Global swimwear market is projected to witness a CAGR of 4.9% during the forecast period 2024-2031, growing from USD 21.85 billion in 2023 to USD 32.02 billion in 2031. Factors such as rise in travel and trend of staycations at luxury properties, the increasing number of participants in the Olympics and Paralympics, consumers’ increasing participation in water sports such as swimming, beach volleyball, and surfing, governmental plans to promote tourism in various regions, and consumers’ increasing awareness of the benefits of an active lifestyle is fostering the growth of swimwear market in the forecast period.
Additionally, the participation of different nations in the Olympics and Paralympics is supplementing the growth of the market, as swimwear is required for both training and participation at the international stage. According to World Aquatics data, 35 events, including freestyle, backstroke, breaststroke, medley, and relays, have been included in the program of the Paris 2024 Olympic Games for swimming.
Womenswear has been witnessed to dominate the market, with a wide range of products, including one-piece swimsuits, two-piece swimsuits, and cover-ups. Moreover, women’s preferences for fashionable swimwear in terms of designs, colors, and styles drive the growth of the swimwear market. Key players are addressing the evolving preferences of their customers and launching more fashionable and affordable products. For instance, in January 2024, Lands’ End launched an exclusive swimwear collection for women, consisting of 70 pieces, including bottoms, tops, cover-ups, and bags at target in affordable prices.
Moreover, the increasing trend of the body positivity movement is driving the growth of the market as it leads to the increase in the demand for size-inclusive swimwear options for consumers, which cater to different body types, sizes, and shapes. For instance, in April 2024, The Procter & Gamble Company’s Gillette Venus unveiled a partnership with The Saltwater Collective, a Canadian swimwear brand to expand the latter’s, “Any Body is a Beach Body” campaign. Under this campaign, The Saltwater Collective launched its latest size-inclusive swimwear collection.
Mass Price Range Segment to Dominate the Market
The mass segment is dominating the market as this segment addresses a broader audience who prefer affordable and easily available swimwear. Consumers prefer affordable swimwear as they can make multiple purchases without spending too much on a single product, allowing them to extend the variety of swimwear in their wardrobe.
Moreover, swimwear is associated with seasonal use, thus prioritizing affordability over longevity or premium features. It particularly caters to the occasional swimmers or kids who go swimming during vacations or summer months.
Furthermore, with the constant change in fashion trends and the evolution of new technologies, affordable swimwear allows consumers to experiment with different styles and patterns.
For instance, in April 2024, L.L. Bean and Summersalt announced a collaboration to launch a limited-edition swimwear collection. The collection includes offerings for men, women, and kids, featuring swimsuits, cover-ups, and accessories. The collection has been launched at affordable prices, with all the offerings being below USD 120.
Additionally, the accessibility of swimwear at various retail stores, which sell it at discounted prices, is further responsible for the dominance of the mass segment.
Growth in Tourism Fostering Growth
The increase in tourism and travel, both nationally and internationally, is significantly influencing the growth of the swimwear market. A greater number of people are travelling and embarking on vacations to resorts, luxury hotels, cruises, and beach destinations, increasing the demand for swimwear. The tourists engage in activities such as lounging by pool, sunbathing, or engaging in water sports during their travel or stay at the hotels.
According to the UN World Tourism Organization study, in November 2023, the international tourism industry revived by almost 90% compared to the pre-pandemic levels by the end of the year. The organization estimated that approximately 975 million tourists traveled internationally between January and September 2023, depicting an increase of 38% in the same months compared to 2022. Thus, international tourist receipts reached USD 1.4 trillion in 2023, about 93% of USD 1.5 trillion earned by tourist destinations in 2019.
Moreover, the proliferation of social media, with a new tourist destination trending every week due to travel influencers and bloggers, has amplified the demand for fashionable and trendy swimwear. The advent of online booking platforms and the rise in travel agencies have eased the process of booking and traveling for consumers, inducing them to travel even more frequently, further fueling the growth of the swimwear market.
Click here: https://www.marketsandata.com/industry-reports/swimwear-market
Professional Swimwear Supporting the Growth
Professional swimwear is driving the market’s growth, as it is designed for competitive swimmers and athletes. The increasing participation of consumers in swimming competitions and aquatic sports is surging the demand for high-performance and functional swimwear globally.
Moreover, the increasing celebrity endorsements and usage of professional swimwear by elite athletes in various international championships and competitions are further augmenting the market growth as they influence the purchase decision of the consumers. Key players such as Pentland Brands Limited and Arena SpA have been pioneers in developing their products for swimming athletes who participate on the national or international stage.
For instance, in March 2024, Speedo, a Pentland Brands Limited brand, introduced the latest range of swimwear uniforms and sets for the Australian team to participate in the Olympics and Paralympic Games in Paris. This collection will be worn by Australian Olympic and Paralympic aquatics celebrities, including Emma McKeon, Zac Stubblety, Ariarne Titmus, Keira Stephens, Kaylee McKeown, and Will Martin.
Additionally, the advancement in technology, creation of lightweight, chlorine-resistant fabric, and seamless construction of swimwear are ideal for professional use. They help the athletes sweep through the water easily, further appealing to consumers who increasingly seek performance-enhancing swimwear, fostering market growth.
Sustainable Swimwear Fueling the Growth
The key players are utilizing recycled materials for the creation of sustainable swimwear. Moreover, they use innovative and sustainable production methods for the same purpose. For instance, usage of digital printing techniques which requires less water usage. Furthermore, the brands are switching towards biodegradable packaging, reducing the carbon footprint and environmental impact. The fabric used to make swimwear are responsibly produced if they have certifications such as Global Recycled Standard and Recycled Claim Standard. In April 2024, Cupshe launched its latest 2024 annual recycled swim collection. The collection consists of designs that are crafted with fabrics and linings that are made from 100% recycled materials. The collection is both BSCI compliant and GRS certified.
Two extremely popular materials used to make swimwear fabrics are Econyl, a nylon created from carpets and fishing nets, and Repreve, a polyester made using plastic bottles. In February 2022, Le Club Original, a Miami-based men’s swimwear brand, launched a capsule collection of sustainable swimwear. The complete collection has been produced using recycled polyester made from recycled plastic bottles.
Future Market Scenario (2024 – 2031F)
The swimwear market is anticipated to grow in the forecast period with the increasing demand for sustainable, lightweight, and high-tech swimwear. Manufacturers are eliminating the usage of synthetic materials such as nylon, spandex, and polyester from swimwear and incorporating various sustainable and recyclable materials. Moreover, to address the evolving demand of consumers, the manufacturers are also developing innovative swimwear and increasing its functionality, such as introducing UV-protected swimwear.
The brands are not only improving the material used in the swimwear but also prioritizing the development of swimwear that enhances swimmers’ performance. Various key players are also putting emphasis on creating seamless and wireless swimwear to offer better fit and comfort to consumers.
Thus, with various advancements in fabric technology and design innovation, the market is expected to grow sharply in the coming time.
Report Scope
“Swimwear Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global swimwear market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
About Us:
Markets and Data provides a comprehensive/ panoramic understanding of markets at global, regional, and country levels. Examine changing consumer preferences, emerging challenges, underlying trends, and growth prospects to accelerate your business strategies.
Contact
Mr. Vivek Gupta
5741 Cleveland street,
Suite 120, VA beach, VA, USA 23462
Tel: +1 (757) 343-3258
Email: info@marketsandata.com
Website: https://www.marketsandata.com