The global swimwear market size was valued at USD 19.79 billion in 2022 and is projected to grow from USD 20.47 billion in 2023 to USD 27.56 billion by 2030, exhibiting a CAGR of 4.34% during the forecast period.
Swimwear, as the term suggests, is used for activities that involve water, such as swimming, surfing, and paddle boarding. They are also used by individuals to sunbathe at beaches and are often lightweight and comfortable. Factors such as increasing demand for swimsuits made from eco-friendly materials and growing need for versatile swimsuits are expected to foster market growth.
Fortune Business Insights™ displays this information in a report titled, “Swimwear Market, 2023-2030.”
List of Key Companies Profiled In the Report:
- Haddow Group Plc (U.K.)
- Pentland Group PLC (U.K.)
- Swimwear Anywhere Inc. (U.S.)
- Adidas AG (Germany)
- Puma SE (Germany)
- LVMH Moët Hennessy Louis Vuitton (France)
- Nike Inc. (U.S.)
- Boardriders, Inc. (U.S.)
- Arena Italia S.p.A. (Italy)
- Gap Inc. (U.S.)
Swimsuits Made from Polyester to Gain Traction Due to Their Durability
Based on material, the market is divided into polyester/nylon and spandex. The polyester segment is expected to dominate the swimwear market share as swimsuits made from this material are quite durable and resistant to wear and tear.
Women to be Major End-Users of Swimsuits Due to Larger Variety in Styles and Designs
In terms of end-user, the market is segmented into men, women, and kids. The women’s segment is projected to lead market growth as swimsuits for women come in a greater variety of styles and designs as compared to that for men.
Customer Footfall to Rise in Offline Stores Due to Availability of Proper Guidance to Choose Right Swimwear
Based on distribution channel, the market is bifurcated into offline and online. The offline store segment is expected to lead the market in the future as salespersons present in these stores can offer proper guidance to customers on the type of swimsuit that will best suit their body type and style.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report has analyzed the market in depth and focused on certain key areas, such as prominent product types, distribution channels, major end-users, and key market players. It also offers important information regarding the key developments in the industry and the latest market trends. Apart from these factors, the report covers several other factors that have boosted the market’s growth.
Drivers and Restraints:
Rising Participation in Sports Activities to Increase Product Demand Among Customers
More people across the world are participating in a wide range of sports activities, especially water sports to enhance their fitness levels and spend quality time with their families. Swimsuits are a vital part of these activities and individuals trying to improve their fitness are increasing their investment in swimwear that is functional and aesthetically pleasing as well. These factors are anticipated to boost market growth.
However, increasing availability of low-quality swimsuits can hamper the swimwear market growth.
Asia Pacific to Dominate Market Due to Rising Disposable Income
Asia Pacific is predicted to dominate the swimwear market in the future as the average disposable income of the regional population is increasing every year. This has given them the freedom to splurge on expensive swimsuits that are not only aesthetically pleasing but also highly functional. The increase in disposable income also gives customers the freedom to go on beach vacations, which will further enhance the product demand.
North America is also witnessing a robust increase in the demand for swimsuits due to factors, such as rising cultural tourism and hot climatic conditions.
Incorporation of Advanced Technologies and Product Innovations to Help Key Companies Dominate Market
Many leading companies involved in this market are trying to innovate their existing range of products to attract new customers. They are also incorporating cutting-edge technologies and using high-end materials to make their products more durable and functional. These initiatives will help the companies increase their customer base and market share.
Notable Industry Development:
- July 2023 – Shudufhadzo Musida, a famous South-African model, announced the launch of a swimwear brand named ‘Imbe’, which has products made from recycled materials.