Global Swimwear Market Expected to Reach $28,148 Million by 2024 | CAGR 6.2% - Allied Market Research
PORTLAND, Oregon, July 30, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Swimwear Market by Fabric, Distribution Channel, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2024" the global swimwear market was valued at $18,454 million in 2017, and is projected to reach $28,148 million by 2024, registering a CAGR of 6.2% from 2018 to 2024. In 2017, the swimwear market for woman accounted for more than two-thirds share of the global market in terms of value.
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Swimwear is a type of clothing or costume designed to be worn by people engaged in swimming, water sports, swimming, surfing, water skiing, or even sunbathing. Different styles of modern swimsuits are available. These vary according to body coverage and materials. Different fabrics used for making swimwear include polyester, nylon, spandex, and other blended fabrics, which gives it the required stretch and makes it capable of withstanding sun, chlorine, and salt water.
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Swimming is consider as a healthy and low-impact activity that has many physical and mental health benefits such as alleviating stress, building endurance, muscle strength, and cardiovascular fitness. It also helps maintain a healthy weight, healthy heart, and healthy lungs. Swimming is a great recreational activity for people of all ages. Growth in interest of consumer in swimming as recreational & fitness activity supports the growth of the global swimwear industry.
The growth of the global swimwear market is primarily driven by product innovation. The changes in fashion trends and increase in disposable income of consumer results in the increased purchase of modern and designer swimsuit, especially multifunctional one-piece and cover-ups, which are also perceived as a fashion statement, thus propelling the growth of the swimwear market. In addition, factors such as growth in demand for luxury swimwear by women, increase in family vacations along beach side, and high penetration of ecommerce platforms also boost the growth of the swimwear market. However, price volatility of raw materials such as polyester, nylon, polypropylene, spandex, neoprene, & other fibers and cost of designing swimwear having desired texture, design, look, and other fashion attributes affects the swimwear market size to a greater extent. In addition, to cater to the fluctuating demand for different designs and innovative swimwear, heavy inflow of investment for the R&D is required, which also hampers the growth of the swimwear market.
Use of fabrics with features such as high thermal insulation, enhanced flexibility, adequate surface friction, and lightweight nature such as neoprene has increased the production of wetsuits and swimsuits. Incorporation of such advanced fibers to develop fabrics for swimwear is expected to provide lucrative opportunities for the swimwear market. In addition, factors such as introduction of multifunctional cover-up swimwear and beachwear coupled with expansion in product line and innovations in men's swimwear also provide great opportunities for the swimwear market in the upcoming years.
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KEY FINDINGS OF THE STUDY
- By end user, the woman swimwear segment was the highest contributor to the market in 2017, and is projected to grow at a CAGR of 6.4%.
- By fabric, the polyester segment is expected to grow at the highest CAGR of 6.5% from 2018 to 2024.
- By region, Asia-Pacific accounted for one-fifth of the share in the global swimwear market in 2017 and is projected to grow at a significant CAGR of 8.4%.
- In 2017, China accounted for the highest swimwear market share accounting approximately for 31.51% in Asia-Pacific.
- In 2017, by distribution channel, the offline segment generated the highest swimwear market share and is expected to grow at significant CAGR of 6.2%.
- By fabric, the polyester and spandex segments collectively accounted for about 65% share of the swimwear market in 2017.
In terms of value, Asia-Pacific and LAMEA collectively contributed more than 30% share in the global market in 2017. The key players operating in swimwear industry are Haddow Group Plc, Nike Inc., Boardriders, Inc., Arena Italia S.p.A., Swimwear Anywhere, Inc., Adidas AG, Dick's Sporting Goods, Gap Inc., Phillips-Van Heusen Corporation (PVH Corp.), and Perry Ellis International Inc.
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