Market Synopsis:

Market Research Future (MRFR) reports that the global knitwear market is all set to amass massive gains at a stunning CAGR during the forecast period (2022-2030).

The world over, a rise in demand for knitwear products has been noted owing to the growing adoption of e-commerce. At a global level, the boost in online sales of knitwear products has been observed, which form a lucrative part of the fashion and apparel industry.

Knitwear, a timeless fashion staple, has evolved significantly over the years, adapting to changing consumer preferences, sustainability concerns, and technological advancements. As we delve into 2022, it's crucial to examine the current trends shaping the knitwear market trend and the innovations driving its future growth. This article explores the latest developments, materials, and styles that are revolutionizing the knitwear industry.

The e-commerce business of the worldwide fashion and apparel industry is projected to cross the value of USD 721.81Billion in 2022 and touch the valuation of USD 1605.69 billion by 2030, surging at a CAGR of 12.10%. The sale of knitwear products via online channels has been given a boost by the growing penetration of online knitwear sale in developing nations including Russia, Brazil, China, South Africa (BRICS) and India.

In addition to the increase in online sales, the growth in penetration of smartphones across developing nations, expansion of middle-class population coupled with rising discretionary income has shaped the market positively over the years. The emergence of innovative and advanced e-commerce technologies are also adding to the strength of the market. It is noted that the online knitwear sales are augmenting owing to the rise in average revenue per user (ARPU) in e-commerce knitwear products as compared to ARPU of knitwear product sale through offline mediums.

Market Segmentation:

The worldwide market for knitwear has been segmented on the basis of material type, category, end-use, and distribution channel.

Depending on the material type, the knitwear market is divided into natural, synthetic, and blended.

Category-wise, the knitwear market caters to men, women, and kids.

The knitwear market, with respect to end-use, covers innerwear, and outerwear. 

The distribution channels mentioned in the report are store-based and non-store based.

Explore more info: https://www.marketresearchfuture.com/reports/knitwear-market-6795

Regional Outlook:

The market size of knitwear market report has been analysed across the key regions of Europe, Asia Pacific, North America, along with the rest of the world.

Asia Pacific is the leading region in the global knitwear market and will prevail as one during the forecast period. The factors backing the said market growth could be the growing awareness among customers with regard to the changing fashion trends coupled with mounting disposable income of the people in the region. Also, the rise in outsourcing of production operations to Asia Pacific nations stimulates the regional market growth to a large extent. With research and development (R&D) as well as design of knitwear being done mostly outside Asia Pacific, the prominent knitwear manufacturing is done in India, Bangladesh, China, and Vietnam. Furthermore, the market in India is expanding at a considerable pace on account of the boost in the number of organized knitwear retailers who sell branded knitwear products.

North America and Europe collectively account for a substantial share of the global knitwear market. The market development in these regions is the result of the increasing demand for branded innerwear from the United States (U.S.) based brands, including Victoria’s Secret. Additionally, the rise in demand for sportswear in these regions works in favor of the markets.

In Middle East and Africa, rising demand for branded knitwear is the latest trend. As per reports, roughly 62.0% of the total population in the region is young and middle-aged. Plus, knitwear products worth USD 3.5 billion is imported by MEA every year.

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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