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The global neckwear market was valued at USD 3 billion in 2022 and grew at a CAGR of 2% from 2023 to 2032. The market is expected to reach USD 3.65 billion by 2032. The increasing working population will drive the growth of the global neckwear market.
Neckwear can be defined as something that is worn around the neck. Neckties are the most common examples of neckwear. Other examples include the ascot, bow, bolo, zipper tie, cravat and knit. The cravat is the ancestor of the contemporary necktie. In certain cultures, men and boys wear neckties as a part of formal or office clothing. It is reported that neckties or neckwear were first worn or appeared in the apparel industry during the 17th century. Neckwear was only worn by soldiers in the beginning. They have represented authority and respect since they were first used in military battalions. The majority of colleges, schools, sports groups, and gentlemen's clubs had them. Ties were (and still are) an obvious representation of exclusivity and privilege. For instance, the guardians of China's First Emperor Qin Shihuang's tomb, the terracotta warriors, have a wide scarf draped around their necks. Roman troops are said to have worn cravat-like clothing as part of their uniform four centuries later. Ties had a functional purpose and prevented a shirt from being too tight around the neck to keep the throat warm in cold weather. In the contemporary world, neckwear is mostly used as an accessory in addition to being part of formal attire.
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The increasing number of working professionals – the increasing number of working professionals, especially office workers working in banks, marketing and consulting, fashion and other establishments with a formal dress code has positively contributed to the market's growth. Furthermore, the increasing amount of fashion-related information that offers office look-books with links to the products used in the pictures or media, and other office outfit ideas on social media offer inspiration or templates for individuals to build their wardrobe and then positively contribute to the market's growth.
A greater emphasis on casual wear over formal wear – formal wear is meant for occasions like business meetings, weddings, award functions and other such events. However, the lines between formal and casual wear have blurred in the modern world. The younger population combines comfortable casual pieces to make them look formal and vice versa. There is no rigidity in styling. Even offices offer leniency in their dress codes, which might hamper the market's growth.
The multiple styling options of neckwear – clothes or neckwear had a specific purpose in the olden days, and it was worn a specific way. It had specific colours, dimensions, design and structure. The evolution of fashion with the proliferation of social media, fashion designers and influencers has opened up new opportunities for the neckwear market as new products with unique designs, prints, colours and structures are offered. Fashion designers and influencers are experimenting with neckwear and using it as belts, turning them into other clothing and using it to tie together to make them modern, unique and chic. All of these have positively impacted the market and will contribute to the market's growth and development in the future.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the most significant global neckwear market, with a 41% market revenue share in 2022.
The growing young population is driving the apparel market of Asia Pacific. The social media influence has increased, so the fashion industry has taken off, which will positively contribute to the market's growth. The apparel industry of Bangladesh and other Southeast Asian countries contributes significantly to the market's growth and development.
Asia Pacific Region Neckwear Market Share in 2022 - 41%
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The product type segment is divided into neck ties, bow ties, and others. The neck ties segment dominated the market, with a share of around 68% in 2022. A necktie of ten, a tie, is a decorative piece of cloth worn around the neck and rests under the shirt collar. It is tied at the throat. Neckties have other variations, including the ascot, bow, bolo, zipper tie, cravat and knit. They are an essential part of business wear or formal wear. They enable distinction between formal and casual wear. Ties are also typically worn at weddings, court appearances, significant religious ceremonies, funerals, job interviews, and formal galas or dinner events. They have become a statement piece of clothing outside of formal wear in the modern world with the rise of fashion influencers from Gen Z and the millennial population.
The wearing style segment is divided into self-tied and pre-tied. The self-tied segment dominated the market, with a market share of around 84% in 2022. Self-tied neckwear allows users to tie it according to their style and preference. It offers much more flexibility than pre-tied styled. They can be changed according to one's tastes or moods and the aesthetics anywhere and anytime. They can be utilized as something other than neckwear inspired by modern fashion and fashion influencers. Therefore, the flexibility and freedom of self-tied neckwear pieces drive its dominance in the market. Additionally, self-tied neckwear pieces are widely available compared to pre-tied neckwear products.
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 3 Billion |
| Market size value in 2032 | USD 3.65 Billion |
| CAGR (2023 to 2032) | 2% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Product Type and Wearing Style |
As per The Brainy Insights, the size of the global neckwear market was valued at USD 3 billion in 2022 to USD 3.65 billion by 2032.
Global neckwear market is growing at a CAGR of 2% during the forecast period 2023-2032.
The market's growth will be influenced by the increasing number of working professionals.
A greater emphasis on casual wear over formal wear could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global neckwear market based on below mentioned segments:
Global Neckwear Market by Product Type:
Global Neckwear Market by Wearing Style:
Global Neckwear Market by Region:
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