The global cashmere clothing market size is expected to register a revenue of USD 3.50 Billion by the end of 2025, according to a new report by Million Insights. It is expected to grow with a CAGR of 3.96% from 2019 to 2025. This growth can be attributed to availability of finest quality cashmere yarn which is lighter, stronger and softer than the other types of wool.
These cashmere products are being manufactured using cashmere yarns. These yarns are lighter, stronger, finer, and softer than the rest of the types. They also have good moisture content and thereby can be easily adjustable at all temperatures and climatic conditions. They also help in enhancing aesthetic looks. Such factors are anticipated to drive the market for cashmere clothing over the forecast period.
The demand for these types of premium clothing has been on the rise across the world owing to rising disposable income among working professionals coupled with the increasing trend for adopting premium clothing to enhance the physical appearance. However, limited raw materials and high production costs are expected to act as a hindrance to the growth of the market.
Market Share Insights
The market for cashmere clothing includes key players such as Ermenegildo Zegna Holditalia S.p.A., Brunello Cucinelli S.p.A., Autumn Cashmere, Sofia Cashmere, Pringle of Scotland Ltd., Alyki - Felice De Palma & Co., and Loro Piana S.p.A. These manufacturers have started implementing several marketing strategies to penetrate deeper into the emerging market. Moreover, new entrants have started entering emerging markets due to rising product demand.
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Product Insights
The market for cashmere clothing can be classified as tees & polo, pants & trousers, sweaters & coats, and others, based on product. The segment of sweaters & coats held the highest share of over 52% across the cashmere clothing market. It is also expected to register a steady growth rate during the forecasted years, 2019 to 2025.
This can be associated with increasing demand for premium coats and sweaters, like formal and casual wear. The segment for tees and polo is anticipated to witness the highest growth rate with a CAGR of 5.67% in the upcoming years. This growth can be associated with improving living standards among the millennial population across the developed and developing regions.
End-User Insights
In 2018, the end-user segment of men is anticipated to register the highest growth with a CAGR of 4.51% from 2019 to 2025. This growth can be associated with rising demand for such clothing as trousers, fashion apparel, and coats among men. Moreover, the rising desire to look presentable is expected to drive market growth.
The women's end-user segment held the largest share across the global market in 2018. This can be associated with the rising demand for scarves and shawls among women. Manufacturers have started launching products with a variety of patterns and designs for engaging the consumers. Moreover, they have started producing unique accessories that are being made from this fabric.
Regional Insights
In 2018, Europe held the highest share of 38.0% across the global market. This growth can be attributed to increasing demand for such cashmere clothing across countries like U.K., Italy, and Germany. Moreover, the growing fashion industry and the presence of a variety of luxurious brands across this region are expected to pave the way for market growth.
North America is anticipated to register the highest growth rate with a CAGR of 5.06% during the forecasted years, 2019 to 2025. This can be attributed to the rising demand for luxurious clothing across developed regions like U.S. and Canada.
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