending patterns and choose to either avoid buying expensive, non-essential items like cashmere or make the most of what they already have. One of the main causes of a decline in product demand has been this aspect. According to entrepreneur.com, the U.K. garment industry is anticipated to suffer due to a projected more than 41% reduction in consumer expenditure after the COVID-19 epidemic.
The need for high-end apparel and the rising popularity of the products due to rising disposable income levels are also anticipated to contribute to the market's expansion. On the other side, a pricey manufacturing procedure along with a finite quantity of raw resources may limit market expansion. The three main categories of cashmere clothes are sweaters and coats, slacks and trousers, and t-shirts and polo shirts. These items are regarded as luxury clothing since they are relatively expensive. Due to the rising sales of these items, North America is anticipated to have the quickest regional market growth over the projection period.
US Cashmere Clothing Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global cashmere clothing market is segmented on the basis of product, distribution channel, category, and region. By product, the Cashmere Clothing Market is segmented into sweaters and coats, trousers, shirts and t-shirts, others. By distribution channel, global cashmere clothing market is classified into supermarkets and hypermarkets, specialty stores, online retail, others. On the basis of category, the Cashmere Clothing Market is segmented into men, women, and unisex. In terms of region, global cashmere clothing market is classified into North America, Europe, Asia Pacific, and Rest of the world
Cashmere Clothing Market Analysis by Product
The coats segment is predicted to represent a sizeable percentage of the global cashmere clothing market for stylish luxury cashmere clothing during the forecasting period. The coat segment generated around USD 94.5 billion in retail sales in 2021. High demand from both men and women in various geographic areas is one of the key factors to drive demand for coats. The trousers segment will experience significant growth in the coming years because of the significant demand from all age groups.
The sweaters segmented is expected to hold the largest share during the forecasted period, owing to increasing demand for different types of premium sweaters. The sweater segment is estimated to generate USD 104.8 billion in retail sales. The tees & polo segment is estimated to show continuous significant growth as they are a lot cheaper than premium coats, jackets, and sweaters which people buy on regular basis.
Cashmere Clothing Market Analysis by Distribution Channel
Specialty stores focuses on single class of products, buying advices along with facilities for inspection where people prefer to buy products offline which positively influence the growth of the market. As the online retail segment is also dominating the market owing to ongoing digitalization in major countries and the consequent internet penetration that made social media websites an ideal channel for increasing awareness about cashmere clothing in several regions where the market was not sufficiently large. Supermarkets and hypermarkets has most of the demanding section of clothing while buying daily products.
Cashmere Clothing Market Analysis by Category
The women segment is expected to hold the largest share of this market. Owing to high demand for cashmere shawls and scarfs over the globe. Various designers are introducing many designs and patterns on cashmere products, which is likely to boost the growth of global cashmere clothing market. Manufacturers have started producing unique accessories that are being made from this fabric. The men's end-user segment is expected to witness the fastest CAGR of 4.51% over the forecast period attributed to the improving standards of living and increasing demand for cashmere clothing, such as coats and trousers, as fashion apparel.
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Europe held the largest share of the global cashmere clothing market owing to the increasing demand for different types of cashmere products in countries like Germany, Italy, and the UK. Furthermore, Europe is considered as the world’s fashion hub because of the presence of several luxury brands in this region, which is also propelling growth of the market.
North America is estimated to show lucrative growth over the forecast period, due to increased sales of these products and increasing disposable income in emerging economies in the region. The U.S. is the major market in this region due to high demand for luxury clothing. China is the largest cashmere supplier in Asia Pacific, accounting for nearly 70% of market demand. Although China has numerous manufacturing units for leading brands, consumption is extremely low.
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Cashmere Clothing Market Driver
Cashmere Clothing Market Restraint
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Global cashmere clothing market is disintegrating and is highly competitive owing to the presence of major players and regional players. Collaboration, mergers, acquisitions and new product launches have adopted these strategies by companies to enhance the growth of the business. All the dominant players are performing better than one another in specific parameters and in this way, the competition in the global cashmere clothing market is intensifying.
Top Players in the Global Cashmere Clothing Market
Cashmere Clothing Market Recent Developments
The ERDOS Group has opened ERDOS Cashmere Care Centers in Beijing and other major cities to provide cleaning, maintenance, and repair services to their member customers. Centralised and specialized care services can help to reduce environmental impact by reducing water and detergent consumption. Many cashmere garments that had been worn for more than 20 or even 30 years were sent for care. Customers can place an order online or in-store to have an adult cashmere item transformed into a children's cashmere item by professional crafters. It is intended for customers who want to turn their cashmere sweater into a new one for their children. This innovative alteration service not only allows for the reuse of old cashmere clothing, but also gives it a strong sense of heritage, demonstrating the emotional connection between generations.
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According to our global cashmere clothing market analysis, popularity and demand for cashmere clothing has skyrocketed. Many industrialized countries import these goods. Globally, factors such as rising demand for high-quality clothing and the acceptance of fashionable and luxury garments are expected to drive market growth. With the continued digitalization of major countries and the resulting internet penetration, social media websites have become an ideal outlet for raising awareness about cashmere garments in some areas where the market was insufficient.
|Market size value in 2021
|USD 3.07 billion
|Market size value in 2030
|USD 4.44 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Cashmere Clothing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cashmere Clothing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cashmere Clothing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Cashmere Clothing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
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The cashmere clothing market on the basis of distribution Channel is segmented into Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others.
The cashmere clothing market showed growth of CAGR 3.93% during 2022-2028.
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