Knitwear Market Size, Demand Status and Forecasts till 2023
Posted by Pradeep Zende on March 26th, 2020
The clothes manufactured through knitting wool or other fabrics are commonly known as knitwear. The major determinant fueling the growth of global knitwear market is the surging penetration of e-commerce platform in the sales of knitwear. Countries such as Russia, China, India, Brazil, and South Africa are mainly witnessing a surging demand for knitwear through online retail channel.
Global Key Players:
Some of the key players in the global Knitwear Market Size are Adidas AG (Germany), Gildan Activewear Inc. (Canada), Loro Piana S.p.A. (Italy), Puma SE (Germany), Ralph Lauren Corporation (the US), The Nautical Company (UK) Ltd (UK), Victoria's Secret (the US), Maglificio Ripa S.p.a (Italy), LENZING AG (Austria), Ecowool (New Zealand), and Sana Hastakala (P) Ltd. (Nepal).
The global knitwear market has been segregated, by category, into men, women, and kids. The women’s segment is expected to dominate the global knitwear market during the assessment period as a major demand of apparels is from the women’s category. Moreover, knitwear for women are available in a wide variety of designs and patterns. The same segment is anticipated to witness a higher CAGR during forecast period due to higher awareness among women regarding changing fashion trends and their willingness to buy new apparels.
Based on material type, the global knitwear market has been segmented into natural, synthetic, and blended. The natural segment gained the highest market share in 2017 owing to the versatile, cozy, anti-wrinkle, high absorption capacity, and warm nature of natural fabrics such as cotton, silk, and wool. However, the blended segment is expected to register a higher growth rate during the forecast period owing to the mixed properties offered by blended fabrics. Blended fabric material provides comfort, coziness, elasticity, durability and is easy to work upon.
The global market for knitwear has also been classified, by distribution channel, as store based and non-store based. The store based segment is anticipated to gain the lion’s share in the global knitwear market due to the presence of established brick & mortar stores across the globe. However, the non-store based segment is anticipated to project a higher CAGR during the forecast period due to the rising penetration of e-commerce in knitwear sales.
The global market for knitwear has also been classified, by end-use, as innerwear and outerwear. The outerwear segment is expected to dominate the market due to the availability of different formats of outwear knitwear. In addition, the rate of wear and tare of outerwear is high as compared to innerwear, which in turn is surging the sales of outerwear segment.
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On the basis of region, the global knitwear market has been segmented into North America, Europe, Asia-Pacific, and RoW. North America and Europe are expected to account for the highest market share in the global knitwear market owing to presence of several prominent market players in the regions. Moreover, the customers in the respective regions have a higher purchasing ability to buy premium knitwear products.
Asia-Pacific is expected to exhibit the highest CAGR in the global knitwear market due to the surging demand for textile products in countries such as India, China, Taiwan, and Indonesia. Market players are outsourcing their production operations from Asia-Pacific, which in turn is catalyzing the region’s market growth.
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About the AuthorPradeep Zende
Joined: February 12th, 2019
Articles Posted: 396
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