Portland, OR, Aug. 09, 2022 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Women Sports and Swimwear Market by Material (Synthetic, Natural), by Price Point (Premium, Mass), by Distribution Channel (E commerce, Supermarkets and hypermarkets, Brand Outlets, Discount Stores): Global Opportunity Analysis and Industry Forecast, 2021-2031.”According to the report, the global women sports and swimwear industry generated $81.73 billion in 2021, and is estimated to reach $148.32 billion by 2031, witnessing a CAGR of 6.4% from 2022 to 2031.
Drivers, Restraints, and Opportunities
Increase in health consciousness among women led to adoption of fitness activities such as yoga, jogging, swimming, &aerobics and thus, increased the demand for sports and swimwear. This, in turn, drives the growth of the global women sports and swimwear market. Moreover, increase in demand for high-end swimwear and expansion of public and private swimming pools supplement the growth. However, the presence of counterfeit goods and fluctuating costs of raw materials used for manufacturing clothes restrain the market growth. On the other hand, high adoption of e-commerce platforms and the emergence of innovative materials such as neoprene create opportunities in the coming years.
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Covid-19 Scenario
- Production activities for sports and swimwear were stopped completely or partially due to lockdown implementation, unavailability of sufficient workforce, and disruptions in the supply chain worldwide. This impacted the overall production volumes.
- The demand from sports and swimwear reduced considerably due to closure ofsports events, gyms, fitness centers, and other places that promote physical activities. Moreover, 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 were closed during the lockdown. This, in turn, reduced the overall sales volume. However, women preferred ordering sportswear through online channels to conduct activities such as yoga, aerobics, and other physical activities in home.
- The demand for sports and swimwear is expected to increase steadily post-pandemic as sports events, jogging, aerobics and other physical activities began outdoors. In addition, swimming pools and beaches opened post-pandemic.
The natural segment to maintain its lead position during the forecast period
Based on material,the natural segment accounted for the largest market share in 2021, contributing to more than two-thirds of the global women sports and swimwear market, and is projected to maintain its lead position during the forecast period. This is due to rise in demand for natural materials such as silk for its characteristics such as luxurious & beautiful appearance, ability to keep warm in the cold or cool weather, and soft texture providing comfort. However, the synthetic segment is estimated to witness the largest CAGR of 6.9% from 2022 to 2031, owing to 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 point, the mass segment contributed to the highest market share in 2021, accounting for nearly three-fifths of the global women sports and swimwear market, and is expected to maintain its dominant share during the forecast period. This is due tohigh purchasing power of lower-middle class and higher-middle class people for mass-market goods. However, the premium segment is projected to manifest the fastest CAGR of 6.7% from 2022 to 2031, owing to increased willingness to spend more sports and swimwear with improved lifestyles and surged disposable income.
The discount stores segmentto continue its highest contribution throughout the forecast period
Based on distribution channel,the discount stores segment accounted for the largest market share in 2021, holding nearly one-third of the global women sports and swimwear market, and is estimated to continue its highest contribution throughout the forecast period. This is attributed to offering of latest products and fresh arrivals at discounted prices. However, the e-commerce segment is estimated to register the highest CAGR of 6.8% from 2022 to 2031, owing topreference for online platforms for their ease of accessibility and convenience along with offering of a number of discounts.
Asia-Pacific to maintain its lead status by 2031
Based on region, Asia-Pacific held the largest market share in 2021, accounting for around one-third of the global women sports and swimwear market, and is expected to maintain its lead status by 2031. Moreover, this region is projected to register the fastest CAGR of 7.2% from 2022 to 2031, owing tosurge in purchasing power of consumers, rise in disposable income of middle-class segment, and increase in marketing initiatives such as heavy marketing campaigns and celebrity endorsements.The research also analyzes regions including North America, Europe, and LAMEA.
Leading Market Players:
- Arena Italia S.p.A
- Adidas AG
- Jantzen, Inc.
- La Perla Group
- LululemonAthleticaInc
- Nike, Inc.
- O'Neill, Inc.
- PARAH S.p.A
- Perry Ellis International, Inc
- PVH CORP.
- Quicksilver
- Seafolly
- TYR Sport
- Under Armour Inc.
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