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North America held the largest market share in 2021, holding around two-fifths of the global market
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, UNITED STATE, October 4, 2023 /EINPresswire / -- According to the report published by Allied Market Research, the global hemp clothing market generated $2.29 billion in 2021, and is projected to reach $23.02 billion by 2031, growing at a CAGR of 27.1% from 2022 to 2030. As more individuals explore and invest in this versatile plant and the niche sectors of the industry, new and exciting products are emerging. The hemp plant is poised to be an integral part of our future, and watching it evolve into its full potential is guaranteed to be a fascinating journey.
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Textiles made from hemp have been around for a very long time. As the demand for clothing and textiles derived from hemp has expanded, the market for hemp fiber has been revitalizing itself in recent years. This market segment's popularity has grown in recent years, giving rise to inventive cotton replacements.
Consumer behavior studies show that between 2000 and 2014, the average consumer bought 60% more clothing, yet they only kept each piece of clothing for half as long. It has been widely publicized how much the fashion business contributes to pollution and destruction to our rivers, oceans, and atmosphere. Every second, an estimated truckload of discarded clothing is burned or dumped. Although there are many residents who are concerned, the current sustainable fashion solutions are expensive and time-consuming.
Online retail platform is the major driver of the Hemp Clothing Industry. Presently, most of the apparel manufacturing companies have their own web-based retail stores where users can gain excessive information about the organization such as latest news of product and company and financial-related information. The number of consumers shopping online is increasing, owing to availability of varied product options and price comparison on online shopping sites. This is useful for retailers due to zero expenditure on physical outlets. The major reasons why consumers prefer online shopping online are consumers can read reviews provided by other consumers, compare various store & products, and consumers can compare product price by different sellers.
According to“Our World in Data,” about 1,140 million internet users are present in East Asia-Pacific region, followed by Europe and Central Asia, accounting for of over 650 million internet users. In addition, access to internet and online apparel retail portal has provided consumers a platform where they can easily compare assorted products and prices as well as shop with comfort. Moreover, increase in ease of shopping of apparel from online retail portal is attracting a large consumer base using internet, which is anticipated to fuel the overall Hemp Clothing Market Growth.
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The report offers a detailed segmentation on the global hemp clothing market based on type, end-user, distribution channel and region. The report offers a detailed analysis of every segment and their respective sub-segment through graphical and tabular representation. This analysis might assist market players, investors, and new entrants in devising strategies based on fastest growing segments and dominating segments that is mentioned in the report.
Based on type, the dress segment held the largest market share in 2021, garnering more than one-fifth of the global market, and is expected to maintain its leadership status during the forecast period. The activewear segment, on the other hand, is expected to cite the fastest CAGR of 28.4% during the forecast period.
Based on end user, the women segment held the dominating market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The kids segment, on the other hand, is predicted to cite the fastest CAGR of 28.8% during the forecast period.
Based on distribution channel, the independent retail stores segment held the largest market share in 2021, garnering nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The report also analyses other segment such as hypermarket, e-commerce, and others.
Based on region, the market across North America held the largest market share in 2021, holding around two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 30.3% during the forecast period.
The key players analyzed in the global hemp clothing market report include Patagonia, Inc, Tentree, Thought Clothing, TOAD&CO, Back Beat Co, Ecofibre, Eileen Fisher, Groceries Apparel, Jungmaven, LANIUS GmbH, Levi Strauss &Co, ONNO T-Shirt Company, Outerknown, United By Blue, and WAMA UNDERWEAR.
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The report analyzes these key players of the global hemp clothing market. These market players made use of constructive strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to strengthen prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by eminent players of the market.
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