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Global Cashmere clothing market to reach $3230 million by 2023

As per a new Global Info Research (GIR) study, global market for Cashmere clothing is expected to grow at a CAGR of roughly 3.8 per cent over the next five years. It is likely to reach $3,230 million in 2023. China accounts for about 70 per cent of cashmere in the world, while Italy was China’s largest export destination, in April 2017; the country imported 98 tons of cashmere from China accounting for 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 like Loro Piana and Brunello Cucinelli have targeted this region to launch their products there.

United States also plays 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 base of Cashmere clothing due to its low labor cost and material cost. Most famous brands have their plants or cooperative manufacturers in the region.