As per the latest report by Data Bridge Market Research, valued at $3,015.28 million in 2021, the global cashmere clothing Market is projected to grow at 3.93 per cent CAGR from 2022-2029 to reach $4,105.41 million by 2029.
Over the last few years, the popularity and demand for cashmere apparel products have risen dramatically. Many industrialized countries are importing these products. Globally, factors such as rising demand for high-quality clothes and the adoption of fashionable and luxury garments are expected to fuel market expansion.
The rapid surge in demand for cashmere clothing products is also been attributed to rising disposable income among the working population and a trending predisposition of millennials to spend on luxury and premium products.
Furthermore, with the continuous digitalization of major countries and the resulting internet penetration, social media websites have become a perfect outlet for raising awareness about cashmere garments in some locations where the market was not large enough.
Market players are further investing in innovations in the design and comfort of fashion products, which further extend profitable opportunities over the forecast period of 2022 to 2029. Additionally, the increasing awareness about cashmere clothing in several regions where the market was not sufficiently large will further expand the future growth of the cashmere clothing market.