Knitwear Market

Growing Popularity of Knitted Sportswear to boost knitwear market growth

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.

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 Global Knitwear Market Industry is experiencing a notable shift towards sustainable fashion, driven by increasing consumer awareness regarding environmental issues. As consumers become more conscious of their purchasing decisions, there is a growing preference for knitwear made from organic and recycled materials. This trend is reflected in the projected market value of 721.8 USD Billion in 2024, as brands adapt to meet these demands. Companies that prioritize sustainability are likely to gain a competitive edge, appealing to eco-conscious consumers and potentially increasing their market share in the Global Knitwear Market Industry.

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, Market Research Future 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.