Swimwear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Swimwear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • March 2022 •
  • 148 pages •
  • Report ID: 6246200 •
  • Format: PDF
The swimwear market is projected to register a CAGR of 6.38% during the forecast period (2022-2027).

After the advent of the COVID-19, many swimming pools were forced to close down to minimize the spread of the virus. Several swim shows across the world have been canceled too. These shows often act as a platform for brands to showcase their swimwear collection. For instance, in June 2020, 11 of the trade shows and runway shows that were supposed to be held during July’s Miami Swim Week have officially been canceled. SwimShow, Cabana, Paraiso, and Destination Miami along with smaller production teams have all announced the cancellation of events in July. Pre-COVID-19 trends are likely to pick up, with direct-to-consumer e-commerce, such as brands’ websites, shoppable social-media platforms, and marketplaces becoming more important. Across the market, swimwear products are expected to witness an increase in demand with trends such as ‘revenge travel’ being observed among the people.

With the changing fashion trends, key factors, such as design, trend, and comfort of the fabric, play a major role in driving the market. Furthermore, manufacturers and designers focus on the comfort level of swimwear, as it has a high impact on the consumer’s purchase decision. Popularity of value-added features, such as trendy prints and convenient cuts, is further driving the market growth.

Due to the rise in product innovations and advancing technologies, such as the incorporation of neoprene fibre to develop fabrics that improve their elasticity and efficacy, the swimwear market is expected to witness high sales in the coming years.

Key Market Trends

Growing Consumer Inclination Towards Water Activities

The importance of sports activities, foremost for health reasons, the increasing international sports events are encouraging the involvement of consumers in sports and recreational activities. The increase in the number of people participating in fitness and water sports have created an opportunity for the players to introduce elegant and comfortable swimwear suitable for swimming daily water sports activity. Owing to the benefits associated with swimming a number of people are inclined to opt for swimming as a fitness regime. According to Outdoor Participation report in the United States In 2018, approximately 27.58 million people opted for swimming as their fitness routine which is increasing the sales for sports swimwear. Also, an increase in the campaigns in various countries to improve participation in swimming is playing a key role in driving the demand for swimwear’s in the last few years. Moreover, these campaigns encourage more consumers to participate in swimming and strengthen links between the community and sports organizations.

Asia-Pacific Holds a Prominent Share

The Asia-Pacific region is expected to experience a higher growth rate than the other regions during the forecast period. Fast-developing economies, like India and China, show great potential in terms of demand for swimwear. For instance, the Chinese swimwear market is driven by the country’s huge population that is finding a passion for water sports, as they consider swimming as the best form of physical exercise in China, which would help in driving healthy demand for swimwear products in China. Therefore, most local and foreign manufacturers are focusing on practical designs for indoor swimming and, at the same time, giving greater attention to traits like performance, comfort, design, and style. Also, increasing expenditure on lifestyle goods, coupled with an increasing preference for swimming as a leisure and recreational activity, is driving the growth of the swimwear market in the Asia-Pacific region. Growing investments by government and non-profit organizations towards the development and maintenance of swimming pools are indirectly raising the market value of swimwear. For instance, Tokyo Metropolitan Government (TMG) constructed Tokyo Aquatic Centre in 2020. The building has total of five floors and total floor area of 705,000 sq. ft.

Competitive Landscape

The global swimwear market is highly competitive. The key companies operating in the swimwear market are differentiating in the market by their product launches in terms of the material used, price, range, and size, in order to gain a competitive advantage.? Pentland Group PLC (Speedo International Limited) is one of the most active companies in the market, with numerous partnerships, product innovations, and expansions. With the increasing number of brand-conscious consumers across the world, major players are adopting strategies to draw the attention of consumers by introducing sustainable swimwear that is made using recycled material. Some of the other major companies in the global swimwear market included Pentland Group PLC, Swimwear Anywhere Inc., Adidas AG, Puma SE, and LVMH Moët Hennessy Louis Vuitton.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
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