Key Companies covered in cashmere clothing market are Burberry Group plc. (U.K.), Brunello Cucinelli S.p.A. (Italy), Ermenegildo Zegna Holditalia S.p.A. (Italy), Herms International S.A. (France), LVMH Moet Hennessy Louis Vuitton SE (France), White + Warren (U.S.), NakedCashmere (U.S.), Autumn Cashmere Inc. (U.S.), Huzhou Zhenbei Cashmere Products Co. Ltd. (China), Kering S.A. (France), and more players profiled.
Pune, India, April 10, 2023 (GLOBE NEWSWIRE) -- The global cashmere clothing market share was valued at USD 3.20 Billion in 2022 and is expected to be worth USD 3.33 Billion in 2023. The industry is projected to be valued at USD 4.44 Billion by 2030, recording a CAGR of 4.2% during the forecast period.
Cashmere is one of the most luxurious types of wool. This type of wool grows best during the cold season, and countries, such as China and Mongolia are the main manufacturers of this wool, having a combined share of nearly 90%. Since clothes made from cashmere are incredibly soft, insulating, and warm, they are quite desirable for winter wear clothing. Cashmere clothing is much warmer and lighter than those made from sheep’s wool. According to data by the Gobi Group Holding, China was one of the leading producers of cashmere cloths in 2021 and is expected to hold a leading share in the forecast period.
Fortune Business Insights™ presents this information in a report titled, "Global Cashmere Clothing Market, 2023-2030."
Regions with Colder Climate to Fuel Demand for Sweaters & Coats
Based on product, the cashmere clothing market is divided into sweaters & coats, bottom wear, shirts & t-shirts, and others. Cashmere sweaters & coats held the largest market share and will grow at a steady CAGR during the forecast timeframe. Cashmere fibers are a suitable fabric for making different types of clothing, such as sweaters, coats, and cardigans. Cashmere sweaters are the most preferred thermal wear, specifically in Europe and North America, due to extremely cold weather, thereby helping the cashmere clothing market share grow.
Designers of cashmere sweaters and coats are creating new product lines of more formal and casual office wear to cater to the diverse clothing needs of working professionals. For instance, in October 2022, Extreme Cashmere, a brand that manufactures all-season cashmere apparel collections, introduced its new exhibition called “Extreme Cashmere Edition 21”. The exhibition features garments that ease movement and offer comfort. Such product launches will expand the cashmere clothing market size.
Need for Variety in Garments to Fuel Demand for Cashmere Clothing for Women
In terms of demography, the market is divided into men, women, and kids' cashmere clothing. The women segment has the highest market share as many reputed companies are offering a wide variety of cashmere products for women. Women need a vast variety of designs and garment choices to suit their daily requirements with respect to formal and non-formal clothing. Manufacturers are introducing a wide range of patterns and designs in sweaters & coats, bottom wear, and cashmere accessories, such as gloves for women, further enhancing the market outlook.
Possibility to Check Product Authenticity to Fuel Preference for Offline Distribution Channels
Based on the distribution channel, the market is segmented into online and offline. The offline segment will have a larger share in the market as cashmere clothes are a luxury product. Consumers prefer offline distribution channels, which includes luxury brand stores, supermarket/hypermarket, and retail stores, to physically inspect the product’s quality and authenticity. The availability of low-quality clothing made from low-quality cashmere wool can prompt customers to shop from offline stores.
COVID-19 Impact:
Market Witnessed Major Decrease in Demand during COVID-19 Pandemic
The COVID-19 outbreak significantly impacted the global economy and various industries. The spread of the virus also prompted governments across the world to impose lockdowns and other movement restrictions. These restrictions caused manufacturers to shut down their factories and supply chain disruptions as borders were closed for travel and transportation, except for essential goods. The pandemic also created financial instability, causing a shift in consumer demand from luxury products to essential commodities. This resulted in a steep decline in the cashmere clothing market growth.
The global cashmere clothing market report makes an in-depth analysis of the market and highlights various critical factors, such as prominent companies, competitive landscape, share analysis, products, distribution channels, and demographics. The report also offers valuable insights into recent market trends and focuses on significant market developments. The report also covers several other factors contributing to the market's growth.
The fashion industry is witnessing a massive growth in the demand for formal and casual ear due to large-scale urbanization. Casual wear has gained notable traction across organizations, thereby driving the demand for cashmere garments. The wool has a wide range of beneficial features, such as being lightweight, warm, fine, and smooth, making the clothes highly comfortable.
Costly Production Processes and Limited Supply of Raw Materials May Restrain Market Development
According to data by the United Nations and the Government of Mongolia, cashmere wool is considered a precious fiber, and the population of cashmere goats is quite scarce across the world. In fact, cashmere wool represents just 0.5% of the global wool production. This factor, along with the expensive production of cashmere yarns will restrict the market progress during the analysis period.
Regional Insights:
Europe to Hold Large Market Share Due to Vast Presence of Cashmere Clothing Manufacturers
The global cashmere clothing market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Europe dominated the market and is expected to record notable CAGR during the forecast period. A large percentage of manufacturers with larger market share have established their presence in Europe, followed by North America. The U.S. has a larger share in the region as the disposable income of customers is rising at a commendable rate every year, and there is a robust demand for luxury apparel.
Germany, France, and Italy are some of the largest consumers of cashmere clothing in Europe. The high demand for cashmere products including coats and jackets in countries, such as Australia, India, the UAE, and China shall further boost the market progress in Asia Pacific and the Middle East & Africa. Furthermore, the rising production of cashmere bottom wear in the South American region will fuel the market growth during the forecast timeframe.
Competitive Landscape:
Key companies in the global cashmere clothing market are bringing innovations to their existing product lines and trying to expand their presence across various regions. They are also launching different stores to cater to the growing product demand. For instance, in September 2022, Naadam opened its new store in Georgetown that had a lineup of sweaters, hoodies, sleepwear, outerwear, and other accessories made from cashmere wool.
September 2022 - American supermodel Gigi Hadid launched her new cashmere clothing label “guest in residence”. The clothing line includes sweaters, slim-fit joggers, hoodies, tanks, scarves, beanies, and others. These products come in different colors, such as bubble-gum pink, turmeric yellow, and cherry red.
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