PUBLISHER: Allied Market Research | PRODUCT CODE: 1344282
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344282
According to a new report published by Allied Market Research, titled, "Swimwear Market," The swimwear market was valued at $19.8 billion in 2022, and is estimated to reach $30.9 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.
Swimwear is a costume, or an outfit worn while performing water-based activities such as swimming, surfing, other water sports, or during leisure activities such as sunbathing. However, over the years, swimwear is considered as fashion statement and has led to the emergence of leisurewear fashion trends. Designing swimwear is being an area of interest for the fashion & apparel industries.
Product innovation majorly drives the global swimwear market. The rise in disposable income and ever-changing fashion trends results in the increased purchase of modern and designer swimsuits, especially multifunctional one-piece and cover-up, which are also perceived as a fashion statement. Innovations in swimwear material have been an ongoing trend. Vendors have introduced innovative swimwear products to cater to various needs of the customers led by new products developed to provide health benefits, improved fit, advances in UV protection, thermal swimwear, and lightweight performance swimwear. In addition, the demand for trendy fitness apparel by the middle-aged individuals segment has also increased in the past few years. The growth in demand for trendy and fashionable sports apparel leads to the launch of new products to cater to the customer's demand. Most premium swimwear manufacturers and designers perceive that engineering a swimsuit is more complicated than designing a regular costume or dress as it takes lots of time & effort to develop and introduce innovative products in the swimwear market. Manufacturers focus on the comfort and the features of swimwear as they both have a high impact on the purchase decision of a consumer.
The number of recreational activities that being participated by urban dwellers is on the rise. Spending on these activities has been influenced by the rise in disposable income, brought on by industrialization. Urban people frequently choose swimming as one of their favorite activities. The health advantages associated with it, such as body strengthening, better posture, and the development of core strength, are anticipated to contribute to the expansion of the global swimwear market. Swimming has become more popular among sports organizations, and other groups since it was added to the Olympic games as a sport. In addition, the safety regulations put in place to guarantee protection have increased demand for swimwear. These elements have eventually helped the market for swimwear to expand. The swimwear industry has experienced expansion due to the increasing participation of consumers in water sports and swimming competitions in developing countries.
Nowadays consumer demands swimwear that is not only suitable for swimming and water-based activities but is also multifunctional. They are more inclined toward swimwear, which can serve the purpose of both swimwear and casual wear. The introduction of multifunctional cover-up swimwear and beachwear providers is one the key trends in the swimwear market. Manufacturers introduce multipurpose swimwear, which can be used for different purposes and at different locations. This swimwear are designed in a way that they can also be used as semi-casual wear for pool parties and at outdoor venues such as restaurants, resorts, and shopping centers. Some examples of such multifunctional cover-ups include Charlotte Cover-Up, Darby Cover-Up, Bungalow Romper, Cozmo Cover-Up, Tallulah Cover-Up, Sophie Cover-Up, and Eva Cover-Up by O'NEILL from La Jolla.
To cater to the fluctuating demand for different designs and innovative swimwear, a heavy inflow of investment is required for the R&D of swimwear and components related to it along with tweaking of raw materials according to the requirement of the design. Several manufacturers witness significant demand for trending designs, which in turn increases the cost of investment for R&D to design swimwear. Thus, these products are priced high, which ultimately leads to a decline in sales among price-sensitive consumers.
According to the market analysis, the global swimwear market is segmented into fabric, end user, distribution channel, and region. On the basis of the fabric, the market is divided into polyester, nylon, neoprene, spandex, and others. Based on end user, the market is divided into women, men, and children. As per the distribution channel, the market is divided into online and offline. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, and rest of LAMEA).
The impact of the COVID-19 outbreak was moderate for the growth of the global swimwear market. The trade restrictions and lockdown resulted in the halting of production and manufacturing units. The recovery of the swimwear market is expected in the near future.
The players in the swimwear market have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the portable food safety detectors market.
Some of the key players profiled in the swimwear market analysis include: 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.