Estimated to be worth $2844.6 million in 2020, the global cashmere clothing market is expected to be worth $3,333.6 million in 2026 with an estimated growth rate of 4.0 per cent CAGR over the next five year, says Cashmere Clothing Market Report by IndustryDataAnalytics, a digital consultancy company providing research reports across Industries.
China tops both production and consumption
The report states, China is the largest exporter of Cashmere clothing in the world. It exports around 70 per cent of the world’s cashmere to various countries. Italy is its largest importer with imports accounting for 78 per cent of total cashmere exported by China in April 2017. China is also the largest importer of Cashmere in the world. The country’s growing national economy and gradually improving quality of life is driving Cashmere up consumption. Many leading companies like Lara Plana and Brunello Cucinelli are known to import large amounts of Cashmere for their products.
China manufactures Cashmere garments in large quantities. Yet, its brand penetration is low as most of brands operate as OEMs. This relegates most local brands to the bottom of the Cashmere value chain across the world. US is also a leading manufacturer of cashmere clothing in the world. In 2016, it manufactured about 19 per cent of world’s cashmere production amounting to 3.5 million units.
Cheap raw materials and labor help Asia dominate
Among the continents, Asia leads global cashmere production due to its low raw material costs and easy availability of cheap labor. This has led to many famous cashmere brands setting up their manufacturing bases across Asia. The fashion luxury cashmere market is largely concentrated with top 20 brands accounting for 50 per cent of global market share.
The report states, Loro Piana, Brunello Cucinelli, Ermenegildo Zegna, Malo, Alyki, Pringle of Scotland, SofiaCashmere, Autumn Cashmere, TSE, Ballantyne, Birdie Cashmere, Maiyet, Gobi, GOYO, Cashmere Holding, Erdos, Hengyuanxiang, Kingdeer, Snow Lotus, Zhenbei Cashmere are some of the leading players in world cashmere market.