Swimwear Market Global Analysis by 2029 , Fortune Business Insights™

The global swimwear market size is expected to expand on account of the rising number of beach visitors around the globe, observes Fortune Business Insights™ in its report titled, "Swimwear Market, 2022-2029."

The rising demand for swimwear is due to the choices made by consumers to follow the latest fashion trends set by the fashion industry and celebrities. Consumers expect offline, as well as online retailers to stay updated with the recent fashion trend for them to purchase. Therefore, several e-commerce websites offer cheaper copies of swimsuits and bikinis that were made famous by renowned personalities on their websites. Swimwear comes in all sizes and varies in range depending on the budget one is looking for.

For example, in January 2020, Target Corporation a retail company popularly known to sell budget friendly items launched 1800 new swimwear styles in different patterns, textures, prints, and sizes and that too all under $70.

Another major factor that would boost the usage of swimsuits globally is the popularity of beach visits, especially during summers. People opt for different varieties of swimsuits to flaunt at the beach for various activities such as surfing, tanning, swimming, and others. These factors are projected to propel the swimwear market growth during the forecast period.

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Market Segment

On the basis of type, the global swimwear market is divided into polyester, nylon, and spandex. By distribution channel, the market is segmented into online and offline. Based on end-users, the market is further categorized into men, women, and children. In terms of region, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

COVID-19 Impact

The whole world was affected by the coronavirus disease. Majority of the industries and sectors faced an adverse effect of the global pandemic. Stringent government laws that imposed a ban on public and transportation movement disrupted the supply chain cycle. This forced many factories to shut down their plants and also lay off employees as they faced severe losses. The apparel and textile industries too faced losses as lockdown was announced by governments of various regions.

For instance, Goa, a popular tourist destination among foreigners, as well as locals, observed a dip in its annual tourist visitation number by around 30% during the recent pandemic due to the restriction on the number of flights allowed to fly. Therefore, tourists avoided shopping for swimsuits and summer wears, thereby declining the growth of the global swimwear market.

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Highlights of the Report

The report provides a thorough study of the market segments and detailed analysis of the market overview. A profound evaluation of the current market trends, as well as the future opportunities is presented in the report. It further shares an in-depth analysis of the regional insights and how they shape the market growth. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. It also sheds light on the key players and their prominent strategies to stay in the leading position.

Market Drivers

Increasing Numbers of Amusement Parks to Bolster Market Growth

The popularity for amusement parks has grown over the years as there is a rise in the global youth population. As the majority of the parks offer fun rides, as well as admission to water parks on the same premise, they help visitors enjoy both in the same visit. Parents prefer to take their children to water parks on weekends and holidays as the fun rides make it more attractive for kids. Therefore, the need to purchase swimsuits has risen among people further boosting the swimwear market.

For instance, Typhoon Lagoon, a water park based in Florida observed the highest number of visitors, i.e. 2.25 million in the year 2019. Similarly, another water park based in Florida named Blizzard Beach observed around 2 million visitors in the same year.

Regional Insights

Asia Pacific to Lead the Market Backed by Rising Urbanization

Asia Pacific holds the major share of the market and is anticipated to dominate in the upcoming years. This is due to the increasing awareness about water fitness activities and growing water sports. The rising urbanization has led to people installing swimming pools in their houses, as well as the governments in this region are establishing more public swimming pools to encourage swimming as a career and also a medium of exercising. This is estimated to boost the market in the Asia Pacific region.

North America holds the second-largest share in the market and is expected to witness significant growth in the foreseeable future. The growth is on the account of the rising beach volleyball trend among teens. North America is the largest economy and developed nation, and hence the number of people travelling each year during summers to beaches has positively influenced the market for swimwear.

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Competitive Landscape

Innovative Launches by Key Players to Further Promote Market Growth

Prominent players in the market are constantly watching out for opportunities to invest, launch, or merge with other key companies to bolster their positions. They plan effective strategies along with the help of their expert advisors to enhance their brand values and ensure better reach among end-users. One such efficient strategy is launching innovative products to attract consumers from all regions and cultures.

For example, in December 2020, Nike.Inc, a leading sports and apparel producer launched a new swimwear collection named The Victory Swim Collection, especially created for athletes with the hijab culture. This collection consists of full-coverage swimsuits and also separate apparels such as swim hijab and tunic tops, along with swimming friendly leggings.

Industry Development

February 2021: A renowned and luxury brand in the lingerie segment, Victoria's Secret has announced the re-launch of its swimwear under their label name in stores. These swimwear suits will be launched in different patterns, styles, prints, and sizes.

List of Key Players Covered in the Swimwear Market Report

Jantzen Apparel LLC
NoZone Clothing Limited
La Perla Group
PVH Corp
Arena Italia S.p.A
Quicksilver, Inc.
American Apparel, Inc.
Inc

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