Men Knitwear Market

The global market for men's or boys' knitted or crocheted clothing is expected to see steady growth in both volume and value terms from 2022 to 2030, with a forecasted CAGR of +3.6% and +6.1% respectively. The market saw a rise in consumption in 2022 after a period of decline, with the United States leading in both consumption and production. China remains the largest exporter of men's clothing, while the United States holds the top spot for imports. Prices varied by country, with a notable increase in export prices in 2022.

Market Forecast

Driven by increasing demand for men's or boys' clothing (knitted or crocheted) worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market volume to 5.2B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.1% for the period from 2022 to 2030, which is projected to bring the market value to $77.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Men's Or Boys' Clothing (Knitted Or Crocheted)

In 2022, consumption of men's or boys' clothing (knitted or crocheted) was finally on the rise to reach 3.9B units after two years of decline. Over the period under review, the total consumption indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked in 2022 and is expected to retain growth in the near future.

The global men knitwear market revenue rose to $48.3B in 2022, growing by 4.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.4% against 2020 indices. Global consumption peaked at $48.5B in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Consumption By Country

The country with the largest volume of men knitwear consumption was the United States (814M units), comprising approx. 21% of total volume. Moreover, men knitwear consumption in the United States exceeded the figures recorded by the second-largest consumer, China (356M units), twofold. Brazil (146M units) ranked third in terms of total consumption with a 3.7% share.

From 2012 to 2022, the average annual growth rate of volume in the United States amounted to +7.6%. In the other countries, the average annual rates were as follows: China (+5.0% per year) and Brazil (+10.2% per year).

In value terms, the United States ($4.2B), Indonesia ($3.3B) and China ($3.2B) were the countries with the highest levels of market value in 2022, together accounting for 22% of the global market. Japan, South Korea, Nigeria, the UK, Cambodia, Italy, Brazil, Canada, India and Mexico lagged somewhat behind, together accounting for a further 19%.

Among the main consuming countries, Cambodia, with a CAGR of +30.4%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of men knitwear per capita consumption in 2022 were Cambodia (3.7 units per person), the United States (2.4 units per person) and Canada (1.7 units per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Cambodia (with a CAGR of +33.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Men's Or Boys' Clothing (Knitted Or Crocheted)

In 2022, global production of men's or boys' clothing (knitted or crocheted) reached 4.6B units, growing by 2.7% against the previous year's figure. Over the period under review, the total production indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +1.0% against 2019 indices. The pace of growth was the most pronounced in 2019 with an increase of 24%. Over the period under review, global production hit record highs in 2022 and is likely to see steady growth in the near future.

In value terms, men knitwear production contracted to $60B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the production volume increased by 29%. As a result, production attained the peak level of $74B. From 2020 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

China (1.8B units) constituted the country with the largest volume of men knitwear production, comprising approx. 39% of total volume. Moreover, men knitwear production in China exceeded the figures recorded by the second-largest producer, Bangladesh (258M units), sevenfold. The third position in this ranking was held by India (212M units), with a 4.6% share.

In China, men knitwear production declined by an average annual rate of -2.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Bangladesh (+17.0% per year) and India (+9.1% per year).

Imports

World Imports of Men's Or Boys' Clothing (Knitted Or Crocheted)

In 2022, the amount of men's or boys' clothing (knitted or crocheted) imported worldwide expanded notably to 2.5B units, growing by 7.5% compared with 2021. In general, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +37.6% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 28% against the previous year. Global imports peaked in 2022 and are likely to continue growth in the near future.

In value terms, men knitwear imports soared to $18B in 2022. Over the period under review, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +55.4% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 34% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

The United States was the largest importing country with an import of about 842M units, which amounted to 34% of total imports. It was distantly followed by the UK (114M units), mixing up a 4.6% share of total imports. The following importers - Spain (91M units), Germany (87M units), Italy (83M units), Poland (72M units), Japan (72M units), the Netherlands (69M units), Canada (66M units), Belgium (62M units), Myanmar (60M units), France (57M units) and the United Arab Emirates (47M units) - together made up 31% of total imports.

From 2012 to 2022, average annual rates of growth with regard to men knitwear imports into the United States stood at +7.6%. At the same time, Myanmar (+114.0%), Germany (+29.1%), Poland (+27.7%), the Netherlands (+15.3%), Italy (+14.3%), Spain (+12.6%), France (+10.1%), Belgium (+9.8%), Canada (+9.6%), Japan (+6.4%) and the UK (+6.3%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in the world, with a CAGR of +114.0% from 2012-2022. By contrast, the United Arab Emirates (-9.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States, Germany, Poland, Myanmar, Italy, Spain and the Netherlands increased by +3.1, +3, +2.4, +2.4, +1.7, +1.5 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($4.4B) constitutes the largest market for imported men's or boys' clothing (knitted or crocheted) worldwide, comprising 24% of global imports. The second position in the ranking was held by Germany ($1.1B), with a 5.9% share of global imports. It was followed by the UK, with a 5.4% share.

In the United States, men knitwear imports expanded at an average annual rate of +7.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+11.7% per year) and the UK (+8.3% per year).

Import Prices By Country

In 2022, the average men knitwear import price amounted to $7.3 per unit, with an increase of 8% against the previous year. In general, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($12 per unit), while Myanmar ($0.2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+3.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Men's Or Boys' Clothing (Knitted Or Crocheted)

In 2022, approx. 3.1B units of men's or boys' clothing (knitted or crocheted) were exported worldwide; increasing by 4.9% against the year before. Over the period under review, total exports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +106.6% against 2017 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 37%. The global exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, men knitwear exports rose sharply to $21.8B in 2022. The total export value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 36%. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports By Country

China represented the major exporter of men's or boys' clothing (knitted or crocheted) in the world, with the volume of exports finishing at 1.4B units, which was near 46% of total exports in 2022. Bangladesh (240M units) held the second position in the ranking, followed by Pakistan (202M units) and Vietnam (185M units). All these countries together took approx. 20% share of total exports. The following exporters - Turkey (138M units), India (119M units), Cambodia (73M units), Indonesia (52M units), Honduras (52M units) and Myanmar (50M units) - together made up 16% of total exports.

Exports from China decreased at an average annual rate of -3.4% from 2012 to 2022. At the same time, Myanmar (+81.5%), Vietnam (+41.8%), Indonesia (+31.8%), Bangladesh (+27.5%), Turkey (+16.2%), Pakistan (+13.3%), India (+9.0%), Honduras (+8.0%) and Cambodia (+6.5%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in the world, with a CAGR of +81.5% from 2012-2022. From 2012 to 2022, the share of Bangladesh, Vietnam, Pakistan, Turkey, India, Myanmar and Indonesia increased by +6.9, +5.7, +4.2, +3.2, +1.8, +1.6 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($7.1B) remains the largest men knitwear supplier worldwide, comprising 33% of global exports. The second position in the ranking was held by Vietnam ($1.8B), with an 8.1% share of global exports. It was followed by Bangladesh, with a 7.6% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to -4.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+15.8% per year) and Bangladesh (+15.4% per year).

Export Prices By Country

The average men knitwear export price stood at $7 per unit in 2022, surging by 4.9% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average export price increased by 32% against the previous year. The global export price peaked at $10 per unit in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cambodia ($11 per unit), while India ($4.2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Honduras (+8.9%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform