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The cashmere clothing market size is estimated to grow at a CAGR of 5.42% between 2022 and 2027. The market size is forecast to increase by USD 829.46 million. The growth of the market depends on several factors such as the growing influence of different marketing strategies on customers' purchase decisions, the high living standards of consumers in developed nations, and the growing demand for sustainable and eco-friendly clothing.
This cashmere clothing market report extensively covers market segmentation by distribution channel (offline and online), product (sweater and coats, shirt and t-shirt, bottom wear, and others), and geography (Europe, North America, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing influence of different marketing strategies on customers' purchase decisions is the key factor driving the growth of the market. High-quality luxury products, such as cashmere clothing, create outstanding style for the end user. Brand positioning plays a vital role in the demand for premium products and premium players position their products in such a way that they can sell them purely based on their brand. Popular cashmere clothing brands offer a variety of products, such as sweaters, jackets, pants, shirts, etc., that are made from high-quality and very durable cashmere fibers.
Furthermore, a social media presence helps any industry as it provides a platform for brands to actively engage with customers. Customers are increasingly using social networking sites and blogs to learn about different clothing products, such as cashmere knitwear and more. Therefore, focusing on brand positioning using various marketing strategies will drive the growth of the global cashmere clothing market during the forecast period.
The growing adoption of omnichannel retailing is the primary trend shaping the growth of the market. The global cashmere clothing market is undergoing a customer shift, characterized by a decline in the number of baby boomer customers and the emergence of a new class of wealthy consumers. These wealthy consumers also hold the latest mobile devices and prefer to access the Internet on these mobile devices. They adore accessing product-related content, primarily on mobile devices and want their favorite brands to appear online.
In addition, cashmere clothing is mainly sold through offline channels, such as brandown specialty stores. However, marketers and retailers are adopting omnichannel retailing to enable customers to have a seamless shopping experience. Hence, omni-channel retail adoption will drive the growth of the global cashmere clothing market during the forecast period.
The high price of cashmere clothing is a challenge that affects the growth of the market. The price of raw materials, such as cashmere fiber, continues to grow because its yield is highly dependent on the environmental conditions and health of cashmere goats raised on goat farms. This creates significant challenges for companies operating in this sector as they depend heavily on a constant supply of high-quality cashmere yarn to meet customer demand.
Therefore, the high costs associated with the raw materials required to make cashmere garments, ultimately leading to high prices of finished products, are expected to result in low demand from developing and underdeveloped countries, thereby hindering the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cashmere Clothing Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The offline segment is estimated to witness significant growth during the forecast period. As online shopping grows in popularity, offline distribution channels continue to attract consumers who prefer to see, touch, and try products before purchasing. Physical stores are an essential part of offline distribution channels. These stores can range from independent boutiques to department stores or luxury shopping complexes that specialize in selling cashmere products.
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The offline segment was the largest segment and was valued at USD 2,357.73 million in 2017. Another important part of the offline distribution channel is department stores. These specialty stores offer reasonable luxury products that are on sale or remain from the previous season, making them an attractive choice for budget-conscious consumers looking for premium products at lower prices. There are several department stores around the world that deliver luxury products at reasonable prices. Therefore, growth in the retail sector and preference for purchasing apparel such as cashmere clothes from physical retail stores is expected to drive the growth of the offline segment of the market during the forecast period.
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Europe is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The European cashmere clothing market is growing due to the increasing demand for cashmere clothing in countries such as the UK, Italy, and Germany. Furthermore, the expected growth of the fashion industry and the presence of many high-end and high-end fashion companies in this region will help to the market growth.
Furthermore, demand for ethically sourced and produced cashmere clothing products has grown due to the rising trend of wearing sustainably produced clothing in the past few years. Therefore, the rising demand for cashmere clothing and the existence of a significant number of cashmere brands in Europe is expected to drive the growth of the regional cashmere clothing market during the forecast period.
Due to the outbreak of the COVID-19 pandemic in 2020, the regional cashmere clothing market was negatively affected. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. In addition, the improvement of consumers' living standards, backed by an increase in their disposable income, is increasing sales of affordable luxury products in Europe. Furthermore, with the increasing adoption and growth of online retail, the cashmere clothing market in Europe is expected to grow during the forecast period.
The cashmere clothing market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Cashmere Clothing Market Scope |
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Report Coverage |
Details |
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Page number |
149 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.42% |
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Market growth 2023-2027 |
USD 829.46 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.3 |
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Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
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Performing market contribution |
Europe at 35% |
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Key countries |
US, China, Italy, UK, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alyki , Autumn Cashmere Inc. , Birdie London, Citizen Cashmere Ltd., Ermenegildo Zegna N.V, GOBI Cashmere Europe GmbH, Gold Brothers, Harrods Ltd., James Johnston and Company of Elgin Ltd., Jennie Cashmere Inc., JM Knitwear Pvt. Ltd., John Hanly and Co Ltd, KIKI DE MONTPARNASSE, KINROSS CASHMERE, LVMH Moet Hennessy Louis Vuitton SE, Om Cashmeres, Pringle of Scotland, Pure Collection, SOFIACASHMERE, and TSE and Cashmere House Inc |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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