Market Analysis And Insights
At a CAGR of 6.2% between 2023 and 2030, the market for cashmere clothing is anticipated to increase to USD 4.22 billion by that time.
The undercoat of cashmere goats is used to create the beautiful fibre known as cashmere. It is renowned for its suppleness, durability, and warmth. Customers value cashmere clothes for their opulent look and feel. Consumers now find it simpler to buy cashmere clothes thanks to the rising popularity of online shopping. Product category, mode of distribution, and geographic location are used to segment the cashmere clothing market.
The market is divided into five categories according to geography: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. For cashmere clothing, Asia Pacific is the biggest market. The cashmere garment market is extremely cutthroat. Because online shopping is convenient and affordable, more consumers are buying cashmere clothes there. To meet the rising demand for online purchasing, players in the cashmere apparel industry are concentrating on increasing their online presence. Due to increased disposable incomes, greater knowledge of cashmere’s advantages, and the expanding popularity of online shopping, the market for cashmere garments is anticipated to expand in the upcoming years.
Cashmere Clothing Market Scope :
Metrics | Details |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2022-2030 |
Study Period | 2020-2030 |
Forecast Unit | Value (USD) |
Revenue forecast in 2030 | USD 4.22 billion |
Growth Rate | CAGR of 6.2% during 2022-2030 |
Segment Covered | By Type, By Distribution , Regions,By Regional Analysis. |
Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
Key Players Profiled | Loro Piana, Brunello Cucinelli, Ermenegildo Zegna, Pringle of Scotland, Autumn Cashmere, Alyki, Max Mara, Bottega Veneta, Hermès, Ralph Lauren, Burberry |
Definition
Clothing made of cashmere is created from the undercoat of cashmere goats, which produces a soft, fine fibre. The softness, durability, and warmth of cashmere are well known. Additionally, because it is a very light fibre, it is perfect for creating warm yet cosy apparel. Numerous various apparel items, such as sweaters, coats, scarves, caps, gloves, and socks, can be produced from cashmere. Given its warmth and fashionability, cashmere sweaters are very well- liked. Due to their sumptuous and toasty qualities, cashmere jackets are also very popular. Generally speaking, cashmere apparel costs more than wool or cotton-based clothing. This is because processing cashmere takes a lot of effort and patience and is a relatively uncommon fibre. Considering the softness, warmth, and longevity of the fibre, many individuals do, nevertheless, think that the high cost of cashmere clothing is justified.
Cashmere apparel has several advantages, including insulating well and being warm breathable and light, enduring and robust, and both elegant and chic. Customers who want high-end, exquisite apparel that will keep them warm and cosy in all types of weather frequently opt for cashmere clothes.
Key Market Segments
Insights on Key Types
Sweaters are the most popular product category in the worldwide cashmere clothing market, which is a result of their consumer appeal, affordability, and versatility. With a market share of more than 50% worldwide, sweaters are the most widely used cashmere clothing item. This is because sweaters are adaptable and suitable for a wide range of settings, including both informal and formal ones. Considering other cashmere apparel products, they are fairly reasonably priced. The most widely used cashmere garment is a jumper. Sweaters are appropriate for many different settings, including informal and formal ones. In comparison to other cashmere clothing products, sweaters are rather inexpensive.
Everyone can find a jumper because they come in a variety of designs and colours. Sweaters are adaptable and may be combined with other garments to produce a variety of appearances. With the right care, sweaters are enduring and may endure for a long time. Customers of all ages and genders favour cashmere sweaters. They provide an opulent and cosy method to remain warm during the winter. Coats With a 30% market share worldwide, coats** are the second-most popular cashmere clothing item. The warmth, softness, and richness of cashmere coats are well known. For special events or in chilly climates, they are frequently worn. Scarves And Hats However, they only make up a minor portion of the market. Other well-liked cashmere clothing products include scarves and hats. Hats and scarves made of cashmere are frequently used as accessories to round off an ensemble or as a layer of warmth during the winter.
By Distribution Channel
The Offline Distribution Channel will have the most sway in the global market for cashmere clothes by 2023. This is so because cashmere apparel is a high-end item, and customers want to physically inspect it before making a purchase. Customers may touch and feel cashmere at offline stores, as well as try on various sizes and styles. Supermarkets/hypermarkets, retail stores, and luxury brand stores are all considered offline stores. The cashmere clothing market around the world is dominated by the offline distribution channel. However, the internet distribution channel is expanding quickly and is anticipated to hold a sizable portion of the industry in the upcoming years. Online Stores This includes company-owned websites and e-commerce sites like Amazon and Alibaba. In the upcoming years, a sizable portion of the global market for cashmere apparel is anticipated to come through the quickly expanding online distribution channel. This is brought on by the rise in the attractiveness of online shopping as well as the expanding selection of cashmere clothes on e- commerce platforms. Consumers find online buying handy since it allows them to do their shopping in the convenience of their own house.
Insights on Key Regions
Europe Europe was the largest regional market in 2022 and accounted for more than 37.1% of the global share. The market is driven by rising demand for different types of cashmere clothing in countries, such as Germany, Italy, and the U.K. Moreover, Europe is considered the world’s largest fashion hub due to the strong presence of several luxury brands in the region, which also drives the market growth. Asia Pacific The market for cashmere garments is the biggest and expanding most quickly in Asia Pacific. Increases in disposable income, urbanisation, and chilly climates in many nations are the main drivers of the market. South Korea, Japan, and China make up the top three markets in this region. In recent decades, the economies of numerous nations in the Asia Pacific, including China, Japan, and South Korea, have grown quickly, increasing people’s disposable incomes. The requirement for luxury goods, such as cashmere garments, has surged as a result. Over half of the number of people in Asia Pacific live in cities, making it the most urbanised area in the world. Demand for cashmere clothes is being fuelled by urban dwellers’ tendency to be more wealthy and fashion-conscious compared to rural residents. In Asia, cashmere has a long and illustrious history and is frequently seen to represent riches and elegance. The demand for cashmere garments is influenced by this cultural legacy. North America High disposable incomes and an increasing need for luxury items are what fuel the North American cashmere clothing market.
Taking up a sizeable portion of the overall market, the United States is this region’s biggest market. Latin America Despite being relatively small, the Latin American cashmere garment market is expanding quickly. An increase in the demand for luxury products and rising disposable incomes are the market’s primary drivers. The two biggest markets in this region are Brazil and Mexico. The Middle East and Africa The market for cashmere garments in the Middle East and Africa is likewise limited, but it is expanding quickly. An increase in the demand for luxury products and rising disposable incomes are the market’s primary drivers. These countries’ major markets are Saudi Arabia and the United Arab Emirates.
Insights on Key Players
To increase their market share, these firms are putting their efforts into diversifying their product lines, broadening their distribution networks, and entering new geographies. The following companies are the major players in the worldwide cashmere garment market: Loro Piana, Brunello Cucinelli, Ermenegildo Zegna, Pringle of Scotland, Autumn Cashmere, Alyki, Max Mara, Bottega Veneta, Hermès, Ralph Lauren, Burberry
Covid-19 Impacts And Analysis
The worldwide market for cashmere garments was significantly impacted by the COVID-19 outbreak. Lockdowns and travel bans brought on by the epidemic hampered supply chains and decreased demand for cashmere garments. The COVID-19 pandemic caused consumer spending to fall, which in turn decreased the market for cashmere garments. Consumers were more inclined to dedicate their money to necessities during the epidemic since cashmere clothing is considered to be expensive. Supply channels for cashmere apparel were hampered by the COVID-19 outbreak. The pandemic caused lockdowns and production problems in China, the biggest cashmere producer in the world. Furthermore, it was challenging to ship cashmere from China to other nations because of the pandemic. Producing cashmere apparel became more expensive as a result of the COVID-19 pandemic.
Costs for transportation, other logistics services, and raw materials all went up. The global market for cashmere garments is anticipated to rebound in the future years, notwithstanding the detrimental effects of the COVID-19 pandemic. Consumers will find it simpler to buy cashmere clothes as online shopping is anticipated to increase in the future years. The COVID-19 pandemic had a large effect on the world market for cashmere garments, although it is anticipated that the market will rebound over the next few years. It is anticipated that factors like rising disposable incomes, rising demand for luxury items, and a shift to internet shopping will propel the market.
Latest Trends and Analysis
• In the year 2023, Burberry will introduce a new sustainable cashmere line. The line will include a variety of items, such as scarves, coats, and sweaters, and it will be manufactured from recycled cashmere and organic cotton.
• To introduce a new line of cashmere garments in 2023, Loro Piana teams up with the National Geographic Society. The photographer Paul Nicklen’s work on climate change served as the inspiration for the collection, which includes a variety of pieces featuring pictures of glaciers, icebergs, and other breathtaking natural elements.
• A new collection of reasonably priced cashmere sweaters was introduced by Everlane in 2023. The cashmere sweaters cost about $125, which is far less than the cost of similar items from other brands and are created entirely in Mongolia.
• A new line of year-round wearable cashmere garments will be introduced by Extreme Cashmere in 2022. A selection of items from the collection are crafted using a breathable cashmere fabric that works well in every season.
• In 2022, Aritzia purchased Reigning Champ, a Canadian company well-known for its luxurious cashmere goods. Aritzia anticipates that the acquisition will enable it to reach more clients and diversify its cashmere product offers.
Significant Growth Factors
Consumers all across the world are growing wealthier, and this is causing them to spend more money on luxury items like cashmere clothes. The globe is becoming more urbanised, and those who live in cities are more likely to be wealthy and fashion-conscious than those who live in rural areas. As a result, cashmere clothing is in high demand. Cashmere apparel is a well-liked option for remaining warm because cold winters are common in many nations. Cashmere has an extensive and diverse past in numerous civilizations all over the world, and it is frequently connected to riches and opulence. The demand for cashmere garments is influenced by this cultural legacy. Consumers now have more options for where to buy cashmere clothes because of the change to online shopping. Sustainable fashion is gaining popularity among consumers, and cashmere is an organic material that fits this description. From companies who are dedicated to sustainability, this is fuelling demand for cashmere garments. Cashmere is a well-liked fabric for this style of clothing, which is becoming more and more popular worldwide as premium athleisure wear. The demand for cashmere garments in various countries is being fuelled by a combination of general growth forces and some regionally specific trends. The rising middle class and rising acceptance of Western fashion, for instance, are driving the requirement for cashmere garments throughout the Asia Pacific.
Restraining Factors
Due to its difficulty in production, cashmere is a rather pricey material. Some consumers might find this price to be prohibitive. Cashmere can only be obtained from goats once a year, which limits its availability. High pricing may also be influenced by this constrained supply. The market is plagued with fake cashmere products, which can be challenging for customers to identify from real cashmere. Products manufactured of fake cashmere are frequently composed of synthetic materials and are typically of inferior quality than those produced of real cashmere. The manufacture of cashmere raises certain ethical questions. Some customers are worried about the treatment of the goats used to create cashmere, while others are worried about the effects of cashmere production on the environment. The market for cashmere garments is anticipated to expand in the years ahead despite these barriers.