Swimwear Market by Fabric (Polyester, Nylon, Neoprene, Spandex, and Others), Distribution Channel (Offline and Online), and End User (Woman, Man, and Child) - Global Opportunity Analysis and Industry Forecast, 2018-2024

The global swimwear market was valued at $18,454 million in 2017, and is projected to reach $28,148 million by 2024, registering a CAGR of 6.2% from 2018 to 2024. Swimwear is a type of clothing specially designed for people engaged in water-based activity or water sports such as swimming, water polo, surfing, water skiing, or even leisure activities such as sun bathing. It is also used to avoid skin rashes caused due to contact with pool chlorinated water. It is made by different types of fabrics such as polyester, nylon, spandex, and other blended fibers, which offers high elasticity & comfort. Swimwear is not only worn for swimming but is also used as semi-casual wear for pool parties and at outdoor venues such as restaurants, resorts, and shopping centers.

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The rise in demand for trendy and fashionable sports apparel by the middle-aged individuals segment has led the companies to launch new swimwear products to cater to the demand of the customers engaged in water-based sports. Thus, manufacturers are investing highly in R&D activities and focusing on innovations to balance between the comfort and the features of swimwear as they both have a high impact on a consumer's purchase decision.

Swimwear is a type of clothing or costume designed to be worn by people engaged in swimming, water sports, swimming, surfing, water skiing, or even sunbathing. Different styles of modern swimsuits are available. These vary according to body coverage and materials. Different fabrics used for making swimwear include polyester, nylon, spandex, and other blended fabrics, which gives it the required stretch and makes it capable of withstanding sun, chlorine, and salt water.

Swimming is consider as a healthy and low-impact activity that has many physical and mental health benefits such as alleviating 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. Growth in interest of consumer in swimming as recreational & fitness activity supports the growth of the global swimwear industry.

The growth of the global swimwear market is primarily driven by product innovation. The changes in fashion trends and increase in disposable income of consumer results in the increased purchase of modern and designer swimsuit, especially multifunctional one-piece and cover-ups, which are also perceived as a fashion statement, thus propelling the growth of the swimwear market. In addition, factors such as growth in demand for luxury swimwear by women, increase in family vacations along beach side, and high penetration of ecommerce platforms also boost the growth of the swimwear market.

However, price volatility of raw materials such as polyester, nylon, polypropylene, spandex, neoprene, & other fibers and cost of designing swimwear having desired texture, design, look, and other fashion attributes affects the swimwear market size to a greater extent. In addition, to cater to the fluctuating demand for different designs and innovative swimwear, heavy inflow of investment for the R&D is required, which also hampers the growth of the swimwear market.

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Use of fabrics with features such as high thermal insulation, enhanced flexibility, adequate surface friction, and lightweight nature such as neoprene has increased the production of wetsuits and swimsuits. Incorporation of such advanced fibers to develop fabrics for swimwear is expected to provide lucrative opportunities for the swimwear market. In addition, factors such as introduction of multifunctional cover-up swimwear and beachwear coupled with expansion in product line and innovations in men's swimwear also provide great opportunities for the swimwear market in the upcoming years.

In terms of value, Asia-Pacific and LAMEA collectively contributed more than 30% share in the global market in 2017. The key players operating in swimwear industry are Haddow Group Plc, Nike Inc., Boardriders, Inc., Arena Italia S.p.A., Swimwear Anywhere, Inc., Adidas AG, Dick's Sporting Goods, Gap Inc., Phillips-Van Heusen Corporation (PVH Corp.), and Perry Ellis International Inc.

KEY FINDINGS OF THE STUDY

• By end user, the woman swimwear segment was the highest contributor to the market in 2017, and is projected 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 share in the global swimwear market in 2017 and is projected to grow at a significant CAGR of 8.4%.
• In 2017, China accounted for the highest swimwear market share accounting approximately for 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 significant CAGR of 6.2%.
• By fabric, the polyester and spandex segments collectively accounted for about 65% share of the swimwear market in 2017.

Analyst Review:

Swimwear is a type of clothing specially designed for people engaged in water-based activity or water sports such as swimming, water polo, surfing, water skiing, or even leisure activities such as sun bathing. A swimwear is used by men, women, and children in such type of activities as it protects the wearer from the chlorinated water in swimming pools and from the sea water, which contains salts that can cause skin rashes. It is made by different types of fabrics such as polyester, nylon, spandex, and other blended fibers, which offers high elasticity and comfort. Swimwear is not only worn for swimming but can also be used as semi-casual wear for pool parties and at outdoor venues, such as restaurants, resorts, and shopping centers.

Increase in disposable income, improved lifestyle, and customer consciousness toward health & fitness are expected to boost the growth of the swimwear industry during the forecast period. Furthermore, adoption of the swimwear as casual clothing and rise in number of customers participating in various water-based activities fuel the growth of the swimwear industry.

However, volatile cost of raw material and high cost of designing, are expected to restrain the market growth. Several companies operating in the global swimwear market adopt product launch and promotion as their key growth strategies to sustain the market competition and to increase their market presence. Prominent companies, such as Nike Inc., Adidas AG and Dick’s endorse their products through renowned sports players; thereby, increasing their customer base. With changing technology and availability of variety of fabrics, companies are able to offer high quality and durable swimwear.

Several companies are proactively setting up new retail outlets, especially in the developing countries, such as India and China to expand their geographical presence and tap the emerging markets. In 2015, Adidas AG is announced The Original Swimwear Company (TOSC) as its new swimwear licensee and distributor for the U.S. to expand its market outreach. Exhaustive marketing campaigns by established companies have increased brand awareness in the global swimwear industry; thus, leading to the growth of the industry.

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