Women’s Jerseys, Sweatshirts & Pullovers Market 2028 Growing Worldwide By Best Key players- Dior; CHANEL; Gucci S.p.A.; PRADA; Burberry Group Plc; Giorgio Armani S.p.A.; Dolce & Gabbana S.r.l.; Gianni Versace S.r.l.; Louis Vuitton, Inc.
The global women’s
jerseys, sweatshirts & pullovers market size is expected to reach USD 274.88 billion by 2028, expanding
at a CAGR of 4.9% from 2022 to 2028,
according to a new report by Grand View Research, Inc. The industry growth is
majorly credited to the increasing global spending on jerseys, sweatshirts, and
pullovers. Consumers in Asian countries are significantly contributing to the
market growth, on account of rising consumer disposable income and increased
spending on apparel. The expansion of the offline as well as online retail
sectors is also expected to drive market growth during the forecast period.
The COVID-19
pandemic impacted the global market for women’s jerseys, sweatshirts, and
pullovers, slowing the growth in 2020. As the disease spread, various lockdowns
and restrictions were imposed by governments across the world. This impacted
the overall global product sales. Due to lockdowns and restrictions, the
production, trade activities, and bricks & mortar sales plummeted during this
period. Moreover, consumers avoided visiting stores as a precautionary measure,
declining consumer traffic. However, the market is expected to recover in the
coming years and witness healthy growth, owing to the resumption of market
activities.
In terms of fiber,
the cotton segment accounted for the 2nd largest revenue share of more than 32%
in the global market in 2021. This has been predominantly credited to the
higher popularity of the fiber in the market, on account of its desirable
characteristics. Cotton is breathable, an excellent absorbent, and
eco-friendly. It is also soft, lightweight, and has no irritable effects on the
skin.
By distribution
channel, the offline segment contributed to a larger market share of around 79%
in 2021. Offline channels include specialty stores, departmental stores,
shopping malls, etc. The higher market revenue of the segment is significantly
credited to the rising preference of retailers for offline channels. The
majority of the market retailers opt for the offline distribution channel, due
to the lack of availability or operability of the online channel. Also,
consumer perception and shopping behavior contribute to the higher segment
share in the global market.
Asia Pacific is
estimated to expand at the highest CAGR of 6.0% from 2022 to 2028. The growth
of the regional market is mainly attributed to the increasing product demand
driven by the increasing population, mainly in India and China. Moreover,
increasing disposable income, rising standards of living, the changing consumer
fashion attitude, and increasing adoption of western fashion style are likely
to boost the regional market growth. The expansion of the retail sector and
penetration of global brands in the region are facilitating the accessibility
and availability of these products in the market, propelling the growth during
the forecast period.
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Jerseys,
sweatshirts, and pullovers are not only limited to men’s fashion but also
getting popular among women, which in turn is expected to contribute
significantly to the global market. Moreover, global brands are increasingly
penetrating and establishing their distribution networks in emerging markets,
including the Asia Pacific, and Middle East & Africa. The growing awareness
and accessibility are anticipated to drive the market growth during the
forecast period.
Women’s Jerseys, Sweatshirts & Pullovers Market Report Highlights
- Europe accounted
for a revenue share of around 34% in 2021 in the global market. This is
attributed to the strong presence and distribution network of key players
and high product awareness and adoption by regional consumers
- The cellulosic
segment is expected to register a CAGR of 4.6% during the forecast period.
This is credited to the increasing awareness about the environmental
impact caused by the apparel industry, and the rising trend of purchasing
sustainable and eco-friendly products
- The online
distribution channel is anticipated to witness a CAGR of 6.2% from 2022 to
2028. This growth is facilitated by the increasing product demand from
consumers and the growing affordability of smartphones and internet
services
During the
COVID-19 pandemic, governments of various countries imposed restrictions and
lockdowns to curb the rising infection rates. Meanwhile, people also preferred
to stay indoors as a precautionary measure. Public events and gatherings were
canceled and/or prohibited. Educational institutions and corporate offices
opted for the online mode for carrying out activities. The overall production,
supply chain, trade, and sales of the products were impacted, resulting in a
decline in the market growth rate. During the forecast period, the market is
expected to recover and perform well with a healthy growth rate, on account of
resumption in manufacturing and production, import/export activities, and
retail.
The market for
women’s jerseys, sweatshirts & pullovers is characterized by the presence
of various well-established players and several small and medium players. Key
players in the market are focusing on product innovation and launches to meet
consumer expectations with changing fashion needs. Additionally, they are
trying to innovate new technology to increase the durability of the product.
Joint
ventures, mergers and acquisitions, and partnerships are also key strategies
opted for by the market players. For instance, Burberry Group Plc. announced
its expansion plans with a new store format in November 2021. The new store is
designed with a gallery-like ground floor which is aimed as a backdrop for the
collections to gain higher spending from consumers.
Some of the prominent
players in the global women’s jerseys, sweatshirts & pullovers market
include:
- Dior
- CHANEL
- Gucci S.p.A.
- PRADA
- Burberry Group
Plc
- Giorgio Armani
S.p.A.
- Dolce &
Gabbana S.r.l.
- Gianni Versace
S.r.l.
- Louis Vuitton,
Inc.
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