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The cashmere clothing market size is forecast to increase by USD 682.3 million at a CAGR of 4.36% between 2023 and 2028. The market is experiencing significant growth, particularly in the segment of men's cashmere polos. Consumer preferences for fashionable clothing made from luxurious materials, such as cashmere, continue to drive sales. Online sales are also on the rise, as consumers increasingly turn to e-commerce platforms for convenience and access to a wider selection of innovative designs. Fashion influencers play a crucial role in shaping consumer trends, promoting cashmere clothing as a desirable and fashionable choice. However, the high price point of cashmere clothing remains a challenge for some consumers. To remain competitive, retailers must focus on providing excellent customer service and implementing effective marketing strategies to justify the investment in cashmere apparel.
The market is a significant segment within the luxury wool industry, characterized by its production of high-quality fibers and the creation of stylish, comfortable, and fashionable garments. Cashmere production cost involves raising cashmere goats, which are primarily found in specific regions, and harvesting their soft undercoats to produce the coveted fibers. Cashmere garments, including sweaters, scarves, and cardigans, have gained popularity in the winter wear category due to their warmth, softness, and comfort. The fashion industry's focus on eco-consciousness and sustainability has led to increased demand for cashmere apparel that adheres to these principles. The growing popularity of vintage clothing and upcycled clothing, including high-end cashmere apparel, is further fueled by celebrity endorsements, driving sustainability and fashion trends in the industry.
Further, vintage, upcycled, and recycled cashmere clothing have emerged as popular choices in recent times. These items offer a unique blend of sustainability and style, appealing to consumers who value both fashion and the environment. Casual wear and workplace attire are also significant markets for cashmere apparel, with the trend towards casualization driving growth in the former and the need for professional yet comfortable clothing fueling demand in the latter. Standardization in cashmere fiber production is crucial for maintaining the quality and consistency of cashmere garments. Luxury brands have been at the forefront of this process, ensuring that their products meet the highest standards of quality and style.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The offline segment is estimated to witness significant growth during the forecast period. The market experienced significant growth in 2023, with the offline distribution channel holding the largest market share. This segment's dominance can be attributed to the tangible shopping experience it offers consumers. Cashmere, a luxury wool, is a popular choice for winter wear, and consumers often prefer to see, touch, and try on cashmere garments before making a purchase.
Brick-and-mortar stores, which include standalone boutiques, department stores, and specialized retailers, are the backbone of the offline distribution channel. Eco-consciousness and sustainability are increasingly important factors in fashion choices, and consumers value the ability to inspect the quality and origin of cashmere products in person. The offline channel's continued success underscores the importance of providing a personalized and shopping experience. Vintage cashmere clothing is also gaining popularity, adding to the offline channel's appeal.
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The offline segment accounted for USD 2.42 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 36% 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.
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The European region dominates The market due to its large consumer base and appreciation for cashmere's luxurious qualities. Countries like the UK, Italy, and Germany are major contributors to this growth, driven by the expanding fashion industry and the presence of numerous high-end fashion brands. Cashmere's softness, warmth, and durability continue to attract consumers, making it a preferred choice for both style and comfort. Europe's market expansion is influenced by evolving fashion trends, consumer preferences, and economic factors. Sustainable and eco-friendly cashmere, or Eco-cashmere, is gaining popularity among European consumers, with several luxury brands embracing this trend.
As a result, the market for cashmere accessories, such as scarves, gloves, and hats, is also experiencing significant growth. Overall, the European market is poised for continued expansion, driven by the region's strong demand and the increasing number of luxury brands offering cashmere products.
Our researchers analyzed the data with 2023 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 driver of the market. Cashmere clothing, renowned for its warmth and softness, continues to be a preferred choice for discerning consumers in the US market. Brands that offer high-quality cashmere sweaters, coats, and tees have built strong reputations based on their commitment to ethical sourcing and superior craftsmanship. Consumers prioritize value over price when investing in premium cashmere items, viewing them as status symbols that reflect their refined taste and fashion sensibilities. Advancements in technology and manufacturing processes have enabled cashmere brands to deliver on both style and substance. These innovations ensure that cashmere clothing maintains its desirable qualities, such as durability, form, stability, and comfort, without compromising on sustainability.
As a result, the demand for cashmere clothing remains strong, with fashion trends continually driving consumer interest. Brands that effectively position their cashmere products as premium offerings can capitalize on this enduring appeal. By focusing on branding and quality, they can attract and retain customers who are willing to pay a premium for the warmth, softness, and luxury that cashmere clothing provides. In conclusion, the US market is a thriving sector driven by consumer preferences for high-quality, ethically sourced, and fashionable cashmere products.
Growing adoption of omnichannel retailing is the upcoming trend in the market. Cashmere clothing companies prioritize marketing efforts to increase sales. Product improvements, strategic distribution channels, and targeted advertising are crucial for cashmere clothing promotion among consumers. The widespread adoption of the Internet enables manufacturers to provide comprehensive product information to consumers, enhancing the marketing process. With time constraints in today's fast-paced world, consumers increasingly opt for online shopping over traditional brick-and-mortar stores. Factors such as growing internet access and the widespread use of digital devices, including tablets, smartphones, and laptops, have significantly boosted online sales. Millennials, with their substantial disposable income, are a significant target demographic for premium luxury fashion brands, including cashmere clothing.
Social media platforms have become essential marketing tools for reaching this demographic. These digital channels enable brands to engage with consumers, build brand awareness, and showcase their high-quality cashmere yarn products.
The high price of cashmere clothing is a key challenge affecting the market growth. Cashmere polos and other men's cashmere clothing continue to be in high demand in the US market, driven by consumer preferences for luxury apparel and innovative designs. Online sales of cashmere clothing have swelled in recent years, with fashion influencers promoting its softness, warmth, and durability. However, the price of raw cashmere yarn has been increasing due to its limited availability. The annual production from one cashmere goat is only 200-300 grams, collected during spring. As a result, producing one cashmere coat requires wool from three to four goats. This scarcity makes cashmere wool production and yarn a valuable resource in the fashion industry.
Despite these challenges, businesses continue to invest in cashmere production to meet the demands of discerning consumers. The increasing popularity of cashmere clothing in the US market is expected to drive growth in the sector, making it a lucrative business opportunity.
The market forecasting 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 market growth analysis strategies.
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.
Pure Collection: The company offers Cashmere V neck cardigan, Ultra fine cashmere scarf, and Cashmere crew neck sweater.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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.
Luxury wool, specifically cashmere, has long been a favorite choice for winter wear due to its warmth, softness, and high-quality fibers. Cashmere production involves raising cashmere goats and carefully harvesting their fine undercoats. The resulting cashmere fibers are then transformed into exquisite garments, including sweaters, coats, tees, polos, and accessories. Fashion choices have evolved, with consumers increasingly prioritizing eco-consciousness and sustainability. Vintage, upcycled, and recycled clothing are gaining popularity. However, luxury cashmere clothing remains a staple in both casual and workplace attire. Standardization of cashmere apparel and innovation in fibers, such as eco-cashmere, cater to these trends. Digital innovation and e-commerce have revolutionized cashmere distribution channels, making high-quality clothes more accessible to consumers.
Consumer preferences, influenced by fashion influencers and innovative designs, continue to shape the market. Despite production costs and affordability issues, the allure of comfort, style, and luxury keeps the demand for cashmere garments strong among millennials and those with disposable income. Cashmere yarn's premium status in the fashion industry ensures its continued relevance in the world of sustainable apparel.
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Market Scope |
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Report Coverage |
Details |
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Page number |
153 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
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Market Growth 2024-2028 |
USD 682.3 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.11 |
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Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 36% |
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Key countries |
US, Italy, China, 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 Group., 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, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive 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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