Cashmere Garments Market Size, Share and Trend Analysis Report By Product (Sweaters & Coats, Pants & Trousers, T-Shirts & Polos), By End-Users (Men, Women), By Regions and Segment Forecast, 2022-2030
NEW YORK, Dec. 14, 2022 (GLOBE NEWSWIRE) — Reportlinker.com presents the report Cashmere Garment Market Size, Share & Trend Analysis Report by Product, End-User, Region and Segment, 2022-2030 ” was released. ” – https://www.reportlinker.com/p06373189/?utm_source=GNW
Cashmere Garment Market Growth and Trends
The global cashmere garment market size is expected to reach USD 4.23 billion by 2030, growing at a CAGR of 6.1% from 2022 to 2030. Increasing demand for smartphones is expected to drive the market as smartphones are an effective means of communication across the globe. during the forecast period. Moreover, increasing demand for wireless devices coupled with frequent technological changes are likely to drive the market in the near future. For example, companies are coming up with cutting-edge technologies such as wireless headsets and speakers that have recently boosted market demand for the industry. Additionally, the increasing adoption of smartphones among teens has increased the demand for certain accessories such as mobile covers and headphones.
The COVID-19 pandemic is having a negative impact on the global cashmere garment market. Supply and distribution slowed down significantly as most manufacturers closed their manufacturing plants.
Brick-and-mortar stores are most affected, as many people are still hesitant to approach large retail areas. For example, in 2020 H&M closed about 70% of its stores worldwide.
According to a report published by the Open Access Government in 2020, many brands’ websites were selling items up to 70% off during the lockdown.
Customers were still buying products as these brands became available on online platforms. In addition, most regions around the world have classified cashmere clothing as a non-essential product category, resulting in a significant drop in sales of these products, primarily in physical stores as well as online platforms. . But with the opening of the world economy,
The cashmere garment market is expected to recover after the COVID-19 era. The popularity of online distribution channels is expected to create a steady demand for cashmere clothing in the near future.
The sweater and coat product segment will account for a market share of 51.88% in 2021, and is anticipated to witness a progressive growth of 5.6% during the forecast period. This growth can be attributed to the increasing demand for various types of premium sweaters and coats, including casual and formal wear.
The male end-user segment is expected to witness the fastest CAGR of 6.6% during the forecast period. This growth has been attributed to rising living standards and increasing demand for cashmere clothing such as coats and trousers as fashion apparel.
Europe will be the largest regional market in 2021, accounting for over 37.38% of the global share. The market is driven by increasing demand for different types of cashmere garments in countries such as Germany, Italy, and the United Kingdom. Additionally, Europe is considered the world’s largest fashion hub due to the strong presence of several luxury brands in the region. driving market growth. However, North America is expected to be the fastest growing regional market with a CAGR of 6.5% during the forecast period. The United States is a major market in the region due to high demand for luxury clothing.
Cashmere Garment Market Report Highlights
• The sweater and coat product segment is projected to grow at the fastest CAGR of 5.6% during the forecast period.This growth can be attributed to increased demand for premium sweaters and coats of various types, including casual and formal wear.
• The male end-user segment is expected to grow at the fastest CAGR of 6.6% during the forecast period. This growth is attributed to rising living standards and increasing demand for cashmere garments such as coats and trousers as fashion apparel.
• Europe is projected to dominate the market with the largest market share of 37.38% in 2021, exhibiting a CAGR of 4.7% over the forecast period. This growth was attributed to a surge in demand for various cashmere garments in the UK, Italy and Germany.
• North America is expected to hold the market with a market share of 26.67% in 2021 and become the fastest growing regional market with a CAGR of 6.5% during the forecast period.The United States is the region’s leading market due to high demand for luxury clothing
Read the full report: https://www.reportlinker.com/p06373189/?utm_source=GNW
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