Knitwear Market Size, Share, and Industry Analysis, Material Type (Natural, Synthetic, Blended, and Others), Application (Outerwear and Innerwear), End-user (Men, Women, and Kids), Distribution Channel (Online and Offline), and Geography Forecast till 2024-2032

Knitwear encompasses garments crafted from wool or other yarns, intricately knitted to produce fabric suitable for regular wear. These textiles are not only used for everyday clothing but also find application in crafting seasonal and athletic apparel. Over time, knitwear has evolved into a fundamental component of both men's and women's wardrobes. Moreover, the knitwear industry has seen ongoing innovation in materials, with a focus on developing sustainable and eco-friendly options. This comprises the usage of organic cotton, recycled fibers, and other environmentally conscious practices.

• For instance, in September 2023, Woolkind, a Scotland-based knitwear company, launched its limited-production, personalized scarves collection, including ‘Chequerboard Scarf’, ‘Pencil Stripe Scarf’, and ‘Narrow Scarf’, available through made-to-order services.

Fashion trends basically influence knitwear demand and designers continually experiment with new patterns, textures, and styles. The market often experiences a blend of traditional and modern designs to address the varied preferences of consumers. Besides, the demand for knitwear tends to be higher during colder seasons, driving seasonal variations in production and sales. However, lightweight and breathable knits are also designed for transitional seasons and cooler summer evenings.

Impact of COVID-19 on the Knitwear Market

The COVID-19 pandemic has obstructed the demand for knitwear. The market also experienced disorders in the supply chain due to lockdowns, restrictions, and disruptions in transportation. This affected the production and distribution of clothing items, including knitwear products, leading to delays and shortages.

• For instance, in September 2021, according to Mastercard SendingPulse, a macroeconomic retail index that measures in-store and online retail sales across all forms of payment, sales of clothing, shoes and accessories individuals were down 15% year-over-year in August and 25% in the same month in 2020.

However, the pandemic also prompted changes in consumer behavior, with many individuals prioritizing comfort and casual wear over formal attire. This shift influenced the demand for certain types of knitwear, such as loungewear, and cosy, at-home garments.

Segmentation

Analysis by Material Type

The natural material segment is expected to hold the majority share in the global knitwear market during the forecast period. Natural fibers are known for their comfort and breathability. Fabrics such as cotton and wool allow better air circulation, which can contribute to a more comfortable wearing experience, especially in various climates. This comfort factor is a significant driver for consumers choosing natural material knitwear.

Analysis by Application

The innerwear segment is estimated to lead the market throughout the projection period due to its daily usage, along with prioritizing comfort and functionality. Knit fabrics, particularly those made from natural materials such as cotton or blends with elastane, offer the stretch, softness, and breathability that are highly valued in innerwear. Moreover, the innerwear segment is influenced by fashion trends, leading to different innovations in design, styles, and fabrics. Therefore, the intersection of fashion and functionality in innerwear makes it an attractive market for both consumers and manufacturers.

Analysis By End-user

The men's segment is projected to capture the highest market share in the global knitwear market. The fashion industry, including knitwear, has witnessed a trend toward casualization. Men's knitwear, such as sweaters, hoodies, and cardigans, aligns well with the increasing acceptance of casual and comfortable clothing in various settings, aggregating the demand for men’s knitwear.

Analysis By Distribution Channel

The offline segment is anticipated to gain the maximum share of the knitwear market in the coming years. Many consumers prefer the tactile experience of touching and feeling the fabric before making a purchase decision. This sensory experience is particularly important for knitwear, where the texture and softness of the material can significantly impact the overall comfort and quality of the garment.

Key Insights

The report covers the following key insights:

• Regulatory Analysis of the Knitwear Market


• Market Developments - Mergers & Acquisitions, Product Launches, and Partnerships & Expansions - Knitwear Market


• Overview of the Knitwear Market


• Manufacturing Details - For Knitwear Market


• Impact of COVID-19 on the Knitwear Market

Regional Analysis

The Asia Pacific region holds a strong position in the knitwear market, primarily attributed to the substantial presence of key textile manufacturers, particularly in economies such as India, China, and Bangladesh. Moreover, increased globalization has made fashion trends more accessible to consumers in the region. As a result, there is a greater awareness of international styles, influencing the demand for knitwear that aligns with global fashion trends.

• For instance, according UN Comtrade, a global trade data platform, ASEAN members held over almost 50% of the market share of textile and apparel exports in the entire world in 2022.

Key Players Covered

The report includes the profiles of key players such as Adidas AG, Puma SE, Ralph Lauren, Victoria's Secret, Gildan Activewear S.R.L., Loro Piana S.p.A., The Nautical Company Ltd., THE GAP, INC, and Ecowool.

Key Industry Developments

• In July 2023, YOKE, a Tokyo-based clothing designer brand, unveiled a fresh lineup of products, including knitwear, denim jackets, and trousers. These items showcase the use of Brewed Protein fiber, particularly well-suited for winter wear.


• In February 2022, Mr Porter, a well-known garment company, introduced a collection of 36 knitwear pieces crafted from surplus yarns, recycled materials, and organic fabrics, reaffirming its dedication to designing with a focus on circularity and sustainability.