Dublin, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The "Global Cashmere Clothing Market 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global cashmere clothing market is projected to experience significant growth, aiming to reach USD 4.23 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 6% from 2023 to 2030. Various trends, opportunities, and factors are influencing the dynamics of this market.
Market Drivers and Opportunities
- Demand for Smartphones: The increasing demand for smartphones, being effective means of global communication, is expected to drive market growth. The demand for wireless devices, coupled with frequent technological changes, is further boosting the market. Innovations like wireless headsets and speakers are contributing to the demand for mobile accessories.
- COVID-19 Impact and Recovery: The pandemic had a negative impact on the cashmere clothing market, affecting manufacturing, supply, and distribution. Physical stores suffered due to lockdowns, leading to a surge in online shopping. Cashmere clothing was categorized as non-essential, leading to a decline in sales, but online platforms and the post-pandemic recovery are expected to drive demand.
Product Segments
- Sweaters and Coats: This segment held a significant market share of 51.6% in 2022 and is projected to grow at a CAGR of 5.5%. The demand for premium sweaters and coats, both casual and formal wear, is driving growth.
End-user Segments
- Men's Segment: The men's segment is expected to witness the fastest CAGR of 6.5%. The demand for cashmere clothing, such as coats and trousers, driven by upgraded standards of living and fashion trends, is contributing to this growth.
Geographical Analysis
- Europe: Europe dominated the market in 2022 with a share of 37.1%. The region's strong presence of luxury brands, such as in Germany, Italy, and the U.K., and demand for various types of cashmere clothing contribute to its growth.
- North America: North America held a 27% market share in 2022 and is projected to be the fastest-growing regional market with a CAGR of 6.4%. The U.S. is a major market due to high demand for luxury clothing.
Conclusion
The global cashmere clothing market is poised for substantial growth, driven by factors like the demand for smartphones, technological changes, and post-pandemic recovery. Product segments like sweaters and coats, as well as the men's end-user segment, are significant drivers. Europe and North America are the dominant regions, with Europe holding the largest share, and North America anticipated to be the fastest-growing. These trends, opportunities, and regional dynamics are shaping the trajectory of the market in the coming years.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $2.64 Billion |
| Forecasted Market Value (USD) by 2030 | $4.23 Billion |
| Compound Annual Growth Rate | 6% |
| Regions Covered | Global |
Companies Mentioned
- Loro Piana S.p.A.
- Brunello Cucinelli S.p.A.
- Alyki - Felice De Palma & Co.
- Pringle of Scotland Limited
- Ermenegildo Zegna Holditalia S.p.A.
- Sofiacashmere
- Autumn Cashmere
- Malo
- Corso Italia S.p.A.
- TSE Cashmere
Key Topics Covered
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Cashmere Clothing Market Variables, Trends & Scope
Chapter 4. Consumer Behavior Analysis
Chapter 5. Cashmere Clothing Market: Product Estimates & Trend Analysis
Chapter 6. Cashmere Clothing Market: End-user Estimates & Trend Analysis
Chapter 7. Cashmere Clothing Market: Regional Estimates & Trend Analysis
Chapter 8. Competitive Analysis
For more information about this report visit https://www.researchandmarkets.com/r/7dcyav
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