Swimwear Market - Growth, Trends, and Forecasts (2023 - 2028)

Swimwear Market - Growth, Trends, and Forecasts (2023 - 2028)

The swimwear market is projected to register a CAGR of 2.98% over the next five years.

With the changing fashion trends, key factors such as design, trend, and comfort of the fabric play a major role in driving the market. Manufacturers and designers focus on the comfort level of swimwear, as it has a high impact on the consumer's purchase decision. The popularity of value-added features, such as trendy prints and convenient cuts, is further driving the market's growth. Due to rising product innovations and advancing technologies, such as the incorporation of neoprene fiber to develop fabrics that improve their elasticity and efficacy, the swimwear market is expected to witness high sales in the coming years.

The rising number of swimwear retail outlets opening across the world significantly boosts the sales of overall swimwear sales worldwide. Saltwater Collective and Minnow Bathers are leading players in the swimwear market in regions like Canada, and they continue to strengthen their value share by expanding their footprint across the country. Some of the other well-known swimwear outlets operating in the country are Londre, Knix, Decathlon, and others. The incorporation of neoprene fiber to develop fabrics that improve their elasticity and efficacy aids the market's growth.

The importance of sports activities, especially for health reasons, and the increasing number of international sports events are encouraging the involvement of people in sports and recreational activities. The increase in the number of people participating in fitness and water sports has created an opportunity for the players to introduce elegant and comfortable swimwear suitable for swimming and other water sports activities. Due to the benefits associated with swimming, a number of people are inclined to opt for this activity as a fitness regime. An increasing number of campaigns in various countries to improve participation in swimming has also played a key role in driving the demand for swimwear in the last few years. These campaigns encourage more consumers to participate in swimming and strengthen links between the community and sports organizations.

The Asia-Pacific region is expected to experience a higher growth rate than the other regions during the forecast period. Fast-developing economies, like India and China, show great potential in terms of demand for swimwear. For instance, the Chinese swimwear market is driven by the country’s huge population that is finding a passion for water sports, as they consider swimming as the best form of physical exercise, which may help in driving strong demand for swimwear products in China. Therefore, most local and foreign manufacturers are focusing on practical designs for indoor swimming and, at the same time, giving greater attention to factors like performance, comfort, design, and style. Increasing expenditure on lifestyle goods, coupled with an increasing preference for swimming as a leisure and recreational activity, is also driving the growth of the swimwear market in Asia-Pacific. Growing investments by government and non-profit organizations toward the development and maintenance of swimming pools are indirectly raising the market value of swimwear.

The swimwear market is highly competitive. The key companies operating in the swimwear market are differentiating in the market by product launches in terms of the material used, price, range, and size, in order to gain a competitive advantage.​ Pentland Group PLC (Speedo International Limited) is one of the most active companies in the market, with numerous partnerships, product innovations, and expansions. With the increasing number of brand-conscious consumers across the world, major players are adopting strategies to draw the attention of consumers by introducing sustainable swimwear that is made using recycled material. Some of the other major companies in the swimwear market included Pentland Group PLC, Swimwear Anywhere Inc., Adidas AG, Puma SE, and LVMH Moët Hennessy Louis Vuitton.

• The market estimate (ME) sheet in Excel format
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