Albany, NY -- (SBWIRE) -- 12/15/2018 -- According to a new market report published by Transparency Market Research titled 'Knitwear Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026, the global knitwear market is expected to reach US$ 817,402.7Mn by 2026, expanding at a CAGR of 5.3% from 2018 to 2026. In terms of volume, the market is expected to reach 26,208 million units in 2026, expanding at a CAGR of 5.0% from 2018 to 2026. Asia Pacific was the single largest knitwear market by region in the global knitwear market in 2017 and its market share is expected to increase during the forecast period.

The global knitwear market consists of global knitwear apparel brands and a large number of knitwear apparel sellers and re-sellers. The market is highly fragmented. Global knitwear brands such as Gap Inc. and Abercrombie & Fitch Co. and major activewear brands such as Adidas AG and Nike Inc.focus on research & development, design, logistics (purchasing and distribution), marketing and branding, and service to improve their position in the market.

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These companies have outsourced the manufacturing of knitwear, which has low value addition in the overall knitwear value chain, to low-cost Asia Pacific countries such as China, Bangladesh, and India. For example, in 2017, Adidas AG manufactured 97.0% of its apparel in Asia Pacific and only 2% of its production took place in the U.S. and one percent in Europe. Similarly, Nike manufactures all its apparel outside the U.S. through independent contract apparel vendors. In 2017, apparel contract factories located in China, Vietnam, and Thailand manufactured 26.0%, 18.0%, and 10.0%, respectively of the company's total apparel production. Thus, Asia Pacific has become a prominent manufacturer and exporter of knitwear apparel. China, Bangladesh, India, Pakistan, and other South Asian and East Asian countries are major exporters of knitwear products across the globe.

Thus, Asia Pacific has become a prominent manufacturer and exporter of knitwear apparel. China, Bangladesh, India, Pakistan, and other South Asian and East Asian countries are major exporters of knitwear products across the globe.

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North America imports almost all of its knitwear products from Asia Pacific. Rising demand for branded innerwear from U.S. based brands such as Victoria's Secret is increasing in the U.S. and other North American countries. Demand for sportswear is also rising in North America.