Press release
Hoodies Sweatshirts Market to Soar 2023 Insights & 2032 Forecast
WiseGuy Reports
In 2023, the market for hoodies and sweatshirts was projected to be worth 45.13 billion USD. It is anticipated that the market for hoodies and sweatshirts would increase from 46.95 billion USD in 2024 to 64.5 billion USD in 2032. Over the projected period (2024 - 2032), the hoodies sweatshirts market is expected to develop at a compound annual growth rate (CAGR) of about 4.05%.
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Key Drivers of Market Growth
Rise of Athleisure and Casual Wear: The growing popularity of athleisure, a trend that merges athletic and leisure apparel, has significantly boosted the demand for hoodies and sweatshirts. Consumers are increasingly seeking versatile clothing that offers both comfort and style, suitable for both exercise and everyday wear.
Influence of Streetwear Culture: The influence of streetwear, popularized by celebrities and social media influencers, has made hoodies and sweatshirts a staple in modern fashion. High-profile collaborations between sportswear brands and fashion designers have further fueled this trend.
E-commerce Expansion: The proliferation of online shopping platforms has made it easier for consumers to access a wide variety of hoodie and sweatshirt designs, contributing to increased sales. E-commerce also allows brands to reach a global audience, further expanding market potential.
Seasonal Demand: Hoodies and sweatshirts are essential items in colder climates and during winter months, driving seasonal spikes in demand. Additionally, they are popular as layering pieces in transitional seasons, adding to their year-round appeal.
Market Segmentation
The hoodies and sweatshirts market can be segmented based on product type, material, distribution channel, and region.
By Product Type:
Pullover Hoodies
Zip-Up Hoodies
Crew Neck Sweatshirts
By Material:
Cotton
Polyester
Blends
By Distribution Channel:
Online Retail
Offline Retail (Specialty Stores, Department Stores, Hypermarkets, and Supermarkets)
By Region:
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
Regional Insights
North America: The North American market is a major revenue generator, driven by the high adoption of casual and streetwear fashion. The presence of major brands and a robust retail infrastructure support market growth in this region.
Europe: Europe follows closely, with a strong market presence in countries like the UK, Germany, and France. The region's fashion-forward consumers and significant seasonal demand contribute to its market share.
Asia-Pacific: The Asia-Pacific region is expected to witness the highest growth rate during the forecast period. Rising disposable incomes, urbanization, and the influence of Western fashion trends are key factors driving demand in this region.
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Competitive Landscape
The hoodies and sweatshirts market is highly competitive, with numerous global and regional players vying for market share.
Key players include:
HanesBrands, Gildan Activewear, Fruit of the Loom, Nike, Inc., Adidas AG, Under Armour, Inc., Champion Athleticwear, Russell Athletic, Carhartt, Inc., The North Face, LLC, Patagonia, Inc., Columbia Sportswear Company, VF Corporation
Future Outlook
The hoodies and sweatshirts market is set to continue its upward trajectory, with several trends shaping its future:
Sustainability: There is a growing demand for sustainable fashion, with consumers seeking products made from organic and recycled materials. Brands are expected to invest more in eco-friendly production practices to meet this demand.
Technological Integration: The integration of technology in clothing, such as smart fabrics and wearable tech, could create new opportunities for innovation in the hoodies and sweatshirts segment.
Customization: Personalized and customizable apparel is gaining popularity, allowing consumers to design unique pieces. Brands offering customization options are likely to attract a loyal customer base.
Expanding Demographics: The market is seeing an expansion in its consumer base, with increased interest from older demographics and growing inclusivity in fashion.
Table of Contents:
Section I: Industry Overview
Section II: Scoping, Methodology and Market Structure
Section Iii: Qualitative Analysis
Section IV: Quantitative Analysis
Section V: Competitive Analysis
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