PORTLAND, OREGON, USA, Nov. 9, 2022 /EINPresswire.com/ — According to report by Allied Market Research, the global hemp apparel market generated $2.29 billion in 2021 and is expected to reach $23.02 billion by 2031, growing at a CAGR of 27.1% from 2022 to 2030. As more and more people explore and invest in this versatile factory and niche sectors of the industry, new exciting products emerge. The hemp plant is poised to become an integral part of our future, and watching it grow to its full potential is sure to be a fascinating journey.
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Textiles made from hemp have been around for a very long time. As the demand for hemp-derived clothing and textiles has increased, the hemp fiber market has revitalized in recent years. The popularity of this market segment has grown in recent years, giving rise to inventive cotton substitutes.
Consumer behavior studies show that between 2000 and 2014, the average consumer bought 60% more clothes, but only kept each item for half as long. It has been widely publicized how much the fashion industry contributes to the pollution and destruction of our rivers, oceans and atmosphere. Every second, an estimated truckload of discarded clothing is burned or discarded. Although many residents are affected, current sustainable fashion solutions are costly and time-consuming.
The online retail platform is the main driver of the hemp clothing industry. Currently, most apparel manufacturing companies have their own web-based retail stores where users can get excessive information about the organization, such as the latest product and company news and financial information. . The number of consumers shopping online is increasing, owing to the availability of varied product options and price comparison on online shopping sites. This is useful for retailers due to the lack of spend at physical outlets. The main reasons why consumers prefer online shopping online are that consumers can read reviews provided by other consumers, compare various stores and products, and consumers can compare the price of products by different sellers. According to “Our World in Data”, approximately 1,140 million internet users are present in the East Asia-Pacific region, followed by Europe and Central Asia, which represents more than 650 million internet users. . In addition, access to the Internet and online clothing retail portal has provided consumers with a platform where they can easily compare products and matching prices, as well as make purchases with ease. Additionally, the increase in the ease of purchasing apparel from the online retail portal is attracting a large base of internet-using consumers, which is expected to fuel the overall growth of the hemp apparel market.
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The report offers a detailed segmentation of the global hemp clothing market on the basis of type, end-user, distribution channel, and region. The report offers a detailed analysis of each segment and their respective sub-segment through graphical and tabular representation. This analysis could help market players, investors and new entrants to design strategies based on the fastest growing segments and dominant segments mentioned in the report.
Based on type, the wearable segment held the largest market share in 2021, attracting more than one-fifth of the global market, and is expected to maintain its leading status over the forecast period. The sportswear segment, on the other hand, is expected to quote the fastest CAGR of 28.4% during the forecast period.
On the basis of end-user, women’s segment held the dominant market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leading status during the forecast period. The children’s segment, on the other hand, is expected to quote the fastest CAGR of 28.8% during the forecast period.
Based on the distribution channel, the independent retail store segment held the largest market share in 2021, attracting almost half of the global market, and is expected to maintain its leading status during the forecast period. The report also analyzes other segments such as hypermarkets, e-commerce and others.
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Based on the region, the North America market held the largest market share in 2021, holding about two-fifths of the global market, and is expected to maintain its leading status during the forecast period. The LAMEA region, on the other hand, is expected to quote the fastest CAGR of 30.3% during the forecast period.
Key players analyzed in the Global Hemp Apparel Market report are 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 in the global hemp clothing market. These market players have used constructive strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to boost their prowess in the industry. The report is helpful for analyzing recent developments, product portfolio, business performance, and operating segments of prominent market players.
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