Market Research Report
Athleisure Market - Forecasts from 2021 to 2026
|Athleisure Market - Forecasts from 2021 to 2026|
Published: July 5, 2021
Knowledge Sourcing Intelligence
Content info: 117 Pages
Delivery time: 1-2 business days
The athleisure market is evaluated at US$288.864 million for the year 2019 and is projected to grow at a CAGR of 6.71% to reach US$455.017 million by the year 2026. Athleisure refers to a hybrid clothing style that is worn for both exercising purposes and other general settings including workplace, school, and other social & casual occasions. In a simple summation, athleisure refers to athletic plus leisure. Athleisure defines current fashion trends and is the result of market trends that entail showing off of body fitness coupled with the need for simple fashion. The popularity of athleisure clothing is anticipated to considerably influence ongoing fashion trends over the coming years. Athleisure wear includes yoga pants, jogger pants, shorts, sweatpants, hoodies, sneakers, etc. Athleisure is the intersecting playing field for fashion and activewear. As athleisure gains ground, activewear appears to dominate.
Prominent factors driving demand in the athleisure market include growing concerns regarding physical fitness and personal grooming among the young population. Moreover, shifting market trends towards comfortable clothes coupled with the growing need for fashion, especially at workplaces and social gatherings are integral factors driving demand in the market. Furthermore, increasing consciousness for a healthy lifestyle is leading to the adoption of physical fitness services and activities, thereby supplementing growth in the athleisure market. Moreover, the increasing use of casual clothing in corporate workplaces is expected to further fuel demand in the athleisure market. Furthermore, increasing investments by fitness centers in emerging economies and the increasing availability of highly advanced physical fitness services are anticipated to propel growth opportunities in the market over the forecasted period. Furthermore, the increasing adoption of athleisure clothing in the sports industry is expected to further boost demand in the market over the forecasted period. Furthermore, the rise of social media coupled with increasing social media endorsements is further burgeoning demand in the athleisure market. Health and fitness influencers are gaining significant traction on social media, thereby providing a larger relevant audience for athleisure brands to market their products.
The outbreak of the novel coronavirus disease negatively impacted the athleisure market. Most brands, retailers, and manufacturers finished the year on a downward trajectory, despite a recovery in the market after an initial market downturn. The COVID-19 led to a global supply chain disruption and a sharp decline in revenues for companies operating the athleisure market. Moreover, a decline in outdoor sporting activities and gymming facilities has further impacted sales in the athleisure market.
Women segment to hold a dominant market share.
The market for women's athleisure clothing is estimated to hold a dominant market share over the forecasted period. The growth in the market can be attributed to the growing participation of women in fitness and sports along with growing sporting events involving women. Collectively these factors are supporting growth in the athleisure market. Besides widespread offerings across varied sizes and shapes, the demand for athleisure clothes in the women's segment is rising.
Online distribution channel to offer lucrative growth opportunities.
The online distribution channel holds a dominant market share and is estimated to grow at a significant rate over the forecasted period. The growth in the market can be attributed to the growing adoption of online distribution channels for purchasing clothes. Moreover, the growing penetration of online e-commerce platforms is further propelling demand in the athleisure market. Moreover, the outbreak of the COVID-19 pandemic has led to a rise in the use of online distribution channels. Whereas offline distribution holds a decent market share owing to a considerable amount of the population preferring to purchase clothes through offline distribution channels.
Regional market trends in the athleisure market.
The North American region is anticipated to hold a dominant market share owing to growing concerns regarding health and fitness. Moreover, the presence of prominent market players in the health and services industry is estimated to support market growth over the forecasted years. Furthermore, the Asia Pacific region is estimated to grow at a notable rate owing to the growing concerns of people towards a healthy lifestyle. Besides, increasing penetration of foreign brands in the region, rising disposable income, and increasing desire for improved lifestyles are fueling demand in the region. Moreover, a growing number of fitness centers and gyms are also facilitating growth in the market.
Participation by market players.
The Companies in the market are offering customized solutions to clients. Prominent activewear companies are transforming their product portfolios to suit the changing market trends of athleisure wear. Shifting market trends are forcing market players to offer innovative yet sustainable product catalogs to gain a competitive advantage. For instance, Asics recently announced the launch of its sneakers range portfolio, the Sunrise Reborn Pack. Through its new product offering, the company aims to advance its sustainability efforts. The product is developed by converting recycled clothing into shoes.
The players in the Athleisure market are implementing various growth strategies to gain a competitive advantage through the application of diversity and inclusivity in their offering and adopting varied sustainable, durable and high-quality product solutions.
Middle East & Africa