India: Men Knitwear Market 2024

Men Knitwear Market Size in India

The Indian men knitwear market soared to $X in 2022, picking up by 32% against the previous year. In general, consumption recorded a resilient expansion. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Men Knitwear Production in India

In value terms, men knitwear production reached $X in 2022 estimated in export price. In general, the total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +9.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.4% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of 70% against the previous year. Over the period under review, production attained the peak level at $X in 2020; afterwards, it flattened through to 2022.

Men Knitwear Exports

Exports from India

In 2022, approx. X units of men's or boys' clothing (knitted or crocheted) were exported from India; declining by -12.8% compared with 2021. In general, exports, however, posted a strong increase. The growth pace was the most rapid in 2021 when exports increased by 42% against the previous year. As a result, the exports attained the peak of X units, and then contracted in the following year.

In value terms, men knitwear exports contracted markedly to $X in 2022. Overall, exports, however, recorded resilient growth. The pace of growth appeared the most rapid in 2021 when exports increased by 36%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units), the United Arab Emirates (X units) and Saudi Arabia (X units) were the main destinations of men knitwear exports from India, together comprising 46% of total exports. Poland, Germany, the UK, the Netherlands, France, Slovenia, Italy, Spain and Belgium lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Slovenia (with a CAGR of +110.9%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), the United Arab Emirates ($X) and Saudi Arabia ($X) appeared to be the largest markets for men knitwear exported from India worldwide, together accounting for 49% of total exports. Germany, the UK, the Netherlands, Poland, France, Italy, Slovenia, Spain and Belgium lagged somewhat behind, together comprising a further 29%.

In terms of the main countries of destination, Slovenia, with a CAGR of +93.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average men knitwear export price stood at $X per unit in 2022, shrinking by -8.5% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 20%. As a result, the export price attained the peak level of $X per unit. From 2016 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per unit), while the average price for exports to Poland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+2.5%), while the prices for the other major destinations experienced more modest paces of growth.

Men Knitwear Imports

Imports into India

In 2022, the amount of men's or boys' clothing (knitted or crocheted) imported into India surged to X units, with an increase of 48% compared with the previous year. Over the period under review, imports recorded significant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 135% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, men knitwear imports surged to $X in 2022. In general, imports saw a significant expansion. The growth pace was the most rapid in 2013 with an increase of 101% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, Bangladesh (X units) constituted the largest men knitwear supplier to India, with a 57% share of total imports. Moreover, men knitwear imports from Bangladesh exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was held by Indonesia (X units), with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Bangladesh amounted to +65.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+25.4% per year) and Indonesia (+66.6% per year).

In value terms, Bangladesh ($X), China ($X) and Indonesia ($X) constituted the largest men knitwear suppliers to India, with a combined 68% share of total imports.

In terms of the main suppliers, Indonesia, with a CAGR of +58.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average men knitwear import price stood at $X per unit in 2022, with an increase of 6.6% against the previous year. Overall, the import price, however, showed a pronounced reduction. The growth pace was the most rapid in 2015 an increase of 9.7%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per unit), while the price for Bangladesh ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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