PUBLISHER: Orion Market Research | PRODUCT CODE: 1311891
PUBLISHER: Orion Market Research | PRODUCT CODE: 1311891
Title: Global Hoodies and Sweatshirts Market Size, Share & Trends Analysis Report by Material Type (Cotton, Wool, Leather, Fleece, and Others), and by Distribution Channel (Hypermarkets and Supermarkets, Convenience Stores, Specialist Retailers, Clothing retail stores, and Online retail), Forecast Period (2023-2030).
The global hoodies and sweatshirts market is anticipated to grow at a CAGR of 5.5% during the forecast period. The market growth is attributed to factors such as the increasing demand for sweatshirts for special festivals and occasions. Thus, to cater such rising demand the key market players are also adopting new strategies, such as reviewing their products as per the demand in the market and others. For instance, in November 2022, The Gap Inc. planned to revive its Dap sweatshirt style. The pattern is offered in 3 different colorways including red, yellow, and forest green, which are the major component of the limited-edition collection. The 4th pattern introduced involves houndstooth pattern in a mustard color.
The hoodies and sweatshirts market is segmented based on material type, and distribution channel. Based on material type, the market is sub-segmented into cotton, wool, leather, fleece, and others. Furthermore, based on distribution channels, the market is sub-segmented into hypermarkets and supermarkets, convenience stores, specialist retailers, clothing retail stores, and online retail. Among the material type, the fleece manufacturer sub-segment is expected to grow at a considerable CAGR over the forecast period. The segmental growth is attributed to the increasing demand for polyester shielding fabric, that retains body heat and shields wearers from the winter cold.
Among the material type, the cotton sub-segment is anticipated to hold a prominent market share of the global hoodies and sweatshirt market. The growth is attributed to the growing demand for branding and customization activities of sweatshirts across the globe. There are several benefits of branding hoodies and sweatshirts, which includes increased brand awareness, strengthen brand identification, adaptable, cost-effective, and offers personalized/ versatile touch. Thus, the market players are also focusing on creating customized and personalized products in order to cater to the rising demand. For instance, in April 2023, Czar Clothing launched extreme customized hoodies. These hoodies are designed with high quality fabrics, eco-friendly materials and unique print designs. high quality fabrics, eco-friendly materials and unique print designs.
The hoodies and sweatshirts market is analyzed based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East and Africa, and Latin America). Among these, North America is projected to experience a prominent growth over the forecast period, driven by the growing popularity of athletic endeavors which has increased the demand for clothes from nations such as the US and Canada. For instance, in June 2023, Gap and Dapper Dan have collaborated to create a new line of Dap hoodies and launched in US. The latest limited-edition release includes a reinvented logo and four plaid colors.
Among all the regions, the Asia-Pacific region is anticipated to hold a significant share of the hoodies and sweatshirt market during the forecast period. The regional market growth is attributed to the increased e-commerce and online retailing demand which has bolstered the associability and accessibility of hoodies across the region. According to the State of Fashion, engaging with social commerce formats, such as those on livestream channels in China, provides companies with insights that are useful when applied to other countries and platforms. As per the same source, China attracted around 14 million views which generated the sales of 1,300 hoodies, after holding a livestream. Additionally, the country witnesses approximately 176 Specific market traits such as long-standing consumer tolerance with in-application purchasing.
The major companies serving the global hoodies and sweatshirt market include: Gap Inc, Hanesbrands Inc., Levi Strauss & Co., Lululemon Athletica Inc, New Balance Athletics, Inc among others. These market players are considerably contributing to market growth by adopting various strategies such as mergers and acquisitions, partnerships, collaborations, funding, and new product launches to stay competitive. For instance, in August 2022, The UNRL partnered with Vikings, which will include 6 brand-new sweatshirts as a part of the Hometown Collection Volume II.
Further, in July 2022, RTFKT and Nike launched AR Genesis Hoodie. It is the 1st hoodie produced in collaboration with RTFKT Studios, a Web3 fashion and antiques company that Nike Sportswear officially acquired. The hoodie allows Clone X avatars and real-life holders to wear owing to the augmented reality (AR) technology. The hoodie was created for the future and has an NFC chip that enables wireless communication between the hoodie and the digital asset.