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Swimwear Market Size, Share, Trends, Growth, Opportunities, and Strategies 2024
Swimwear Market Size
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According to The Business Research Company's, The swimwear market size has grown strongly in recent years. It will grow from $22.72 billion in 2023 to $24.39 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to rise of beach tourism, body positivity movement, cultural influences, seasonal demand, marketing campaigns.
The swimwear market size is expected to see strong growth in the next few years. It will grow to $32.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to sustainability focus, resort wear integration, inclusive sizing and body positivity, customization and personalization, athleisure influence. Major trends in the forecast period include versatility in design, digital innovation in retail, bold prints and colors, celebrity collaborations, modest swimwear options, virtual try-on technologies.
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Market Drivers and Trends:
Growing consumer inclination towards water activities is expected to propel the growth of the swimwear market. The rising popularity of sports activities, particularly for health reasons and the growing number of international water sporting events, are pushing consumers to participate in water sports and recreational activities. For instance, in October 2023, according to the Livestrong Foundation, a US-based nonprofit organization, every year, over 91 million Americans, or 31% of the population, swim in lakes, rivers, and oceans. 36 % of kids aged 7 to 17 years swim at least six times a year and 15% of adults swim 6 times or more a year on average. Overall, there has been an upsurge in outdoor swimming owing to health and recreational benefits, and equally contributing to the growth of the swimwear market.
Developing fabrics that improve their elasticity and efficacy is a key trend in the swimwear market. Elasticity is crucial in swimwear as it shapes the body and keeps the garment firmly against your body. The elastic in swimwear withstands chlorinated water, salt water, and the sun. The companies operating in the swimwear market are developing innovative fabrics to meet customer-centric demands and increase comfort. For instance, in May 2021, MeUndies, a US-based manufacturer of activewear launched a new swimwear collection manufactured with fabric sourced from recycled plastic bottles and recycled nylon material. The new fabric is eco-friendly, soft, super-elastic in nature and safe for oceans.
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Major Key Players of the Market:
PVH Corp, Pentland Group, Wacoal, Perry Ellis International, Quiksilver Inc., American Apparel Inc., Speedo International Limited, Arena S.p.A, Arena Italia S.p.A., Platypus Australia Swimwear, La Perla Group, PARA S.p.A., Hosa Industrial Co Ltd., TYR Sport Inc., Seafolly, Jantzen Inc., Gottex Swimwear, Moeva Swimwear, Diana Sport, Eveden Group, Dolfin Swimwear, Calzedonia Group, Zoke, Seaspray Swimwear, NOZONE, LIVIN' SWIMWEAR, ND Swimwear, Derong Group, David Mare
Swimwear Market 2024 Key Insights:
• The swimwear market size is expected to see strong growth in the next few years. It will grow to $32.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Growing Consumer Inclination Towards Water Activities Fuels Swimwear Market Expansion
• Advancements In Swimwear Fabrics Is A Dive Into Elasticity, Sustainability, And Innovation
• Asia-Pacific was the largest region in the swimwear market in 2023
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