The global neckwear products market was valued at USD 5.7 billion in 2022 and is projected to expand at a CAGR of 4.6% from 2023 to 2030. Neckwear products, including ties, bow ties, cravats, and scarves, are an essential part of formal dressing in many countries. Neckwear products are used for formal and informal occasions such as weddings, business events, and parties. Furthermore, with the increasing trend of fashion and personalization, neckwear products are gaining popularity among customers. For instance, ties, bow ties, and cravats are often used for formal occasions such as weddings and business meetings.

In recent years, there has been an increased demand for fashionable and stylish neckwear products. As a result, many manufacturers are focusing on the design and aesthetic appeal of their products to attract consumers. For instance, in April 2021, Paul Smith, a British designer and fashion retailer, launched a new collection of neckwear products such as ties, pocket squares, and bow ties. The collection includes unique designs and patterns such as animal prints, polka dots, and stripes. Furthermore, some manufacturers are also focusing on the production of sustainable neckwear products. For instance, in July 2021, Tie Bar, a US-based neckwear company, launched a new collection of neckwear products made from recycled materials such as plastic bottles, cotton, and wool.

The growing demand for luxury neckwear products is also driving the market growth. The rising trend of fashion among customers is leading to an increased demand for luxury neckwear products. For instance, in January 2021, the British luxury menswear brand, Hackett London, launched a new collection of neckwear products. The collection includes ties, pocket squares, and bow ties made from luxurious fabrics such as linen, wool, and silk.

Furthermore, the emergence of online retail platforms is bolstering the growth of the market. Online stores offer convenience and a wide selection of neckwear products, which is attracting customers. Furthermore, online stores also offer discounts and offers, which is boosting the sales of neckwear products. For instance, in June 2021, Tie Bar, a US-based neckwear company, launched its official store on Amazon, offering discounts and offers to customers.

The growth of the market is also attributed to the increasing popularity of neckwear products among celebrities and influencers. Celebrities and influencers often wear neckwear products to red-carpet events and parties, which is increasing the popularity of these products among customers. Additionally, the increasing trend of personalization is also driving the market growth. As customers are increasingly looking for personalized neckwear products, manufacturers are focusing on the production of personalized neckwear products to cater to the growing demand.

The necktie segment accounted for the largest market share in 2022. Neckties are one of the most popular accessories in men’s fashion and they are available in a wide range of styles, fabrics, and colors. The popularity of neckties has been increasing over the years due to their ability to add an element of sophistication to any outfit. According to a survey conducted by the British Neckwear Association, in October 2020, 82% of respondents said they had worn a necktie in the last 12 months. Furthermore, the increasing demand for premium and designer necktie products is also fueling market growth.

The bow tie segment is expected to expand at the highest CAGR over the forecast period. Bow ties have become popular fashion accessories in recent years and are increasingly being adopted by men around the world. According to an article published by the British Neckwear Association, in October 2020, bow ties were the second most popular neckwear accessory among respondents after neckties. Moreover, the increasing trend of wearing bow ties for formal occasions, such as weddings and red carpet events, is driving the growth of the segment.

The departmental stores segment accounted for a major share in 2022 due to the high presence of neckwear products in these stores. Departmental stores offer customers the convenience of having multiple product varieties under one roof, thereby giving them the freedom to select their desired neckwear product. This has been a major factor driving the segment growth. Furthermore, the presence of offline retail stores increases the visibility of neckwear products, which is expected to further propel the segment’s growth over the forecast period.

The online segment is estimated to expand at the highest CAGR over the forecast period due to the increasing penetration of the internet, which has enabled customers to buy neckwear products from the comfort of their homes. In addition, the emergence of e-commerce platforms such as Amazon and Flipkart have given a major boost to the online market of neckwear. Moreover, online stores offer customers a wide range of products at discounted prices, which is further expected to propel the segment’s growth.

The formal neckwear segment accounted for the largest revenue share of 51.6% in the year 2022. Formal neckwear includes ties, cravats, and bow ties, among others. The increasing demand for formal attire for business meetings, events, and other formal occasions is expected to drive the growth of this segment. Moreover, the availability of various options in the formal neckwear segment such as printed, striped, and plain ties is likely to fuel the growth of the market. Furthermore, the rising trend of smart casual wear is expected to have a positive influence on the formal neckwear segment.

The casual neckwear segment is anticipated to expand at the highest CAGR of 8.7% over the forecast period. The growing popularity of casual neckwear among the youth and the increasing trend of wearing neckwear as an accessory are expected to propel the growth of the segment. Furthermore, the availability of various options such as bandanas, scarves, and bolo ties in the market is likely to boost the demand for casual neckwear.

Europe is expected to be the largest market for neckwear products during the forecast period. This can be attributed to the increasing demand for luxury neckwear products in the region. For instance, in April 2021, British luxury neckwear brand Turnbull & Asser launched a new collection of printed silk scarves, inspired by their iconic hand-painted designs.

Asia Pacific is expected to witness the fastest growth during the forecast period. This can be attributed to the increasing demand for casual neckwear products in the region. For instance, in April 2021, China-based neckwear brand Boizanz launched a collection of casual neckties for men.

North America is expected to witness steady growth in the market during the forecast period. This can be attributed to the increasing demand for premium neckwear products in the region. For instance, in April 2021, U.S.-based luxury neckwear brand The Hill-Side launched a new collection of cotton neckties and pocket squares.

In this part of the neckwear products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your neckwear business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main sources of revenue for a neckwear products business come from product sales, wholesale orders, and custom orders. Here you will find a list with a description of each of these categories, as well as other possible sources of profit such as donations, discounts, and promotional offers.

Projecting Expenses
In this section, all the regular expenses related to keeping the neckwear products business running will be described. The list of operating expenses includes purchasing costs, manufacturing costs, storage and logistics, wages, advertising and marketing, utilities, insurance policies, and others.

Some of the key companies operating in the neckwear market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Zara launched a collection of neckties in a variety of colors and designs.

– In August 2022, Armani launched a new collection of neckties with a modern twist.

– In October 2022, Van Heusen launched a range of neckties with a focus on luxury and sophistication.

Some of the prominent players in the neckwear market include:

– Zara
– Armani
– Van Heusen
– Paul Smith
– Hugo Boss
– Brooks Brothers
– Ralph Lauren
– Prada
– Dior
– Gucci

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global neckwear products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Ties
– Bow Ties
– Scarves
– Pocket Squares
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Mass
– Premium

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Major Drivers of Neckwear Products Market?
[A]: The increasing demand for formal and casual attire, rising disposable income, and the availability of a wide range of designs, colors, and fabrics are major drivers of the neckwear products market. Additionally, the growing trend of fashion and style awareness among the millennial population is expected to fuel the demand for neckwear products.

[Q]: Who are the Major Players in the Neckwear Products Market?
[A]: The major players in the neckwear products market are PVH Corp, The Tie Bar, GANT, CERRUTI, Stenströms, The Men’s Wearhouse, Inc., Brooks Brothers Group, Inc., Duchamp, Paul Smith, and Hermès International.

[Q]: What are the Key Trends in the Neckwear Products Market?
[A]: Key trends in the neckwear products market include the growing popularity of ethnic neckwear, increasing demand for custom-made neckwear, increasing preference for organic fabrics, and the emergence of smart neckwear products.

[Q]: Which Regions Offer the Most Attractive Opportunities for Neckwear Products?
[A]: Asia Pacific is expected to be the most attractive market for neckwear products due to the presence of a large number of population, increasing disposable income, and the availability of a wide range of designs, colors, and fabrics.

[Q]: How is Technology Impacting the Neckwear Products Market?
[A]: Technological advancements are impacting the neckwear products market in terms of production processes, product design, and material selection. In addition, the emergence of e-commerce platforms has enabled companies to reach a wider consumer base and improve their sales. Furthermore, the introduction of smart neckwear products is expected to provide new opportunities for market players.