Swimwear Market to Reach $30.9 Billion, Globally, by 2032 at 4.5% CAGR: Allied Market Research
Prime Determinants of Growth:
The global swimwear market is experiencing growth due to factors such as Product innovation in swimwear, growth in demand for luxury swimwear by women, and growth in interest in swimming as a fitness and recreational activity. On the other hand, fluctuations in commodity markets, natural calamities affecting raw material sources, fluctuations in global economies, and others are some of the key factors affecting the price of raw materials. Thus, volatility in raw material prices hampers the growth of the overall market. Nevertheless, with process innovations and advancements in neoprene fiber incorporation technologies to develop fabrics that improve their elasticity and efficacy, the swimwear market is projected to witness high sales in the coming years.
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Report Coverage & Details:
Drivers
Opportunities
COVID-19 Scenario:
The polyester segment to maintain its leadership status throughout the forecast period-
By fabric, the polyester segment held the highest market share in 2022, accounting for more than two-fifths of the global swimwear market, and is estimated to maintain its leadership status throughout the forecast period. Polyester material is frequently used for swimwear owing to its durability and resistance to fading properties. Moreover, polyester is a hydrophobic material, meaning that it repels water. This property allows polyester swimwear to dry quickly, which is beneficial for swimmers who want to stay comfortable and avoid chafing. However, the neoprene segment would showcase the fastest growing CAGR of 6.2% during the forecast period. Cut-out designs are a popular trend in neoprene swimwear, with many brands incorporating strategic cut-outs to create interesting shapes and styles. The increasing demand for swimwear that provides a layer of insulation is expected to fuel the growth of the market.
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The women segment to maintain its dominance throughout the forecast period-
By end user, the women segment held the major share in 2022, generating more than two-thirds of the global swimwear market, and is projected to maintain its dominance throughout the forecast period. High-waisted bikinis are a popular trend in women's swimwear. This retro-inspired style is flattering on a wide range of body types and offers more coverage than traditional bikinis. With the increasing demand for women's swimwear, manufacturers are investing in research and development to offer cost-effective and fashionable swimwear for women. On the other hand, the children segment would portray the fastest CAGR of 5.3% during the forecast period. The growth is attributed to the increase in the disposable income of consumers; parents are more likely to spend money on high-quality swimwear for their children. It is expected to propel the growth of the market in the upcoming years.
North America region to be garnered by 2032-
Based on region, North America held the highest market share in 2022, garnering around two-fifths of the global Swimwear market, and is expected to maintain its leadership status throughout the forecast period. This is attributed to the growth in the population, which prefers to live a healthy lifestyle with stronger participation in sports and fitness activities, which drives market development. The demand for swimwear by women also drives the growth of the swimwear market in this region. Thus, swimwear has evolved into a prevalent style statement and fashion trend in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.4% from 2023 to 2032. This region is a lucrative market for swimwear owing to the growing popularity of beach holidays and urbanization. The region is home to many popular beach destinations, including Thailand, Indonesia, and the Philippines. The rising popularity of beach holidays has driven demand for swimwear in the region.
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Leading Market Players:
The report analyzes these key players in the global swimwear market. These players have adopted various strategies, such as expansion, new product launches, partnerships, and others, to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
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