Hemp Clothing Market Exhibit a Remarkable CAGR of 27.1% and is expected to reach $23.02 billion by 2
Author : Amar Bhorawat | Published On : 05 Jan 2024
According to the report published by Allied Market Research, the global hemp clothing market generated $2.29 billion in 2021, and is projected to reach $23.02 billion by 2031, growing at a CAGR of 27.1% from 2022 to 2031.The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, and competitive landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Extensive use of hemp clothing due to its lightweight and absorbent nature, surge in demand for organic clothing products among people, and growth of the online retail platform are expected to drive the growth of the global hemp clothing market. Closure of manufacturing facilities, prevalence of adverse import, and export restrictions from government during the COVID-19 pandemic made a negative impact on the growth of the market.
COVID-19 Scenario:
The outbreak of COVID-19 has had a negative impact on the growth of the global hemp clothing market, owing to the occurrence of lockdowns in various countries across the globe.
Lockdowns resulted in the closure of various manufacturing facilities, including those of hemp clothing, which decreased it demand during the pandemic. This was mainly due to the stringent social distancing restrictions imposed by the government to significantly curb the spread of the virus during the pandemic.
The clothing industry, in general, has suffered an immense blow as consumers around the world were stuck at home due to the prevalent COVID-19 restrictions in their respective countries. Thus, people were required to stay at home to limit the outbreak.This, in turn, negatively affected the clothing sales.
In addition, necessary import and export restrictions were imposed by the government, which further made it difficult for the manufacturers to acquire essential raw materials. However, the market is expected to recoup soon.
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The report offers a detailed segmentation on the global hemp clothing market based on type, end-user, distribution channel and region.The report offers a detailed analysis of every segment and their respective sub-segment throughgraphical and tabular representation. This analysis might assist market players, investors, and new entrants in devising strategiesbased on fastest growing segments and dominating segments that is mentioned in the report.
Based on type, the dress segment held the largest market share in 2021, garnering more than one-fifth of the global market, and is expected to maintain its leadership status during the forecast period. The activewear segment, on the other hand, is expected to cite the fastest CAGR of 28.4% during the forecast period.
Based on enduser, the women segment held the dominating market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The kids segment, on the other hand, is predicted to cite the fastest CAGR of 28.8% during the forecast period.
Based on distribution channel, the independent retail stores segment held the largest market share in 2021, garnering nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The report also analyses other segment such as hypermarket, e-commerce, and others.
Based on region, the market across North America held the largest market share in 2021, holding around two-fifths of the global market, and is expected to maintain its leadership status during the forecast period.The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 30.3% during the forecast period.
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The key players analyzed in the global hemp clothing market report include Patagonia, Inc, Tentree, Thought Clothing, TOAD&CO, Back Beat Co, Ecofibre, Eileen Fisher, Groceries Apparel, Jungmaven, LANIUS GmbH, Levi Strauss &Co, ONNO T-Shirt Company, Outerknown, United By Blue, and WAMA UNDERWEAR.
The report analyzes these key players of the global hemp clothing market. These market players made use ofconstructive strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to strengthen prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments byeminent players of the market.
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