Cashmere Clothing Market Size, Share, Growth Analysis, By Product(Sweaters, Coats, Trousers, Shirts), By Distribution channel(Supermarkets, Hypermarkets, Specialty Stores, Online Retail), By Category(Men, women, unisex), By Region - Industry Forecast 2024-2031

Cashmere Clothing Market size was valued at USD 3.07 billion in 2019 and is poised to grow from USD 3.2 billion in 2023 to USD 4.44 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

The market for cashmere clothing is predicted to increase due to the rising popularity of goods like quality and perfect woollen apparel, which is boosting demand and fostering market expansion. Cashmere yarn is used to create clothes made of the material. Compared to other varieties of wool, this kind is stronger, softer, lighter, and finer. Because of its high moisture content and ease of temperature adjustment, it also contributes to the improvement of visual appeal.

Therefore, it is anticipated that all of these factors would increase product demand during the projection period. Due to issues including social exclusion and stay-at-home restrictions, the pandemic impacted both the manufacturing and sale of cashmere throughout the world through both online and offline channels. For instance, the amount of online clothes sales made by more than 3000 merchants and direct-to-consumer brands was reduced by 20% month over month at ShipBob, a tech-enabled third-party logistics service provider, from February to April 2020.

Consumers today are more aware of their spending patterns and choose to either avoid buying expensive, non-essential items like cashmere or make the most of what they already have. One of the main causes of a decline in product demand has been this aspect. According to entrepreneur.com, the U.K. garment industry is anticipated to suffer due to a projected more than 41% reduction in consumer expenditure after the COVID-19 epidemic.

The need for high-end apparel and the rising popularity of the products due to rising disposable income levels are also anticipated to contribute to the market's expansion. On the other side, a pricey manufacturing procedure along with a finite quantity of raw resources may limit market expansion. The three main categories of cashmere clothes are sweaters and coats, slacks and trousers, and t-shirts and polo shirts. These items are regarded as luxury clothing since they are relatively expensive. Due to the rising sales of these items, North America is anticipated to have the quickest regional market growth over the projection period.

US Cashmere Clothing Market  is poised to grow at a sustainable CAGR for the next forecast year.