.

The global knitwear market is on an upward trajectory, showcasing a remarkable shift from its traditional role as innerwear to a fashion statement. As consumers and designers alike increasingly embrace the fabric's exceptional versatility, the period of global lockdowns in 2021 and 2022 underscored knitwear's significance, with a notable surge in popularity due to its comfort and adaptability. According to a recent report by Maximize Market Research Private Limited (MMR), the global knitwear market is expected to touch $156.8 billion by the end of the decade, exhibiting a compound annual growth rate (CAGR) of 5.8 percent.

The rise of knitwear to prominence can be attributed in part to the widespread accessibility facilitated by e-commerce. Online sales of knitwear products have experienced a significant uptick, particularly in emerging economies like Brazil, Russia, India, China, and South Africa (BRICS). Notably, China stands out as the foremost manufacturer and exporter of knitwear globally, closely followed by Bangladesh, India, and Vietnam. In Europe, Germany and Italy emerge as pivotal players in both manufacturing and exporting knitwear on a significant scale.

The report predicts that men's knitwear will lead the surge, projecting a robust CAGR of 6.7 percent, solidifying its position as the largest segment within the realm of knitwear.

Key factors contributing to knitwear's popularity include its enduring appeal, accentuated by the convenience of online sales and the ingenuity of designers pushing the boundaries of this versatile fabric. The projected growth outlined by MMR underscores knitwear's ascendance as a dominant force in the global fashion landscape.

One of the significant reasons for the rise in popularity is the discernible shift towards sustainable and eco-friendly fashion, shaping consumer preferences. Knits, known for their versatility, are commonly crafted from natural fibers like cotton or wool, presenting a biodegradable and renewable option. The report emphasizes that knits are favored by environmentally conscious individuals due to their potential for production through sustainable and ethical manufacturing practices.

The enduring popularity of knits spans decades, driven by their timeless charm and adaptability. Knits offer a diverse array of styles, ranging from classic cable-knit sweaters to contemporary oversized cardigans, T-shirts, loungewear, athleisure garments, dresses, and beyond. Their availability in a broad spectrum of colors, patterns, and textures further widens the scope for creative expression, allowing individuals to curate unique and personalized style portfolios.

Geographically, major markets driving knitwear consumption include the US, Canada, the UK, the EU, China, Japan, India, Australia, and Brazil. North America stood out as the predominant consumer market until 2022, closely trailed by Europe and the Asia Pacific region.

India's knitwear industry is poised for significant growth, with a projected growth rate of 9 percent from 2019 to 2029. Tirupur, Ludhiana, and Kolkata are prominent knitwear hubs in the country, contributing to both domestic and international markets.

The outerwear segment is the main application segment, outperforming innerwear in knits. Sportswear and innerwear are projected to run neck-to-neck in terms of growth until 2029. Key players operating in the global knitwear market include Nike, Adidas, GAP, Ralph Lauren, Victoria’s Secret, Marks & Spencer, Abercrombie & Fitch, among others.

In conclusion, knitwear represents the New Age choices that consumers are making, from environmental consciousness to affordability. With its flexible nature and continuous innovations, knitwear is positioned to keep growing, reflecting the evolving preferences of the modern fashion-conscious consumer.