Neckwear Market Trend, Share, Growth, Size, Analysis and Forecast 2030

Neckwear Industry Prospective:

The global neckwear market size was evaluated at $5,650 million in 2023 and is slated to hit $7,240 million by the end of 2032 with a CAGR of nearly 2.79% between 2024 and 2032.  

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Neckwear Market: Overview

Neckwear helps the end-user in improving & exhibiting their confidence, professionalism, and power. A large number of schools, universities, and business schools across the globe make neckwear as a part of their uniform. Reportedly, defense regiments, professional associations, and various clubs make clothes with colored & patterned neckwear mandatory for their members. In addition to this, a large number of neckwear producers are focusing on new product launches in terms of materials, colors, patterns, and designs.

Key Insights

• As per the analysis shared by our research analyst, the global neckwear market is projected to expand annually at the annual growth rate of around 2.79% over the forecast timespan (2024-2032)
• In terms of revenue, the global neckwear market size was evaluated at nearly $5,650 million in 2023 and is expected to reach $7,240 million by 2032.
• The global neckwear market is anticipated to grow rapidly over the forecast timeline owing to a rise in the working professionals in banking, IT, marketing, consultation, and fashion sectors.
• In terms of product, the neckties segment is slated to register the highest CAGR over the forecast period.
• Based on wearing type, the self-tied segment is predicted to lead the segmental space in the upcoming years.
• Region-wise, the North American neckwear industry is projected to register the fastest CAGR during the projected timespan.

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Neckwear Market: Growth Factors

A surge in the number of working people in various sectors to boost the global market trends

A rise in the working professionals in banking, IT, marketing, consultation, and fashion sectors will steer the expansion of the global neckwear market. A surge in the working-class population along with the preference of millennial population to spend more on luxury items will embellish the growth of the market globally.

Moreover, there are a large number of neckwear producers across the globe and new ones are entering the neckwear manufacturing business, thereby enlarging the scope of the global market demand. Growing trend among the people in pairing neckwear with casual fabrics and easy availability of neckties in various sizes and colors as well as numerous designs will proliferate the growth of the market across the globe.

Neckwear Market: Restraints

Growing trend of wearing formals in offices & festivals to restrict the expansion of the industry globally

Inconvenience caused by neckwear in hospitals, clinics, and production units is anticipated to impede the expansion of the global neckwear industry. Apart from this, rise in the focus on wearing formal wear in business meetings and weddings as well as social gatherings & events can impact the growth of the industry across the globe.

Neckwear Market: Opportunities

Easy access to neckwear items in different shapes, sizes, and colors to open new growth avenues for the global market

An increase in the availability of a large amount of neckwear products in unique colors and dimensions is anticipated to open new growth opportunities for the global neckwear market.

Neckwear Market: Challenges

Surge in the raw component prices can severely impact the expansion of the global industry over forecast period

Growing raw material costs and disruptions in the supply chain activities can pose a huge threat to the expansion of the global neckwear industry.

Neckwear Market: Segmentation

The global neckwear market is divided into product, wearing type, and region.                                         

In product terms, the neckwear market across the globe is segregated into neckties and bowties segments. Furthermore, the neckties segment, which acquired nearly 71% of the global market revenue in 2023, is predicted to register the fastest rate of growth in the upcoming years. The expansion of the segment in the assessment period can be owing to rise in the wearing of neckties at workspaces and special events & festivals. Reportedly, these products are used by executives and business people due to their simple and sober designs. Furthermore, students, media persons, hotel personnel, and bankers are some of the key users of the product.

On the basis of wearing type, the global neckwear industry is segmented into self-tied and pre-tied segments. Additionally, the self-tied segment, which amassed a key share of the global industry in 2023, is anticipated to lead the segment in the upcoming years. The segmental expansion from 2024 to 2032 can be due to growing consumer preference for self-tied neckwear owing to their versatility and convenience.  

Neckwear Market: Report Scope

Neckwear Market: Regional Insights

Asia-Pacific is predicted to maintain the leading position in the global neckwear market in the ensuing years

Asia-Pacific, which accounted for nearly 70% of the global neckwear market revenue in 2023, is slated to set up a dominant position in the coming decade. In addition to this, the regional market expansion in the ensuing years can be subject to a notable surge in the working population across the globe. Other driving factors for the market in the sub-continent include a rise in the per capita income, changing fashion trends, and a flourishing commercial sector.    

North American neckwear industry is slated to register the fastest growth rate in the forecast timeframe. The progression of the industry in North America can be attributed to a rise in the working population in the countries such as the U.S. and Canada. Moreover, strict dress code for lawyers, psychiatrists, bankers, and therapists is likely to boost the growth of the industry in the region. For the record, the U.S. possesses highest number of banking professionals wearing conventional neckwear as a part of the dress code.

Key Developments

• In the first quarter of 2022, Huxley & Kent LLC, a key player offering pet parents fun & fashionable products, launched new spring neckwear styles.

Neckwear Market: Competitive Space

The global neckwear market profiles key players such as:

• Brackish Brand
• Brooks Brothers Group Inc.
• Turnbull & Asser
• Giorgio Armani S.p.A.
• Vineyard Vines
• PVH Corp.
• LVHM
• The Tie Bar
• Ralph Lauren Corporation
• Battistoni

The global neckwear market is segmented as follows:

By Product

• Neckties
• Bowties

By Wearing Type

• Self-Tied
• Pre-Tied

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa