(MENAFN- Straits Research)
Cashmere apparel is made from cashmere fabric, which is a lovely and soft fiber derived from the undercoat of cashmere goats. Cashmere clothing is typically associated with high quality and luxury and is regularly used in producing high-end fashion products such as sweaters, coats, trousers, and t-shirts. Cashmere clothing is known for its warmth, softness, and durability, and high-end fashion designers commonly use it to create intricate and attractive garments. Cashmere clothing is also used in more informal contexts, and it is available in a variety of designs and prices to fulfill the needs of a wide range of consumers.
Market Dynamics
The rising number of HNWIs Drive the Global Market
The rising number of high-net-worth individuals (HNWIs) and brand-loyal customers is expected to boost the expansion of the cashmere clothing market. Cashmere apparel is recognized for its soft and lightweight qualities, making it a must-have fabric among high-end buyers looking for one-of-a-kind and luxurious cashmere goods. Cashmere clothing is costly due to the time, work, and expertise necessary to create it. Consumers' rising idea that luxury clothing helps increase social acceptance is fueling product demand. Other significant elements influencing product demand are rising disposable income and consumer expenditure on luxury clothing, particularly cashmere.
Sustainable Clothing Production Creates Tremendous Opportunities
Sustainable clothing production is one of the many mainstream techniques market participants use to stay ahead of the competition, and a rising customer base of responsible citizens concerned about animal rights and sustainable production practices supports it. As ethical fashion moves away from a niche market, sustainable and ethically made cashmere businesses will benefit from larger commercial prospects throughout the projection period.
Furthermore, a focus on technical innovation in cashmere manufacturing and design provides a potential possibility for market growth. As technology advances, new styles and business strategies will emerge in the garment sector. In this context, digital printing is anticipated to become the most common cashmere printing technology. Streamlining production workflows and merging digital apparel printers with siloed techniques, both downstream and upstream, greatly lowers the cost of apparel items and printed fashion for the end customer.
Regional Analysis
North America is the most significant global cashmere clothing market shareholder and is estimated to exhibit a CAGR of 5.2% over the forecast period. The expanding regional clothing and textile sector will fuel market expansion. According to the National Council of Textile Organizations, the US textile and apparel market was valued at USD 70 billion in 2018 based on industry shipments. Moreover, the United States is one of the major countries with the most international textile and garment imports. According to ATI, a third-party quality control business, the United States was one of the largest participants in clothing and textile imports in 2018, accounting for USD 29 billion. These factors indicate an increase in demand for garments in the region, which is projected to benefit the cashmere industry in the region.
Europe is expected to exhibit a CAGR of 3.9% over the forecast period. The region's numerous garment producers have fueled the demand for cashmere clothes. Europe is home to some of the world's most well-known garment firms and a thriving apparel industry. Consumers of all ages are more willing to spend money on comfortable luxury clothes, which boosts demand for knitwear, jackets, and cardigans. Countries like Italy and Scotland are major providers of the region's cashmere apparel sector. For example, Loro Piana, an Italian textile and clothing manufacturer, specializes in high-end luxury cashmere and offers tailored luxury garments with a minimalist style, neutral color palette, and wearable designs that are quickly gaining appeal.
Key Highlights
The global cashmere clothing market size was valued at
USD 2,410.9 million in 2022. It is estimated to reach
USD 3,491.3 million by 2031, growing at a
CAGR of 4.2%
during the forecast period (2023–2031).
Based on product, the global cashmere clothing market is bifurcated into sweaters and coats, pants and trousers, tees and polos, and others. The sweaters and coats segment dominates the global market and is projected to exhibit a CAGR of 3.7% over the forecast period.
Based on end-users, the global cashmere clothing market is bifurcated into men and women. The women segment owns the highest market share and is predicted to exhibit a CAGR of 3.9% over the forecast period.
Based on distribution channels, the global cashmere clothing market is divided into offline and online channels. The offline segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 5.7% over the forecast period.
North America is the most significant global cashmere clothing market shareholder and is estimated to exhibit a CAGR of 5.2% over the forecast period.
Competitive Players
The key players in the global cashmere clothing market are Loro Piana S.p.A., Kinross Cashmere, Lisa Todd, Brunello Cucinelli S.p.A., 360Cashmere, Autumn Cashmere, White + Warren, TSE & Cashmere House, Inc., Repeat Cashmere, Pringle of Scotland Ltd., and others.
Market News
In May 2023,
Loro Piana, an Italian fashion business, announced the release of a new collection of cashmere garments manufactured from 100% sustainable cashmere.
In February 2023,
Cashmere Holding, a Chinese cashmere corporation, announced the acquisition of the Snow Lotus cashmere brand. Cashmere Holding expects the acquisition to help it extend its market share in China.
Global Cashmere Clothing Market: Segmentation
By
Product
Sweaters and Coats
Pants and Trousers
Tees and Polo
Others
By End-User
Men
Women
By Distribution Channel
Offline
Online
By Regions
North America
Europe
Asia-Pacific
Central and South America
The Middle East and Africa
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