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.
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.
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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