The global neckwear market size is expected to register revenue of USD 4.2 Billion by the end of 2025, according to a new report by Million Insights. It is expected to grow with a CAGR of 2.1% from 2019 to 2025. This growth can be attributed to rising demand for ties on formal and casual dresses. Moreover, the desire of manufacturers to produce products with boutique brands is anticipated to fuel market growth.
The shifting trend for wearing neckties to enhance the professional look is becoming popular among the millennial population. Thus, key players in this market focus on product development and innovation to launch a variety of products based on patterns, colors, designs, and materials. For example, a Guatemalan manufacturer named Korbata, launched a collection named Nawales to boost the sales of their products.
The segment of the self-tied wearing type held the largest share across the global market, in 2018 owing to its feature of convenience of wearing. Moreover, the pre-tied neckwear segment is anticipated to register the highest CAGR of 2.7% from 2019 to 2025 due to its time-saving feature and ease of wearing.
The segment of neckties held the largest share in the global neckwear market during 2018 owing to rising adoption of neckwear products during formal occasions at offices and workplaces. Moreover, rising number of professionals like students, bankers, and hotel employees is anticipated to pave way for the demand for neckties during the forecasted years, 2019 to 2025. The bow ties segment is anticipated to register the highest CAGR in the upcoming years.
Asia Pacific is anticipated to witness the highest growth rate with a CAGR of 2.6% from 2019 to 2025 owing to rising disposable income, rising influence of western culture and increasing awareness among the consumers to improve their appearance. North America is anticipated to witness significant growth due to the rising number of working professionals across developed countries like the U.S. and Canada.
The key players in this market are Giorgio Armani S.p.A.; PVH Corp.; Vineyard Vines; Brackish Brand; LVHM. They also help the consumers in selecting proper neckwear products as per the desired specifications. They are also introducing neckwear products having different floral designs, brushed flannels, knits, and Donegal wools.
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Further key findings from the report suggest:
• The pre-tied neckwear segment is anticipated to register the highest CAGR of 2.7% from 2019 to 2025.
• Asia Pacific is projected to register a CAGR of 2.6% during the forecasted years.
• The key players in this market are Giorgio Armani S.p.A.; PVH Corp.; Vineyard Vines; and Brackish Brand.
Million Insights has segmented the global neckwear market on the basis of product, wearing type, and region:
Neckwear Product Outlook (Revenue, USD Million, 2015 - 2025)
Neckwear Wearing Type Outlook (Revenue, USD Million, 2015 - 2025)
Neckwear Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa