Swimwear market expected to reach $ 28,148 million by 2024 – KSU
According to a new report released 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 expected to reach $ 28,148 million by 2024, registering a CAGR of 6.2% from 2018 to 2024. In 2017, the swimwear market women’s baths accounted for more than two-thirds of the market share. the world market in terms of value.
Swimwear is a type of clothing or costume designed to be worn by people who practice swimming, water sports, swimming, surfing, water skiing, or even sunbathing. Different styles of modern swimwear are available. These vary depending on body coverage and materials. The various fabrics used for making swimwear include polyester, nylon, elastane and other blended fabrics, which gives it the required elasticity and makes it able to withstand sun, chlorine and water. ‘salt water.
Swimming is considered a healthy, low-impact activity that has many benefits for physical and mental health, such as reducing 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. Growing consumer interest in swimming as a recreational and fitness activity is supporting the growth of the global swimwear industry.
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The growth of the global swimwear market is primarily driven by product innovation. Changes in fashion trends and increasing disposable income of consumers are reflected in increased purchases of modern and designer swimwear, especially multifunctional piece and jumpsuits, which are also seen as a fashion statement, thus propelling the growth of the swimwear market. . In addition, factors such as the growth in demand for luxury swimwear by women, the increase in family vacations along the beach, and the high penetration of e-commerce platforms are also driving the growth of the market for women. swimwear. However, the price volatility of raw materials such as polyester, nylon, polypropylene, spandex, neoprene and other fibers and the cost of designing swimwear having the texture, design, appearance and other desired fashion attributes further affect the size of the swimwear market. In addition, to meet the fluctuating demand for different models and innovative swimwear, a large influx of investment for R&D is required, which is also hampering the growth of the swimwear market.
The use of fabrics with characteristics such as high thermal insulation, increased flexibility, adequate surface friction and a lightweight nature such as neoprene has increased the production of wetsuits and swimwear. The incorporation of these advanced fibers to develop swimwear fabrics is expected to provide lucrative opportunities for the swimwear market. In addition, factors such as the introduction of multi-functional swimwear and beachwear combined with the expansion of the product line and innovations in men’s swimwear also provide great opportunities for the swimwear market. bathroom in the years to come.
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Key Findings of the Swimwear Market:
- By end user, the women’s swimwear segment was the biggest contributor to the market in 2017 and is expected 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 global swimwear market share in 2017 and is expected to grow at a significant CAGR of 8.4%.
- In 2017, China held the highest swimwear market share with around 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 a significant CAGR of 6.2%.
- By fabric, the polyester and elastane segments collectively accounted for approximately 65% of the swimwear market in 2017.
In terms of value, Asia-Pacific and LAMEA collectively contributed over 30% of the global market in 2017. The major players operating in the swimwear industry are Haddow Group Plc, Nike Inc., Boardriders, Inc ., Arena Italia SpA, Swimwear Anywhere, Inc., Adidas AG, Dick’s Sporting Goods, Gap Inc., Phillips-Van Heusen Corporation (PVH Corp.) and Perry Ellis International Inc.