Cashmere Yarn Market Thriving: MR Accuracy report predicts steady growth through 2030
The luxurious world of cashmere yarn is spinning a tale of robust growth, says new report by market research firm, MR Accuracy. Their comprehensive analysis predicts a thriving market, expanding steadily over the next seven years.
Key Findings
As of 2023, the global cashmere yarn market is estimated to be worth $2.78 billion and as per MR Accuracy forecasts will move ahead at 6.0 per cent compound annual growth rate (CAGR) between now and 2030. This translates to a projected market size of $4.23 billion by the end of the decade.
Europe and the US currently lead the market, each with around 30 per cent market share. However, the report predicts a rising challenger in the form of China, poised to gain significant ground due to its burgeoning domestic demand and growing production capacity.
Knitwear remains the top use, but the report highlights a fascinating trend – diversification. Cashmere's luxurious touch is increasingly weaving into other fabrics and accessories, opening up new avenues for growth.
Growth boosters
Affluent Aspirations: Rising disposable incomes, particularly in Asia, are fuelling a desire for luxury goods, and cashmere finds itself perfectly positioned to satisfy this yearning.
Sustainable Threads: Ethical and eco-conscious choices are shaping consumer behaviour, and cashmere's natural and biodegradable qualities strike a chord with environmentally aware buyers.
Digital Threads: The online shopping boom is weaving a new story for cashmere. Brands are reaching wider audiences than before, expanding their reach.
Cautiously optimistic outlook
The report also cautions about potential hurdles that could snag the yarn's smooth progress. Animal welfare concerns and environmental impact associated with cashmere production must be addressed for long-term sustainability. Moreover, finding the sweet spot between affordability and maintaining premium quality will be key to attracting a broader consumer base.
However, the report emphasizes the vast opportunities for innovation. Experimenting with new blends, exploring exciting applications, and embracing cutting-edge technologies can keep cashmere firmly at the forefront of luxury textiles.
The future of cashmere
MR Accuracy's report paints a promising picture for the cashmere yarn industry. By addressing sustainability concerns, embracing innovation, and catering to diverse consumer preferences, the industry can ensure continued growth and maintain its warm embrace around the hearts (and wardrobes) of luxury enthusiasts worldwide.
