Neckwear Market - Global Industry Insights, Trends and Growth Opportunity Analysis to 2025
The Neckwear Market report provides a detailed evaluation of the industry by highlighting information on different aspects which include drivers, restraints, growth opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing. It also provides a detailed analysis of global market size, regional and country-level market size, competitive landscape, impact of domestic market players and value chain optimization. Furthermore, it sheds light on the market contribution, recent developments and successful marketing strategies of leading companies.
Market Insights
The global neckwear market size is expected to register revenue of USD 4.2 Billion by the end of 2025, according to a new report by Million Insights. It is expected to grow with a CAGR of 2.1% from 2019 to 2025. This growth can be attributed to rising demand for ties on formal and casual dresses. Moreover, the desire of manufacturers to produce products with boutique brands is anticipated to fuel market growth.
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The shifting trend for
wearing neckties to enhance the professional look is becoming popular among the
millennial population. Thus, key players in this market focus on product
development and innovation to launch a variety of products based on patterns,
colors, designs, and materials. For example, a Guatemalan manufacturer named
Korbata, launched a collection named Nawales to boost the sales of their
products.
The segment of the
self-tied wearing type held the largest share across the global market, in 2018
owing to its feature of convenience of wearing. Moreover, the pre-tied neckwear
segment is anticipated to register the highest CAGR of 2.7% from 2019 to 2025
due to its time-saving feature and ease of wearing.
The segment of neckties
held the largest share in the global neckwear market during 2018 owing to
rising adoption of neckwear products during formal occasions at offices and
workplaces. Moreover, rising number of professionals like students, bankers,
and hotel employees is anticipated to pave way for the demand for neckties
during the forecasted years, 2019 to 2025. The bow ties segment is anticipated
to register the highest CAGR in the upcoming years.
Asia Pacific is
anticipated to witness the highest growth rate with a CAGR of 2.6% from 2019 to
2025 owing to rising disposable income, rising influence of western culture and
increasing awareness among the consumers to improve their appearance. North
America is anticipated to witness significant growth due to the rising number
of working professionals across developed countries like the U.S. and Canada.
Leading Players Analysis covered in these report
• Giorgio Armani
• Vineyard Vines
• Brackish Brand
• PVH Corp
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In 2018, Asia Pacific dominated
the global neckwear market. It is anticipated to register a CAGR of 2.6% during
the forecasted years, 2019 to 2025. This growth can be attributed to increasing
disposable income among the working population coupled with rising awareness
among the consumers to improve their appearance. Moreover, the rising adaption
of western culture is anticipated to boost the market demand for bow ties in
the upcoming years. Moreover, the rising commercial sector coupled with
increasing fashion consciousness is expected to impact positively on the market
growth.
North America is
anticipated to witness significant growth from 2019 to 2025. This growth can be
associated with the rising adoption of such products by celebrities coupled
with increasing per capita income across countries like the U.S. and Canada.
Moreover, the dress code assigned as per different professions among the
population like lawyers, therapists, psychiatrists, and bankers is anticipated
to boost the market demand for such neckwear during the forecasted years, 2019
to 2025.
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