SWIMWEAR MARKET ANALYSIS

Swimwear is intended to be worn during sports related activities such as swimming. While the range of swimwear materials is vast in the market. Polyester is the most widely used synthetic fabric, with many benefits including resistance to chlorine and sunlight, easy-care, and durability. It is also a durable fabric that offers stretch, making it a good choice for swimwear. Polyester-elastane blends are available in various combinations, and each type of fabric is fully functional. However, with swimwear becoming more common, many fashion designers began designing stylish pieces for women.

Market Statistics:

The global Swimwear market was valued at US$ 12,500.38 Mn in 2021 and is forecast to reach a value of US$ 16896.45 Mn by 2030 at a CAGR of 3.5% between 2022 and 2030.

North America held dominant position in the global Swimwear market in 2021, accounting for 30% share in terms of value followed by Europe and Asia Pacific, respectively.

Figure 1. Global Swimwear Market Value Share (%), By Region, 2021

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Market Drivers:

Growing adoption of healthy lifestyle and increasing participation of consumer in water sports activities such as swimming is driving growth of the Swimwear market. For instance, Centers for Disease Control and Prevention recommends 150 minutes of weekly, light to moderate aerobic activity, such as swimming, to help maintain a healthy weight. Also, growing number of international sports events is expected to foster market growth.

Apart from weight loss, swimming also helps in combatting depression, meditation, and stress which is further expected to augment market growth. According to an Outdoor Participation report in the United States, in 2018, approximately 27.58 million people opted for swimming as their fitness routine, increasing the sales of swimwear.

Market Restraints:

Availability of counterfeit products is one of the prime factor expected to hinder growth of the Swimwear market. The fake and replicated products are available at much lower prices than the original prices set by organized players. This factor affect the sales and pricing strategies of the original players in the market.

Fluctuating price of raw materials is another major factor expected to restrict market growth to some extent.

Market Opportunities:

Continuous launch of new products by key players is expected to bring profitable market opportunities. For instance, in February 2021, Phelps Brand, a global swim brand offering best-in-class, innovative swim products, announced the launch of a collection inspired by World Champion swimmer Penny Oleksiak.

Increasing number of swimming competition event is also a major factor expected to offer significant growth opportunities in the near future. For instance, in March 2019, FINA launched newest swimming competition April 27-28 the first meet of the first ever edition of the FINA Champions Swim Series will inaugurate the three-leg 2019 circuit in Guangzhou, China.

Market Trends/Key Takeaways:

Growing popularity of handmade Swimwear is expected to be one of the emerging trend in the market. This is attributed to the growing environmental concern and personal hygiene. Moreover, advantage offered such as customized, better-quality products, eco-friendly, and cost-reduction of handmade swimmers is expected to shape the market growth positively.

Emerging swimmers for moms and kids is positively boosting the sale of swimmers. Manufacturer are introducing small replicas of adult-size swimwear for kids that are exactly similar to the parent’s swimmers is also anticipated to favour the market growth positively. Moreover, key players adopting various growth strategies to expand their presence worldwide. For instance, in May 2022, LUX Resorts & Hotels has announce its partnership with swim & beachwear designer, Melissa Odabash, with the opening of two exclusive pop-up boutiques at their Mauritian property, LUX Belle Mare, and the recently revamped, LUX* South Ari Atoll resort in the Maldives.

Figure 2. Global Swimwear Market Value Share (%), By Distribution Channel, 2021

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Recent Developments:

• In April 2021, Nike Inc. entered sustainable swimwear category with the launch of the Icon Collection, the swim brand’s first sustainable    It   includes   men’s   and women’s swimwear category that’s made with 85% or more sustainable fabrics and trims, including recycled lining and jerseys.
• In July 2021, Coco Reef bra-sized swimwear brand announced the Flaunt Your Shape in Every State campaign with a virtual road trip across America.
• In July 2021, Adidas has unveiled the world’s first liquid billboard to highlight its inclusive swimwear collection. This event highlighted Adidas’s wider choice of technical apparel to athletes, encouraging women in particular to build their confidence by getting involved in sport. The campaign, developed by Havas, is based on insights from a YouGov survey commissioned by the sports brand that reveals only 12% of women in the United Arab Emirates are completely comfortable wearing a swimsuit at a public beach or pool.

Competitive Landscape:

• Pentland Group PLC
• Adidas AG
• Wacoal Holdings Corporation
• Nike Inc.
• Swimwear Anywhere Inc. (TYR Sports Inc.)
• Arena SpA (Berkshire Hathaway)
• La Jolla Group
• Tennor Holding BV (La Perla)
• TJ Swim
• LVMH Moët Hennessy Louis Vuitton
• Marysia LLC