The Clothes Manufactured through knitting wool or other fabrics are commonly known as knitwear. The Major determinant fueling the growth of Global Knitwear Market is the surging penetration of e-commerce platform in the sales of knitwear. Countries such as Russia, China, India, Brazil, and South Africa are mainly witnessing a surging demand for knitwear through online retail channel.
Some of the Key Players in the Global Knitwear Market Share are Adidas AG (Germany), Gildan Activewear Inc. (Canada), Loro Piana S.p.A. (Italy), Puma SE (Germany), Ralph Lauren Corporation (the US), The Nautical Company (UK) Ltd (UK), Victoria’s Secret (the US), Maglificio Ripa S.p.a (Italy), LENZING AG (Austria), Ecowool (New Zealand), and Sana Hastakala (P) Ltd. (Nepal).
The Global Knitwear Market has been segmented by Material Type, Category, End-Use, and Distribution Channel.
By Material Type, the global knitwear market has been classified as natural, synthetic, and blended.
Based on Category, the global knitwear market has been divided into men, women, and kids.
The Global Knitwear Market has also been segregated, based on End-Use, into innerwear, and outerwear.
The Distribution Channel segment has been divided into store based and non-store based.
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Asia-Pacific is anticipated to register the highest CAGR in global knitwear market during the forecast period. The region is emerging as a promising market for knitwear due to the outsourcing of majority of production operations to Asia-Pacific countries including India, Bangladesh, and China. For instance, Adidas AG outsourced more than 95% of its production operations to Asia-Pacific in 2017. Moreover, the rising disposable income of people in the region is also boosting the sales of knitwear in Asia-Pacific. The region is expected to gain the largest market share during the forecast period.
North America is expected to dominate the market for knitwear during the assessment period due to presence of major market players in the region. However, the region is expected to lose its dominance to Asia-Pacific during the upcoming years. The region is expected to reach its market saturation level, which is propelling the market players to diversify their presence in the Asia-Pacific region.
Europe is also anticipated to garner a significant share in the global knitwear market due to the increasing preferences of consumers towards premium knitwear brands. Other regions such as South America and South Africa are also expected to contribute significantly in the growth of knitwear market owing to the surging penetration of online retail channels in the sales of knitwear in these regions.
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