Portland, OR, Aug. 09, 2022 (GLOBE NEWSWIRE) — Allied Market Research has released a report titled, “Women’s sports and swimwear market By Material (Synthetic, Natural), By Price Tier (Premium, Mass), By Distribution Channel (E-Commerce, Supermarkets & Hypermarkets, Branded Outlets, Discount Stores): Global Opportunities Analysis and Industry Forecast , 2021-2031.According to the report, the global women’s sports and swimwear industry generated $81.73 billion in 2021 and is expected to reach $148.32 billion by 2031, growing at a CAGR of 6.4% 2022 to 2031.
Drivers, constraints and opportunities
The increase in health consciousness among women has led to the adoption of fitness activities such as yoga, jogging, swimming and aerobics and thus has increased the demand for sports and swimwear . This, in turn, is driving the growth of the global women’s sports and swimwear market. Additionally, increasing demand for high-end swimwear and the expansion of public and private swimming pools complement the growth. However, the presence of counterfeits and fluctuating costs of raw materials used for manufacturing garments are restraining the growth of the market. On the other hand, the strong adoption of e-commerce platforms and the emergence of innovative materials such as neoprene are creating opportunities in the coming years.
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- Sportswear and swimwear production activities have been completely or partially halted due to the implementation of the lockdown, unavailability of sufficient workforce and supply chain disruptions in the world. This had an impact on overall production volumes.
- The demand for sports and swimwear has dropped significantly due to the closure of sporting events, gyms, fitness centers and other venues that promote physical activities. Additionally, swimming pools and beaches were also closed during the lockdown as governments took various measures to stop the spread of the virus.
- Distribution channels such as brand outlets, hypermarkets and discount stores have been closed during the lockdown. This, in turn, reduced the overall volume of sales. However, women preferred to order sportswear through online channels to carry out activities such as yoga, aerobics and other physical activities at home.
- The demand for sports and swimwear is expected to increase steadily after the pandemic as sporting events, jogging, aerobics and other physical activities have started outdoors. Also, pools and beaches opened after the pandemic.
The natural segment to maintain its leading position during the forecast period
Based on materials, the natural segment accounted for the largest market share in 2021, contributing more than two-thirds of the global women’s sports and swimwear market, and is expected to maintain its leading position during the period. forecast. This is due to the increase in demand for natural materials such as silk for its characteristics such as luxurious and beautiful appearance, ability to keep warm in cold or cool weather, and soft texture providing comfort. However, the synthetic segment is estimated to experience the highest CAGR of 6.9% from 2022 to 2031, owing to its high drapability and wrinkle-free nature.
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The mass segment to maintain its dominant share during the forecast period
Based on price, the mass segment contributed the highest market share in 2021, accounting for nearly three-fifths of the global women’s sports and swimwear market, and is expected to maintain its dominant share over the course of the forecast period. This is due to the high purchasing power of the lower and upper middle classes for consumer goods. However, the high-end segment is expected to show the fastest CAGR of 6.7% from 2022 to 2031, due to an increased willingness to spend more on sports and swimwear with improved lifestyles and a increase in disposable income.
The discount store segment will continue its highest contribution throughout the forecast period
Based on distribution channel, the discount store segment accounted for the largest market share in 2021, holding nearly one-third of the global women’s sports and swimwear market, and is expected to continue its highest contribution throughout the forecast period. This is attributed to offering the latest products and new arrivals at discounted prices. However, the e-commerce segment is estimated to register the highest CAGR of 6.8% from 2022 to 2031, owing to the preference for online platforms for their ease of accessibility and convenience as well as the offer a number of discounts.
Asia-Pacific will retain its leadership status by 2031
Based on region, Asia-Pacific held the largest market share in 2021, accounting for approximately one-third of the global women’s sports and swimwear market, and is expected to maintain its leading status by 2031 Moreover, this region is expected to register the fastest CAGR of 7.2% from 2022 to 2031, owing to increasing purchasing power of consumers, increasing disposable income of middle class segment and increased marketing initiatives such as intensive marketing campaigns and celebrity endorsements. The research also analyzes regions such as North America, Europe and LAMEA.
Main market players:
- Arena Italia SpA
- Adidas S.A.
- Janzen, Inc.
- La Perla Group
- Nike, Inc.
- O’Neill, Inc.
- PARAH SpA
- Perry Ellis International, Inc.
- PVH CORP.
- TYR Sports
- Under Armor Inc.
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