
Crafftors-Knitting is a startup that offers a subscription-based service for knitting enthusiasts. The service delivers monthly knitting projects to customers with custom patterns generated by AI algorithms that analyze their preferences and skill level. The business aims to tap into the sizable and growing global knitting market, which was valued at $9.4 billion in 2020 and is projected to reach $13.3 billion by 2027, with a CAGR of 5.1%. Subscription-based services have been successful in various industries, and the revenue potential of a platform catering to knitting enthusiasts is demonstrated by the success of Ravelry, a popular online community and marketplace for knitters, which reportedly generates annual revenue in the range of $2-3 million. However, the knitwear market is highly fragmented, with lower-income consumers preferring to buy products from local markets rather than luxury and branded knitwear, resulting in fierce rivalry for market share.
Sectors | Arts, Clothing and textiles, E-commerce |
Location | Sokoto, Nigeria |
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