Neckwear Market Size Worth $3.65 Billion by 2032 – The Evolution of Fashion Industry with Proliferation of Social Media
The global neckwear market size is anticipated to grow from USD 3 billion to USD 3.65 billion in 10 years. The market will experience rapid growth during the forecast period due to the evolution of variant neckwear. The apparel industry of Bangladesh and other Southeast Asian countries contributes significantly to the market’s growth and development.
Newark, Jan. 15, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 3 billion in 2022 global neckwear market will reach USD 3.65 billion in 2032. Anything worn around the neck is referred to as neckwear. The most popular type of neckwear is neckties. The ascot, bow, bolo, zipper tie, cravat and knit are more examples. In certain cultures, neckties are worn by men and boys as an element of their business or formal attire. In the beginning, neckwear was solely worn by soldiers. Since they were originally employed in military units, they have come to stand for respect and authority. They were found in most colleges, schools, sports teams, and gentlemen’s clubs. Ties were (and still are) a clear symbol of privilege and exclusivity. In addition to serving a practical purpose, ties kept a shirt from excessively tight around the neck, which would have kept the throat warm in cold weather. Nowadays, neckwear is primarily worn as an accessory rather than a formal clothing component.
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Key Insight of the Global Neckwear Market
Asia Pacific will dominate the market during the forecast period.
The region’s burgeoning youth population is driving Asia Pacific’s apparel market. The fashion business has flourished due to the increased social media influence, which will help the market expand. Bangladesh’s and other Southeast Asian nations’ garment industries substantially contribute to the market’s expansion and development.
In 2022, the neck ties segment dominated the market with the largest market share of 68% and revenue of 2.04 billion.
The product type segment is divided into neck ties, bow ties, and others. In 2022, the neck ties segment dominated the market with the largest market share of 68% and revenue of 2.04 billion.
In 2022, the self-tied segment dominated the market with the largest market share of 84% and revenue of 2.52 billion.
The wearing style segment is divided into self-tied and pre-tied. In 2022, the self-tied segment dominated the market with the largest market share of 84% and revenue of 2.52 billion.
Advancement in market
Recycled bottles were integrated by BUFF into their EcoStretch neck gaiters, enhancing the brand’s blend of environmentally friendly initiatives and adaptable merchandise. The most recent iteration of the BUFF Original maintains its four-way flexibility, sweat-wicking ability, and sun protection capabilities. The recycled material transforms two old plastic bottles into the fabric’s neckwear.
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Driver: The growing quantity of experts in the workforce.
The market has grown due to the growing number of working professionals, particularly those employed in bank offices, marketing and consulting firms, fashion houses, and other businesses with formal dress codes. Additionally, the growing amount of fashion-related content, such as office look-books with links to the products featured in the images or media and other social media posts with office outfit ideas, provides individuals with templates or inspiration to create their wardrobes, which in turn helps the market flourish.
Restraints: a stronger preference for casual attire over formal attire.
Formal attire is reserved for award ceremonies, business meetings, and weddings. But in today’s environment, the distinctions between formal and casual attire have become less clear. Younger people dress informally to look formal and vice versa by mixing casual yet comfy pieces. The styling is not inflexible. Offices are becoming laxer regarding clothing requirements, which could impede the sector’s expansion.
Opportunities: The increasingly various ways to style neckwear.
In the past, clothing and neckwear were worn in particular ways and served distinct purposes. It was made with certain colours, sizes, patterns, and construction. New items with distinctive designs, prints, colours, and structures are being supplied, and this has created new prospects for the neckwear industry due to the evolution of fashion and the rise of social media, fashion designers, and influencers. Fashion designers and influencers are experimenting with neckwear, transforming it into belts, incorporating it into other pieces of apparel, and tying it all together to create stylish, modern ensembles. Each has had a favourable effect on the market and will continue to do so as it expands and develops.
Challenges: the decreasing popularity of neckwear.
The contemporary world is all about aesthetics and functionality. The fashion industry runs on trends, and every trend has a short time-span. The neckwear market will face difficulties in rising with its limited popularity.
Some of the major players operating in the global neckwear market are:
• Brackish Brand
• Brooks Brothers Group, Inc.
• Giorgio Armani S.p.A.
• PVH Corp.
• Ralph Lauren Corporation
• The Tie Bar
• Turnbull & Asser
• Vineyard Vines
Key Segments covered in the market:
By Product Type
• Neck Ties
• Bow Ties
By Wearing Style
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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