Home Consumer Products Cashmere Clothing Market Size To Reach $3,491.3 Mn by 2031

Cashmere Clothing Market

Cashmere Clothing Market Size, Share & Trends Analysis Report By Product (Sweaters and Coats, Pants and Trousers, Tees and Polo, Others), By End-User (Men, Women), By Distribution Channel (Offline, Online) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRCP55589DR
Study Period 2019-2031 CAGR 4.2%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 2,410.9 Million
Forecast Year 2031 Forecast Year Market Size USD 3491.3 Million
Largest Market North America Fastest Growing Market Europe
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Market Overview

The global cashmere clothing market size was valued at USD 2,410.9 million in 2022. It is estimated to reach USD 3,491.3 million by 2031, growing at a CAGR of 4.2% during the forecast period (2023–2031). The surge in disposable income and subsequent consumer expenditure on luxury apparel, such as cashmere garments, are significant drivers of product demand. Cashmere fibers can be used to make a variety of garments, including cardigans, coats, and sweaters. Due to the intense cold, cashmere sweaters are the most popular thermal clothing, especially in Europe and North America. This helps the cashmere clothing market share increase.

Cashmere clothing refers to clothes produced from cashmere fabric, a beautiful and soft substance generated from the undercoat of cashmere goats. Cashmere apparel is commonly linked with high quality and luxury and is frequently utilized in creating high-end fashion items such as sweaters, jackets, trousers, and t-shirts. Cashmere apparel is noted for its warmth, softness, and durability, and high-end fashion designers frequently utilize cashmere to make elaborate and elegant clothes. Cashmere apparel is also utilized in more casual settings, and it is available in various designs and costs to meet the demands of diverse consumers.

Market Dynamics

Cashmere Clothing Market Drivers

Rising Number of HNWIs

The rising number of high-net-worth individuals (HNWIs) and brand-loyal customers worldwide is anticipated to fuel cashmere clothing market growth over the forecast period. Cashmere clothing is known for its soft and lightweight features, making it a must-have fabric among high-end consumers who look for unique and luxury cashmere products. The time, labor, and expertise required to produce cashmere clothes make it expensive. Consumers' growing perception that luxury apparel contributes to greater social acceptance drives product demand. Increasing disposable income and consumer spending on luxury clothes, including cashmere, are other prominent factors driving product demand.

Growing Popularity of E-commerce as a Selling Channel

E-commerce retail channels are important in the distribution of cashmere garments since they produce a large amount of market income. Online sales channels enable consumers to explore millions of goods in one location without physically visiting retail establishments. The upcoming years are expected to see a large increase in e-commerce retail sales due to expanding consumer expenditure, population growth, and increased Internet access.

In addition, the growth of online retail is aided by the development of mobile shopping applications and the accessibility of safe and convenient payment methods. Consumers have shown a greater preference for e-commerce websites to purchase various day-to-day items, as online shopping offers flexibility, convenience, and cost benefits. Such factors drive market growth.

Cashmere Clothing Market Restraint

Ethical Concerns

Various organizations worldwide, most notably People for the Ethical Treatment of Animals (PETA), a U.S.-based animal rights organization, have been striving against animal cruelty within the industry. Ethical concerns pose a threat to the cashmere clothing industry. In addition, cashmere goats are specifically raised in large numbers for cashmere wool since it takes close to five to six goats to make only one sweater. Goats are not directly harmed by cashmere production. However, after the shearing, many goats die of cold stress as they are shorn in the winter.

Furthermore, as the cashmere wool growing ability recedes for goats, or if goats are not producing wool of a certain quality, they are often sold to the meat industry. This has encouraged manufacturers to shift from unsustainable luxury apparel products to sustainable or environment-friendly production practices. In the short run, declining profit margins could result from ethical concerns about using materials obtained from animals in the production of cashmere garments.

Cashmere Clothing Market Opportunities

Sustainable Clothing Production

The cashmere clothing market is expected to benefit from lucrative opportunities in the sustainable space. Sustainable clothing production is one of the numerous mainstream tools market players use to stay abreast of the competition, backed by a growing consumer base of responsible individuals concerned about animal rights and sustainable production methods. With ethical fashion starting to move away from a niche segment, sustainable/ethically produced cashmere brands are expected to capitalize on more significant business opportunities over the forecast period.

Additionally, a focus on technological innovation in the production and design of cashmere offers a lucrative opportunity for market growth. As technologies within the apparel market continue to increase, new designs and business models are expected to evolve soon. In this regard, digital printing will likely emerge as the most popular technique for cashmere in the future. Streamlining production workflows and combining digital apparel printers with siloed practices, both down and upstream, significantly helps reduce the overall cost of apparel goods and printed fashion for the end consumer.

Regional Analysis

North America Dominates the Global Market

Based on region, the global cashmere clothing market is bifurcated into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.

North America is the most significant global cashmere clothing market shareholder and is estimated to exhibit a CAGR of 5.2% over the forecast period. The growing regional apparel and textile market is expected to drive market growth. According to the National Council of Textile Organizations, the textile and apparel market in the United States was estimated at USD 70 billion in 2018 based on the value of industry shipments. Similarly, the United States is one of the primary countries with the greatest textile and garment imports internationally. According to ATI, a third-party quality control company, in 2018, the U.S. was one of the biggest players in apparel and textile imports at USD 29 billion. These factors signify the increasing demand for apparel in the region, which is expected to positively influence the cashmere market in the region.

Europe is expected to exhibit a CAGR of 3.9% over the forecast period. Numerous regional apparel manufacturers have been driving the demand for cashmere clothing. Europe houses some of the world's most renowned apparel companies and has a well-performing apparel sector. The rising tendency of consumers of all age groups to spend on comfortable luxury clothing drives the demand for knitwear, jackets, and cardigans. In addition, countries such as Italy and Scotland are among the region's prominent contributors to the cashmere clothing market. For instance, Loro Piana, an Italian-based fabric and clothing brand, specializes in high-end luxury cashmere and offers customized luxury apparel with a minimalist aesthetic, a neutral color palette, and wearable designs that are rapidly gaining popularity. Such factors indicate the immense potential of the cashmere clothing market in the foreseeable future.

In Asia-Pacific, the booming textile and apparel market in nations such as Japan, China, India, and Indonesia has positively impacted the cashmere clothing market in the region. The rising disposable earnings of the middle class have pushed the number of first-time buyers of cashmere apparel in the region. Many consumers choose these products owing to their high quality and comfort. Cashmere's premium and luxury connotations also appeal to affluent customers or those looking to make a fashion statement. In addition, the expansion of regional and international players is a major driver of market growth. For instance, according to a report by Reatil.com, close to 300 global fashion brands are likely to open stores in India by the end of 2021.

In Central and South America, the rising product popularity and the growing demand for premium-quality cashmere clothing across the region due to the increased disposable income of the regional population are estimated to spur this market's growth. Additionally, the growing preference of brands toward adopting sustainable manufacturing practices for cashmere clothing is also boosting product demand. For instance, in September 2019, Reformation, a sustainable apparel brand, launched new denim and cashmere manufactured using sustainable fabrics. This new line of cashmere products is produced using 70% recycled cashmere, 25% conventional cashmere, and 5% responsible wool yarn from Italy while providing the comfort of conventional cashmere. Such brand initiatives will further boost the regional demand for cashmere clothing.

In the Middle East and Africa, the influence of Western culture and trends has gradually penetrated the big cities in the region, such as Saudi Arabia and Dubai, which have been transforming the region's clothing market. Manufacturers in the region have been showing increasing interest in designing cashmere clothing products that combine modest fashion and homegrown designs and reflect their culture. In addition, events like Fashion Forward Dubai have been providing a huge platform for various fashion designers and apparel companies to showcase their latest collections. Some of the popular designer brands in the region are Arwa Al Banawi, Amato, Michael Cinco, and Mrs. Keepa. These factors are expected to positively influence the Middle East and African cashmere clothing markets during the forecast period.

Report Scope

Report Metric Details
Segmentations
By Product
  1. Sweaters and Coats
  2. Pants and Trousers
  3. Tees and Polo
  4. Others
By End-User
  1. Men
  2. Women
By Distribution Channel
  1. Offline
  2. Online
Company Profiles Loro Piana S.p.A. Kinross Cashmere Lisa Todd Brunello Cucinelli S.p.A. 360CASHMERE Autumn Cashmere White + Warren TSE & Cashmere House, Inc. Repeat Cashmere Pringle of Scotland Ltd.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Singapore Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria The rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global cashmere clothing market is bifurcated into product, end-user, and distribution channels.

Based on product, the global cashmere clothing market is bifurcated into sweaters and coats, pants and trousers, tees and polos, and others.

The sweaters and coats segment dominates the global market and is expected to exhibit a CAGR of 3.7% over the forecast period. The rising demand for cashmere sweaters and coats is attributed to the increasing interest of millennial shoppers and clothing brands in comfort and quality fabric at affordable pricing. Many renowned brands have been offering cashmere sweaters and coats in an affordable range, which helps gain maximum consumer traction. In addition, many new entrants and brands have been launching cashmere sweaters and coats, the material sourced from Mongolian goats. For instance, Italic, a membership-based apparel brand, sells various cashmere products at affordable prices, including a range of cashmere sweaters and coats. The company sells more than 1,000 top-quality products from the same manufacturers as leading luxury brands. Many renowned brands are also shifting to sustainable cashmere fabrics to capture a larger market, especially the millennial consumer group.

Based on end-users, the global cashmere clothing market is bifurcated into men and women.

The women segment owns the highest market share and is predicted to exhibit a CAGR of 3.9% over the forecast period. Women's cashmere sweaters and cardigans target consumers and shoppers who desire elegance, comfort, and style in knitwear. Some popular cashmere sweaters and knitwear categories among women are crew necks, V-necks, turtlenecks, hoodies, boat necks, and short sleeves. Cashmere clothing manufacturers offer items in different thicknesses (called knitwear gauge) to help shoppers choose clothes for every season.

In the women's category, brands generally offer three knitwear gauges: fine, medium, and high. Women's cashmere clothes are available in various colors, ranging from essentials, such as beige, grey, and black, to more vibrant tones, such as yellow, pink, and red. Some popular colors for cashmere clothes among women are purple, burgundy, off-white, green, yellow, orange, grey, black, and brown. Regarding material composition, 100% cashmere, 70% cashmere/30% silk, and 70% merino/30% cashmere are popular in the women's category.

Based on distribution channels, the global cashmere clothing market is divided into offline and online channels. 

The offline segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 5.7% over the forecast period. Manufacturers' offline distribution channels help gather customers and shoppers to build genuine brand communities. Recent years have witnessed various developments in the offline distribution space, with numerous digitally native brands, such as NAADAM, a U.S.-based clothing company, foraying into or experimenting with physical retail.

Specialty and department stores are the most prominent offline distribution channels for cashmere clothing. UNIQLO CO. LTD., a Japanese clothing retailer, has become a major cashmere clothing distributor worldwide. The retailer offers a wide variety of cashmere clothes for men and women. The presence and dominance of such internationally renowned physical retail channels help brands distribute their cashmere products offline to mitigate the challenges posed by online retailers or brands.

Market Size By Product

Recent Developments

  • May 2023: Loro Piana, an Italian fashion business, announced the release of a new collection of cashmere garments manufactured from 100% sustainable cashmere.
  • February 2023: Cashmere Holding, a Chinese cashmere corporation, announced the acquisition of the Snow Lotus cashmere brand. Cashmere Holding expects the acquisition to help it extend its market share in China.

Top Key Players

Loro Piana S.p.A. Kinross Cashmere Lisa Todd Brunello Cucinelli S.p.A. 360CASHMERE Autumn Cashmere White + Warren TSE & Cashmere House, Inc. Repeat Cashmere Pringle of Scotland Ltd. Others

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the cashmere clothing market?
The market size is growing at a CAGR of 4.2% from 2023 to 2031.
North America has the largest share of this market.
Growing popularity of e-commerce as a selling channel is the key driver for the growth of this market.
The key players in this market are Loro Piana S.p.A., Kinross Cashmere, Lisa Todd, Brunello Cucinelli S.p.A., 360CASHMERE, Autumn Cashmere, White and Warren, TSE & Cashmere House, Inc. Repeat Cashmere, Pringle of Scotland Ltd.
The Projected value of this market is USD 3,491.3 million by 2031.


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