Adidas
A recent report by Research and Markets indicates that the WOMEN’S worldwide sports and swimwear industry will reach sales of nearly $200 billion by 2028.
This growth can be attributed to the factors such as the increasing number of sports participants, rising per capita income, and purchasing power. Additionally, the increasing number of global as well as regional competitions is contributing to the growth of this market.
The outbreak of the COVID-19 pandemic resulted in lockdown across the globe and the population across various countries was restricted to stay at home as a mandatory action to stop the further spread. Numerous sports events were cancelled across the globe that were organised at a country, regional, or global level. This resulted in a shortfall in the sales of sportswear and swimwear. The demand for such products was reduced and supply chains were completely disrupted hence negatively impacting the market.
The changing trends in fashion lead to growing awareness of consumers towards swimwear and sportswear which is propelling the market growth. Moreover, usage of e-commerce and social network sites has been increasing rapidly among the young population across the globe which is acting as a major influencer of the market over the forecast period.
The cotton segment contributed the 2nd largest revenue share in the global market of around 30% in 2021 and is forecast to grow with the highest CAGR of 7.0% from 2022 to 2028. Cotton is breathable and absorbent and is mostly used in the textile industry to make the human body warm during cool weather and absorb sweat.
The offline distribution channel contributed to a larger market share of over 75% in 2021. The offline channel includes exclusive stores, hypermarkets and supermarkets, and retail stores. Manufacturers and marketers use the traditional retail channel for more sales. The segment includes organized retail channels which are more customer-oriented and provide better services by selling a variety of apparel directly to the end-users. Additionally, these stores provide a choice of physical verification and trials & facility of products to the end-users, thus contributing to the market revenue.
Asia Pacific is forecasted to grow with the highest CAGR of 7.0% from 2022 to 2028. China and India are positively contributing to the growth of the market. With the largest growing population and increasing disposable income, the region is witnessing huge demand for apparel. Thus, the region is forecast to grow with the highest CAGR during the forecast period.
KEY TAKEAWAYS
- Europe held the second-largest share of over 35% in 2021. This is attributed to developed economic countries along with changing trends, and high disposable income;
- Polyester segment dominated the market and held a share of over 55% in 2021 this is attributed to the increasing usage of polyester for manufacturing apparel in the textile industry;
- Online distribution channel is expected to grow at the fastest CAGR of 7.2% over the forecast period. This is attributed to the increased usage of the online channel due to the availability of products at an economic rate and door-step delivery.
