The global cashmere yarn market is anticipated to grow at CAGR of 3.1% during the forecast period (2022-2028). Cashmere yarn is a type of luxurious woolen fiber that is obtained from the undercoat fiber of goats found in India and Pakistan. Cashmere is yarn is used in making various clothing products including sweaters, shawls, socks, and many others for wearing in cold temperatures. The major factor attributing to the growth of the global cashmere yarn market include the increasing use of cashmere yarns to make warmer clothes due to rising cold temperatures across the globe. According to an article published by the World Economic Forum in collaboration with The Conversation in September 2021, extreme cold weather events are expected to attribute to arctic warming causing the major cold waves in entire North America, from Canada to Northern Mexico. It is expected that cold waves are likely to become common due to these events. Among these, the US faced the coldest temperature in February 2021. Furthermore, the use of cashmere yarns is also increasing for cashmere clothes due to several reasons for wearing cashmere clothes. The reasons include a thick ultimate layer of cloth, superior warmth with no sweat, natural material, cashmere didn’t fade or wrinkle, the softest clothing material, stylish, and many others. Thus, increasing the production of cashmere yarns.
The use of cashmere yarns is also increasing for makig clothes due to increasing spending of people due to adjusted net national income per capita across the globe resulting in increased purchasing power. According to the World Bank Data statistics, the adjusted net national income per capita has consistently increased over the last decade. The recorded adjusted net national income per capita increased from $7,246.71 in 2009 to $9,434.42 in 2019. Furthermore, the production of cashmere yarns is also increasing due to the growing textile industry. According to the Textile Industry report published by the India Brand Equity Foundation (IBEF) in February 2022, the textile industry of India is one of the oldest industries across the globe. The market size of the Indian textile industry was around $29.8 billion in 2021 giving employment to around 4.5 crore workers. India produced 2.4 MT of fiber and 4,762 million KGs of cotton yarn with recorded export of around 1.13 million tonnes of cotton yarn in 2021. The textile industry of India is estimated to consistently grow and reach around $209 billion by 2029. Thus, contributing to the growth of the global cashmere yarn market.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Artyarns, Bergere de France, Consinee Group Co. Ltd., Debbie bliss Ltd., ERDOS Group, among others.
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By Product Type
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- Helmets
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By Application
- Commercial
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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