Knitting and Crochet Market to Grow by USD 10.69 Billion (2024-2028) as Training and Employment Initiatives Increase; AI Impact on Market Trends Report - Technavio

NEW YORK, Oct. 31, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global knitting and crochet market  size is estimated to grow by USD 10.69 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.4%  during the forecast period. Initiatives for training and employment opportunities is driving market growth, with a trend towards innovations in knitting machines. However, challenges faced by textile industry  poses a challenge.Key market players include Aarti International Ltd, ABHINANDAN KNITS PVT. LTD., Contempora Fabrics, KD Fabrics and Apparel, KPR Mill Ltd., Laguna Fabrics Inc., Lenzing AG, Loyal Textile Mills Ltd., Marvel Vinyls Ltd., Pacific Textiles Holdings Ltd., Pine Crest Fabrics Inc., Response Fabrics Pvt. Ltd., RSWM Ltd., Sahni Fabs, Sivaraj Spinning Mills Pvt Ltd., TEEJAY LANKA PLC, The LYCRA Co. LLC, Tintex Textiles, Toray Industries Inc., and W.Ball and Son Ltd..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Key Market Trends Fueling Growth

The global knitting and crochet market is experiencing notable progress, fueled by technological innovations and a heightened focus on sustainability. At ITMA 2023 in Milan, Italy, 110,000 international attendees convened, underscoring the industry's dynamic growth and transformation. A significant trend involves the adoption of advanced, eco-friendly materials for creating functional textiles in various sectors, including fashion, sports, architecture, defense, and healthcare. Robotics and AI are revolutionizing knitted textile manufacturing, while 3D digitization streamlines supply chains. AI's early integration enables retooling and efficiency gains, and autonomous machines expand capabilities. Technological advancements have propelled textile production, surpassing expectations despite the pandemic. Sustainable practices are integrated with innovative materials and processes, aligning with ecological goals. Virtual garment creation using 3D technology expedites prototype development and minimizes waste. Shima Seiki Mfg. Ltd. Unveiled its R-Series at ITMA 2023, featuring advanced flat knitting machines for diverse applications. Stoll, now part of the Karl Mayer Group, expanded its ADF series with the ADF 530-32 ki FLEX E7.2, offering unmatched adaptability. Production data tracking and NFC chip integration in fabric patterns suggest the emergence of wearable biometric monitoring. These innovations underscore the knitting machine industry's dedication to technological progress and sustainability, ensuring continued growth and evolution. 

The Knitting and Crocheting market is thriving with a popularity for these traditional crafts. Yarn, the fundamental supply, comes in various fibers, colors, and designs, fueling creativity in knitting and crochet projects. Hand-eye coordination is essential for both techniques, using knitting needles and crochet hooks, as well as knitting looms and machines. The finished products range from knitted fabrics like drapey garments and blankets to crocheted fabrics with intricate textures. Crochet thread and active yarn loops create delicate fabrics for garments, table runners, and crochet sock patterns. Understanding techniques like single crochet, knit stitch, purl stitch, and yarn over, as well as counting and fixing mistakes, enhances the learning curve. Tools like Ravelry offer vast pattern collections and supplies. The difference between knitting and crocheting lies in the stitch creation process and fabric texture. The cost of supplies varies depending on the chosen fiber, yarn weight, and project complexity. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

• The textile industry, a major contributor to the global knitting and crochet market, faces numerous challenges that impact its growth and stability, particularly in countries like Bangladesh. Bangladesh, a significant player in the global garment industry, has experienced political turmoil and economic instability, which has severely affected its economy and the informal workforce that makes up 85% of the workforce. In 2024, Dhaka's real GDP growth slowed to 4.8%, with a current account deficit of 0.8% of GDP, projected to decline further to 2.7% in 2025. The textile industry, contributing 80% of Bangladesh exports and 15% of its GDP, is crucial yet vulnerable. Ongoing political unrest, labor disruptions, and natural disasters have resulted in financial losses of approximately USD800 million. Bangladesh's impending graduation from least developed country status will also lead to the loss of preferential trade privileges, making its apparel products more expensive in key markets. For India, Bangladesh is a critical market for textiles, with annual cotton exports to Dhaka amounting to USD2.4 billion. However, political instability in Bangladesh poses significant risks to India's textile sector, potentially causing production delays and shortages. This situation forces companies to seek alternative sources, affecting global product availability. Despite these challenges, Bangladesh presents opportunities for countries like India, as global brands seek to diversify their supply chains. Indian textile hubs such as Tirupur could benefit by filling gaps left by Bangladesh, and Indian manufacturers can capitalize on this by ensuring timely shipments and competitive pricing. In conclusion, the textile industry's challenges, exemplified by Bangladesh's situation, highlight the need for strategic positioning and resilience to maintain competitiveness and stability in the global knitting and crochet market.
• The knitting and crochet market faces several challenges in creating high-quality active yarn loops for producing both knitted and crocheted fabrics. The drape and texture of garments made from these fabrics can significantly differ, requiring unique skills and tools. Working with delicate fabric can be difficult, especially for beginners with a steep learning curve. Popular items in this market include garments, blankets, table runners, and crochet sock patterns. The difference between knitting and crochet lies in the stitches used, such as knit stitch, purl stitch, and yarn over. Tools like crochet hooks require careful counting and tension management to ensure a finished product of desirable quality. Ravelry, an online platform for knitting and crochet enthusiasts, offers a wealth of patterns and supplies to help navigate these challenges. Despite the difficulty, the hobby continues to thrive due to the cost-effectiveness and availability of supplies and the satisfaction of creating unique, textured fabric.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This knitting and crochet market report extensively covers market segmentation by

1. Application 
• 1.1 Apparel
• 1.2 Home textile
• 1.3 Industrial
• 1.4 Others
2. Distribution Channel
• 2.1 Online
• 2.2 Offline
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Apparel-  The knitting and crochet market is thriving with a significant number of enthusiasts worldwide. This market caters to various segments, including hobbyists, professionals, and businesses. Knitting and crochet products range from clothing, blankets, home decor, and accessories. Consumers value the unique, handmade nature of these items, driving demand. Manufacturers and retailers source high-quality yarns and offer diverse designs to meet customer preferences. The market continues to grow due to its accessibility, affordability, and the therapeutic benefits of knitting and crochet.

Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) 

Research Analysis

Discover the captivating world of knitting and crocheting, two beloved hobbies that offer endless creativity and relaxation. Both crafts involve working with yarn, transforming it into beautiful projects through the use of knitting needles or crochet hooks. Hand-eye coordination plays a crucial role in these activities, as you manipulate fiber and explore various techniques to create intricate stitches and active yarn loops. Color and design are essential elements, with endless possibilities for personal expression. From knitted fabrics like ribbing and stockinette, to crocheted fabrics with unique textures, the resulting drape and texture can range from delicate garments to sturdy blankets and table runners. Explore the differences between knitting and crocheting, and expand your skills with various stitch patterns, crochet thread, and knitting machine-produced fabrics. Whether you're a beginner or an experienced crafter, these hobbies offer endless opportunities for enjoyment and self-expression.

Market Research Overview

Discover the captivating world of knitting and crocheting, two beloved hobbies that offer endless creativity and relaxation. These crafts involve working with yarn and fiber to create intricate projects, from garments and blankets to table runners and crochet sock patterns. Developing hand-eye coordination, color and design skills are essential in this art form. Knitting uses needles and techniques like knit stitch, purl stitch, and knitting looms, while crocheting relies on hooks and stitches such as single crochet, crochet thread, and active yarn loops. Both crafts offer various levels of difficulty and learning curves, with resources like Ravelry providing countless patterns and supplies. Explore the difference between knitted and crocheted fabrics, their drape, and texture, as well as the cost and availability of materials. Regardless of your skill level, the joy of creating a finished product is truly rewarding.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Apparel
• Home Textile
• Industrial
• Others
• Distribution Channel
• Online
• Offline
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED