Neckwear Market Size Is Anticipated To Reach USD 4.2 Billion By 2025: Grand View Research Inc.

Neckwear Market Size Is Anticipated To Reach USD 4.2 Billion By 2025: Grand View Research Inc.

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According to report published by Grand View Research,Rising trend of pairing neckwear with casual dressing is projected to boost the demand. The product gives a professional, poised, and elegant appearance.

According to a report, “Neckwear Market Size, Share & Trends Analysis Report by Product (Neckties, Bowties), By Wearing Type (Self-tied and Pre-tied), By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc.,The global neckwear market size is expected to reach USD 4.2 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 2.1% during the forecast period. Demand for neckwear for formal as causal occasions is anticipated to drive the market. Major manufacturers focus on innovation to produce boutique-branded products to attract more consumers. This factor is anticipated to further drive the market growth.

Consumers prefer wearing ties as they project professionalism, confidence, authority, power, and exclusivity. Rising use of neckwear, especially neckties in professional settings is expected to drive the market growth. Media executives, bankers, business school students, and hospitality professionals are some of the major consumers.

Neckwear manufacturers focus on attracting consumers looking to pair neckwear with casual clothing. Innovations such as trendy designs, soft touch fabric, bright and funky colors, and occasion-specific neckties to attract millennials are projected to create growth opportunities for the market. Along with traditional silk, they focus on using materials such as microfibers, polyester, and cotton to enhance the product offerings.

Key market players focus on experimenting with their product offering and widening the portfolio. For instance, in 2017, Korbata, a Guatemalan manufacturer of men’s fashion accessories launched a new collection called Nawales, inspired by the Mayan worldview and their sacred calendar representing an element of nature and energy.Neckties product segment is expected to continue holding the largest market share in the forthcoming years, High demand for neckties due to the common acceptance of the product as a part of regular business attire is anticipated to bode well for the segment growth. Consumers choose different designs, patterns, and colors for different occasions. Bow tie is projected to be the fastest growing segment over the forecasted period owing to its growing adoption among millennials as a casual wear accessory.

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Key players in the neckwear industry focus on product innovation, brand endorsement, and social media marketing. For instance, in 2017, The Tie Bar, a Chicago-based menswear company, launched subscription model for the U.S. based consumers to improve its customer retention ratio. The company delivers three brand new bow ties or neckties to the consumers depending on their product preference in two intervals—either in six months or a year.

Asia Pacific is expected to continue holding the largest market share and register the fastest CAGR over the forecast period. The growth is majorly driven by rising demand from countries such as China, India, Japan, and Korea. Factors such as growing population, fashion consciousness, and booming commercial sector are projected to drive the regional market growth.

U.S. neckwear market

Further key findings from the report suggest:

  • Pre-tied neckwear is estimated to expand at the fastest CAGR of 2.7% during the forecast period, due to convenience and user-friendliness

  • Asia Pacific is estimated to expand at the fastest a CAGR of 2.6% over the forecast period owing to growing disposable income, number of private schools and colleges, and number of working population

  • Some of the major players operating in the neckwear market are Brooks Brothers Group, Inc.; Giorgio Armani S.p.A.; Ralph Lauren Corporation; PVH Corp.; LVHM; Brackish Brand; Vineyard Vines; THE TIE BAR; Turnbull & Asser; and Battistoni 

Product Insights

Neckties held the largest market share in 2018 and is project to witness the fastest growth over the forecast period. The growth is attributed to high adoption of neckwear for workplaces and formal occasions. Neckties are preferred by corporate executives and businesspersons owing to their simple and sober designs. Also, rising demand for neckties with different width sizes coupled with the availability of a wide range of products is expected to support the growth. Bankers, hotel employees, students, and media executives are some of the major consumers of neckties.

Global neckwear market

Bow tie segment is estimated to continue witnessing the fastest CAGR over forecast period. The growth is attributed to rising adoption of bow ties as casual wear accessories, especially among millennials. Bow ties are preferred for ball events owing to their elegant appearance and attractive color and shape. Consumers prefer cotton bow ties for an informal look and dark silk variants for formal look. These factors are expected to boost the growth of the segment.

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Grand View Research has segmented the global neckwear market on the basis of product, wearing type, and region:

Neckwear Product Outlook (Revenue, USD Million, 2015 – 2025)

  • Neckties

  • Bowties

  • Others

Neckwear Wearing Type Outlook (Revenue, USD Million, 2015 – 2025)

  • Self-tied

  • Pre-tied

Neckwear Regional Outlook (Revenue, USD Million, 2015 – 2025)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Nigeria

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

 

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