Knitwear Market Size was valued at USD 643.9 billion in 2021. The knitwear market industry is projected to grow from USD 721.81 Billion in 2024 to USD 1605.69 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.10% during the forecast period (2024 - 2030). Rising disposable income, the availability of several product are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The increase in sporting activities like aerobics, athletics, football, and cricket can be linked to the rising demand for various knitted sportswear (t-shirts, pants, shorts, socks, etc.). During the projection period, an increase in Internet usage is also anticipated to drive the sports category and, as a result, the knitwear market CAGR.
Knitwear is in high demand right now, largely because of its features like easy breath ability, wrinkle resistance, and moisture wicking. Additionally, it is softer than woven materials, which is increasing its demand in a variety of applications. Knitted textiles don't wrinkle easily. Sports gear must be breathable and provide adequate thermal insulation to keep the wearer comfortable during physical activity and sporting events. Knitwear fabric has all these qualities, hence it is expected to have a higher demand than other fabrics.
With combined sales of more than 68 billion dollars in 2021, Nike and adidas were the top sportswear manufacturers ly. Relative newcomers, such as Under Armour and lululemon, which were created in 1996 and 1998, respectively, are challenging the more well-known brands. Lululemon, an athletic wear company, has experienced particularly significant growth: in 2021, total revenue hit $6.2 billion, up around 40% from the year before.
Figure 1: Import-Export of Knitwear in the European Union from 2016-2019 (in €Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Additionally, one of the biggest knitwear importers in the world is Europe. Knitwear imports to Europe reached a value of €21.8 billion in 2019, up from €17 billion in 2014. In 2019, this amounted to approximately 2.8 billion units of knitwear (up from 2.5 billion in 2014). The EU has increased the value of its imports by 5.1% annually on average during the last five years. Due to the increasing integration of knitwear products into current fashion trends, the use of knitwear for new product groups, and the popularity during the colder seasons in Europe, it is anticipated that the demand for it will continue to increase at a comparable rate in the forecast period. Thus, these factors are anticipated to drive the growth of the knitwear market revenue during the forecast period.
The knitwear market segmentation, based on material type, includes natural, synthetic, and blended. The natural knitwear segment held the majority share in 2021 contribution to around ~50-60% in respect to the knitwear market revenue. Additionally, it is anticipated that during the forecast period, this segment will have the greatest CAGR. The market for knitwear made from natural materials has increased as consumers' knowledge of sustainability, their preference for eco-friendly items, and the anti-wrinkle and high absorption capabilities of natural materials. In addition, limited technical knowledge in many developing nations results in low production, which could impede the expansion of the industry. Rising cotton and yarn prices are a concern for many producers. As a result, businesses are concentrating on acquiring machinery that could boost their output.
March 2021: A fabric mill in Thailand named ID Knitting has revealed that it created 100% Radianza in circular knit fabric. The sole fibre from Thai Acrylic Fibre Co Ltd (TAFcurrent )'s line of value-added products (VAPs) that has been certified as environmentally friendly for its ready-to-use colour fibre with gel-dyeing technique is called Radianza.
November 2022: The LYCRA Company and performance finish technology company HeiQ have announced the release of LYCRA naturalFX technology, a proprietary textile finishing process for 100% cotton knit garments intended for mass market applications. The LYCRA Company is a US-based developer of cutting-edge and sustainable fibre and technology solutions for the apparel and personal care industries.
February 2019: The new Inspected Quality label from OETI, created for products made entirely of natural fibres, has been presented. Products that qualify for certification must not only be totally made of natural fibres but also be manufactured locally and in a manner that the institute defines as "environmentally friendly."
The knitwear market segmentation, based on distribution channel, includes store based, and non-store based. The non-store based segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2030. Through the projection period, the online segment is anticipated to expand at a high CAGR. Online sales of knitwear items, which are a part of the fashion and garment industry, have increased. It is increasingly being sold online due to the growing popularity of online knitwear sales in developing nations including South Africa, Brazil, Russia, India, and China (BRICS). Additionally, a growth in smartphone penetration throughout emerging economies, an expansion in the middle-class population with more discretionary purchasing, and innovative and advanced e-commerce technology are all driving demand for knitwear items. Hence, western countries are rapidly using the it which positively impacts the market growth.
Figure 2: Knitwear Market, by Distribution Channel, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Additionally, the growing e-commerce sector is growing continuously in the past years ly are likely to drive sector growth throughout the projection period.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific Knitwear market accounted for USD 278.16 billion in 2021 and is expected to grow with a 43.20% CAGR growth during the study period. This is attributed to the growing growing trends of knitwear clothes with different materials across the region are anticipated to drive the market growth in the Asia-Pacific region.
Further, the major countries studied in the knitwear market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: KNITWEAR MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America knitwear market accounts for the second-largest market share due to the winter season lasts longer than usual and warm clothing is in high demand. The United States is crucial to the growth of the industry as it is home to many designer labels' corporate offices. Further, the United States knitwear market held the largest market share, and the Canada knitwear market was the fastest growing market in the North American region.
The Asia-Pacific knitwear market is expected to grow at the fastest CAGR with 43.20 from 2024 to 2030 which includes China, Japan, India, Australia, and South Korea. The future of the knitwear industry seems promising in emerging economies. This can be attributed to rising per capita income and fashion awareness. These countries are very cheap to produce clothing and accessories, thus brands frequently outsource their manufacturing to these countries. Moreover, China knitwear market held the largest market share, and the India knitwear market was the fastest growing market in the Asia-Pacific region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the knitwear market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, increased investments, mergers and acquisitions, contractual agreements, and collaboration with the other companies. Competitors in the knitwear industry must offer cost-effective clothes to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the knitwear industry to offer stylish clothes to the customers and expand the market sector is to manufacture locally to reduce operating costs. The knitwear market major player such as Adidas AG (Germany), Loro Piana S.p.A. (Italy), Ralph Lauren Corporation (the USA), Sana Hastakala (P) Ltd. (Nepal), The Nautical Company (UK) Ltd, Victoria's Secret (the USA), Gildan Activewear Inc. (Canada), Maglificio Ripa S.p.a (Italy), Puma SE (Germany), LENZING AG (Austria), Ecowool (New Zealand), Gap Inc., and others are working to expand the market demand by investing in research and development activities.
The Adidas group, the second-largest sportswear producer in the world, also owns a stake in the German football team Bayern München and the Austrian fitness technology company Runtastic. The CrossFit and Les Mills brands are also its property. Adolf Dassler and his brother Rudolf established the business in 1924. For instance, in January 2023, the new Adicross line of clothing and shoes has been introduced by German brand Adidas. The brand-new line was created with golfers in mind and is inspired by outdoor wear. The golf range offers unexpected fashions with a retro-outdoor vibe that give the game new life and personality.
Also, T-shirts, underwear, socks, and hosiery are all fundamental clothing items that Gildan designs and manufactures. The selling of unprinted T-shirts, sweatshirts, and other items to wholesalers, well-known clothing companies, and printers is its main market (printwear). Gildan further distributes branded clothes via direct-to-consumer and retail channels. Gildan, American Apparel, Comfort Colors, and Gold Toe are some of the brands. The majority of Gildan's clothing is made in factories in Latin America. The 1984 incorporation of the Montreal-based business, which makes the majority of its sales in the United States. For instance, in November 2022, with the present development of a sizable, vertically integrated knitting and sewing facility in Bangladesh, Gildan Activewear is continuing to grow its foothold in South Asia.
April 2022 To increase its clientele and market share, the luxury knitwear manufacturer Loro Piana, a division of LVMH, constructed a new store and corporate office in Milan, Italy. This shift is primarily intended to enhance communication between the design, marketing, administrative, and other teams.
September 2021 The United States debut of Lyle & Scott, a knitwear maker specialising in golf apparel, was revealed. The business provides golfers with a fresh perspective on time-honored styles. The corporation hopes that by using this method, it would be able to attract more golfers, who are quite popular in the United States.
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 643.9 billion |
| Market Size 2022 | USD 721.81 billion |
| Market Size 2030 | USD 1605.69 billion |
| Compound Annual Growth Rate (CAGR) | 12.10% (2024-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2024-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material Type, Category, End-Use, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Adidas AG (Germany), Puma SE (Germany), Victoria's Secret (the USA), Maglificio Ripa S.p.a (Italy), LENZING AG (Austria), Gildan Activewear Inc. (Canada), Loro Piana S.p.A. (Italy), Ecowool (New Zealand), Ralph Lauren Corporation (the USA), The Nautical Company (UK) Ltd, Sana Hastakala (P) Ltd. (Nepal), and Gap Inc. |
| Key Market Opportunities | Rising demand in developing countries |
| Key Market Dynamics | Rising awareness regarding fashion and knitwear Availability of various option in the market |
Frequently Asked Questions (FAQ) :
The knitwear market size was valued at USD 643.9 Billion in 2021.
The knitwear market is projected to grow at a CAGR of 12.10% during the forecast period, 2024-2030.
Asia-Pacific had the largest share in the knitwear market.
The key players in the market are Medtronic Inc (Ireland), Abbott Laboratories (US), Stryker Corporation (US), DePuy Synthes (US), and B. Braun Melsungen AG (Germany).
The natural material knitwear category dominated the market in 2021.
The non-store based had the largest share in the knitwear market.
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Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.
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