Wilmington, Delaware, United States, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global knitwear market is estimated to flourish at a CAGR of 5.6% from 2022 to 2031. Transparency Market Research projects that the overall sales revenue for knitwear is estimated to reach US$ 998.6 billion by the end of 2031.
The incorporation of smart fabrics is gaining traction, embedding technologies like temperature regulation and moisture-wicking properties directly into knitwear. This functionality enhances comfort and addresses specific needs, reflecting the growing demand for technologically advanced apparel.
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Some prominent manufacturers are as follows:
- Adidas AG
- GAP Inc.
- Gildan Activewear Inc.
- Hackett Limited
- Hollister Co.
- Loro Piana S.p.A.
- Marks and Spencer plc.
- Nike Inc.
- Puma SE
- Ralph Lauren Corporation
- Lyle & Scott
- The Lacoste Group
- The Nautical Company (UK) Ltd
- Uniqlo Co. Ltd.
- Victoria’s Secret
- YOOX NET-A-PORTER GROUP S.P.A.
A rising trend is the integration of wellness features within knitwear, such as infused therapeutic materials promoting circulation or fabrics with antimicrobial properties. This convergence of fashion and well-being appeals to consumers seeking holistic benefits from their clothing.
The industry is witnessing a surge in circular economy initiatives, focusing on closed-loop systems and recycling processes. Brands are exploring ways to minimize waste by repurposing and recycling knitwear, contributing to a more sustainable and circular fashion ecosystem.
Key Findings of the Market Report
- Sweaters & jackets lead the knitwear market, offering a versatile combination of style and warmth, catering to diverse fashion preferences.
- Natural fibers lead the knitwear market, offering comfort and sustainability. From cotton to wool, natural materials dominate knitwear preferences worldwide.
- Medium price category dominates the knitwear market, striking a balance between quality and affordability, appealing to a broad consumer base.
Knitwear Market Growth Drivers & Trends
- Increasing consumer demand for eco-friendly knitwear fuels growth, driving brands to adopt sustainable materials and ethical manufacturing practices.
- The market thrives on creativity, with a surge in demand for unique knitwear designs, patterns, and textures that blend style and comfort.
- The rise of online shopping amplifies market accessibility, allowing knitwear brands to reach a global audience and cater to diverse consumer preferences.
- Knitwear transcends seasonal boundaries, with a trend towards year-round versatility, influencing designs that cater to varying climates and fashion needs.
- Consumer desire for unique pieces drives brands to offer personalized knitwear, allowing individuals to express their style through customizable designs and fit.
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Global Knitwear Market: Regional Profile
- In North America, the knitwear market thrives on a blend of fashion-forward designs and comfort-driven styles. Major players like Gap and L.L.Bean dominate, offering versatile knitwear collections catering to diverse climates. The market here is shaped by consumer demand for premium quality and sustainable practices, with emerging brands like Everlane gaining traction for their focus on ethical manufacturing and transparency.
- Europe stands as a fashion powerhouse in the knitwear market, home to renowned brands like Zara, H&M, and Burberry. European consumers appreciate knitwear for its year-round versatility, influencing trends in the sector. The market is marked by a strong emphasis on design innovation, sustainable materials, and the resurgence of traditional craftsmanship, reflecting the region's rich fashion heritage.
- Asia Pacific holds a dominant position in the knitwear market, driven by manufacturing giants like China and India. Fast-fashion brands like Uniqlo and affordable luxury from brands like Muji cater to the diverse and growing consumer base. The region's influence extends to global knitwear trends, with a focus on cost-effective production, quality materials, and adaptability to dynamic fashion preferences.
Knitwear Market: Competitive Landscape
The knitwear market boasts a vibrant and competitive landscape driven by global fashion trends and consumer preferences. Established players like Zara, H&M, and Uniqlo dominate with diverse collections that blend quality, comfort, and style. Niche brands, such as Allbirds and Everlane, carve their space by emphasizing sustainable and ethical practices.
The rise of direct-to-consumer models adds dynamism, allowing brands like Naadam and Everlane to connect directly with consumers. As innovation in materials and designs continues, the competitive edge lies in adaptability to changing fashion landscapes and meeting the increasing demand for sustainable and responsibly sourced knitwear.
Product Portfolio
- Nike Inc. is a global athletic footwear and apparel powerhouse, renowned for its innovation and performance-driven products. From cutting-edge running shoes to iconic sportswear, Nike empowers athletes worldwide with style and functionality, epitomizing the spirit of "Just Do It."
- Puma SE is a leading sportswear and lifestyle brand, designing products that fuse performance and style. With a rich heritage in athletic footwear and apparel, Puma embodies a dynamic, urban aesthetic, delivering innovative designs for athletes and fashion enthusiasts alike.
Knitwear Market: Key Segments
By Product Type
- Innerwear
- T-Shirts & Shirts
- Sweaters & Jackets
- Sweatshirts & Hoodies
- Shorts & Trousers
- Evening Dresses, Suits, & Leggings
- Other Accessories (Cap, Scarves, Gloves, Socks, etc.)
By Material Type
- Natural
- Synthetic
- Blended
By Price Category
- Low
- Medium
- High
By End User
- Men
- Women
- Kids
By Distribution Channel
- Online
- E-commerce Website
- Company Owned Websites
- Offline
- Specialty Stores
- Departmental Stores
- Other Retail Stores
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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