According to a recent study by Science in Me, over the next five years the Cashmere Clothing market will register a 3.8 per cent CAGR in terms of revenue, the global market size will reach $ 3230 million by 2024, from $ 2580 million in 2019.
Cashmere clothing is made from cashmere and cashmere yarn, including various sweaters, coats, trousers and other garments. China is the world’s largest supplier of raw materials, accounting for about 70 per cent of cashmere in the world, while Italy is China’s largest export destination, in April 2017; Italy imported 98 tons of cashmere from China, account 78 per cent of the month’s exports.
China is also the largest consumption market, due to the rapid growth of the national economy as well as people’s gradual improvement of life quality. Many famous brands have targeted in the region, like Loro Piana and Brunello Cucinelli. Although China is the largest cashmere garment manufacturer in the world, its own brand market share is very low. Most of them exist as OEM. This has led to the local enterprises in China at the bottom of the interests of the value chain for a long time.
United States also players an important role in the global cashmere clothing industry. In 2016, the country consumed about 3.5 million units, holding more than 19 per cent share globally.
Asia region is the major manufacturing bases due to the low labor cost and material cost. Most famous brands have their plants or cooperative manufacturers in the region.
