Market Research Future (MRFR) report on the global knitwear market is a comprehensive research report that offers a detailed overview of the industry. The report covers the COVID-19 analysis on the global knitwear market and provides a thorough overview of market segments, current trends, growth forecasts, and market challenges from 2022-2030 (forecast period) to identify potential business opportunities.
The knitwear market industry is projected to grow from USD 721.81 Billion in 2022 to USD 1605.69 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.10% during the forecast period (2022 - 2030)
Apparels manufactured by knitting or knitting fabrics are known as knitwear. The global knitwear market size is highly divided by the involvement of many regional and domestic players. Market players are witnessing a fierce competition between each other on the basis of the quality and price of their products. Vendors are taking aggressive pricing as their core tactic to achieve a competitive advantage. Intense rivalry on the market has led companies to sell multi-packed goods at lower prices relative to competitors costs.
Market Dynamics
The global market for knitwear is driven mainly by a growing tendency towards a healthy lifestyle, the availability of a variety of products, and an increase in disposable income. The increased participation of young people in various sports activities, such as yoga, swimming, cycling, aerobics, etc., is another factor driving the growth of the global knitwear industry. In addition, the tendency towards a luxurious lifestyle generates demand for branded knitwear. Increasing awareness of the use of biodegradable products due to the growing demand for natural fiber knitwear helps the market growth. Tencel, for example, is a biodegradable fabric that is gaining interest in the global knitwear industry as it is eco-friendly and provides a high absorbing ability with anti-wrinkle properties.
Various manufacturers market their products across different distribution channels, like specialty stores, department stores, franchise stores, and online retailers, offering consumers a wide range of items. In addition, the growing penetration of the e-commerce industry is also anticipated to further strengthen the growth of the global knitwear market. However, the market for knitwear is highly fragmented, as the lower-income population tends to buy products from the local market instead of buying luxurious and branded knitwear, which leads to intense competition for significant market share. In addition, production costs are relatively high in developed economies, resulting in high-end product costs, which are expected to reduce the growth of the global knitwear market.
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Market Segmentation
The global market for knitwear has been segmented based on material type, category, end-use, and distribution channel.
By material type, the global market for knitwear has been classified as natural, synthetic, and blended.
Based on the category, the global market for knitwear has been divided into men, women, and kids.
Based on end-use, the global market for knitwear has been segregated into innerwear and outerwear.
By distribution channel, the global market for knitwear has been classified as store-based and non-store based.
Regional Analysis
The global knitwear market has been examined in four main regions North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific is projected to dominate the knitwear market by the end of the forecast period due to growing consumer understanding of evolving fashion patterns and rising people's disposable income. In addition, the outsourcing of manufacturing activities to Asia Pacific countries also enhances demand growth in the regions.
Europe and North America are also set to retain a significant share of the global knitwear market share during the assessment period, due to the presence of several leading players in the regions and the increased purchasing power of customers to purchase premium knitwear products.
Major Players:
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)
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