WOMEN’S SWIMWEAR MARKET ANALYSIS

The global women's swimwear market size was valued at US$ 8806.9 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 2.86% from 2023 to 2030. The women’s swimwear market has witnessed an increased growth over the past few years, with various initiatives being undertaken by the government in order to promote the health benefits of swimming. Furthermore, the health awareness among consumers and the increasing number of women taking part in fitness activities is also expected to boost market growth. With the increasing popularity of sports, swimming has become a common activity, the use of polyester in making swimwear is contributing to the market growth. Polyester is a synthetic material used to make swimsuits which makes it easily dry and retains its shape after intense physical workouts.

Global Women’s Swimwear Market: Regional Insights

Regionally, Asia Pacific region is the largest regional contributor to the global women’s swimwear market. Countries like China, Japan, India, South Korea, Malaysia, Indonesia, Philippines, Taiwan and Thailand are among the leading producers of women’s swimwear in the world. With the rapid urbanization in these countries, the demand for textile and apparels by women has increased. In addition, the popularity of swimming has been on a steady rise. Furthermore, the increasing government funding for construction of swimming pools is again boosting overall market growth.

The Europe region is the second-largest regional contributor to the women’s swimwear market. This is attributed to the growing population in the region and the presence of well-established manufacturers. Germany is the second-largest regional contributor in the women’s swimwear market. Manufacturers are increasingly focusing on price, quality, and brand to overcome competition.

Figure 1. Global Women’s Swimwear Market Share (%), By Region, 2022

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Global Women’s Swimwear Market Drivers:

Shifting consumer inclination towards fitness and water activities to foster market growth

The women’s swimwear market is witnessing strong growth on the account of growing awareness regarding health benefits of swimming and also growing adoption of active lifestyle. According to the Wisconsin Department of Health, freestyle swimming at a light to moderate pace can burn 472 calories hourly for a 130-pound woman and 563 calories for a 155-pound woman. More advanced swimmers exercising at a vigorous pace can burn 590 calories hourly for a 130- pound woman and 704 calories for a 155-pound woman.

Influence of social media playing significant role in overall development of women’s swimwear market

According to a survey from CreditCards.com, in August 2021, 72% of millennials said social media impacts their buying decisions. This is the most likely age group to be influenced by social media in their spending, followed by 66% of Gen-Z, 49% of Gen X, and 45% of baby boomers. 38% of millennials tend to trust posts from the influencers they follow when it comes to shopping and 20% of millennials report, making purchases inspired by posts from celebrities or influencers. Also, swimwear brands, such as Summersalt, Cuup, Youswim, Zaful, Lively, and Girlfriend collective are expanding their presence in the market via their social media customer engagement.

Global Women’s Swimwear Market Opportunities:

Growing focus on raising awareness regarding the health benefits of swimming among consumer is expected to present significant growth opportunities. For instance, in May 2019, in the United Kingdom #LoveSwimming campaign focused on escaping the stresses of busy life, particularly for women, and ‘prescribing’ swimming to aid a range of medical conditions, such as Type 2 diabetes, arthritis, and chronic pain. The campaign played a key role in encouraging people to enjoy the benefits of swimming.

Increasing demand for slimming swimsuits is projected to offer profitable market opportunities. Slimming swimsuits are built-in shapewear that provide more compressive to physically smooth bulges. Hence, there is a growing demand for slimming swimsuits because women are more conscious about how they carry themselves in swimsuits. For instance, brands like Miracle cut offers a wide range of slimming swimsuits in various colors and designs with several prints. The company offers slimming swimsuits in several sizes.

Global Women’s Swimwear Market Trends:

UV swimwear is a recent trend

UV swimwear is designed to provide protection from sun and is manufactured from a highly rated fabric for its level of UV protection. These swimwear blocks out harmful UV rays by as much as 98% and allow required sun protection. These swimwear adds an extra layer of protection from the sun. Brands that sells UV swimwear are Patagonia, Land’s End, UV fashions, SwimZip and Cabana Life.

Handmade swimwear are gaining popularity

There is a growing popularity for handmade swimwear as people are becoming highly aware of the benefits of these swimwear at a personal level and they are also beneficial for the environment. Swimwear made by hand is unique and exclusive. They stands out among the machine- made and trend-driven swimwear.

Global Women’s Swimwear Market Restraints:

Strict government regulations and high labor cost

The government has made regulations on the manufacturing of swimwear on a national level. Hence, these regulations are a barrier to entry for new players. Moreover, the textile industry have struggled to complete with international key players due to high labor costs. These factors are hindering market growth to some extent.

Presence of counterfeit products

The strong presence of counterfeit goods in the marketplace has become a threat to the economy and brand manufacturers. This is expected to hinder the market growth. For instance, in 2018, Kaohs announced that it is filing a cease-and-desist order against the Australia- based Zahara after Zahara copied their yellow rose bud bikini and is selling it for half the price. Nevertheless, key manufacturers are adopting strategies such as releasing only small capsule collections throughout the year to ensure the product is unique and are only available on their websites.

Figure 2. Global Women’s Swimwear Market Share (%), By Type, 2022

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Global Women’s Swimwear Market Segmentation:

The global women's swimwear market report is segmented into type, product type, category, distribution channel, and geography

Based on type, the market is segmented into Sports Swimwear and Regular/Leisure Swimwear. Out of which, Regular/Leisure Swimwear is expected to dominate the global market over the forecast period and this is attributed to the influence of social media on consumers purchasing behavior. The regular/leisure swimwear segment of the global women’s swimwear market was valued at US$ 4,750.4 million in 2020, and it is projected to reach US$ 6,102.1 million by 2026, registering a CAGR of 2.88% during the period, 2021-2026.

Sports Swimwear segment is also expected to witness significant growth in the near future and this is owing to the growing participation of people in sports activities. The sports swimwear segment of the global women’s swimwear market was valued at US$ 2,926 million in 2020, and it is projected to reach US$ 3,818.4 million by 2026, registering a CAGR of 3.15% during the period, 2021-2026.

Based on product type, the market is segmented into One- Piece, Bikinis, and Other Product Types. Out of which, Bikinis is expected to dominate the global market over the forecast period and this is attributed to their style and comfort features. The bikinis segment of the global women’s swimwear market was valued at US$ 4,785.2 million in 2020, and it is projected to reach US$ 6,137.8 million by 2026, registering a CAGR of 2.86% during the period, 2021-2026.

One- Piece segment is also expected to witness significant growth in the near future and this is owing to the growing demand from sports swimmers.  They are low maintenance choice, offers high sun coverage, support and coverage in all the right places, hence makes it right choice for the water sports activities. The one-piece segment of the global women’s swimwear market was valued at US$ 2,089.1 million in 2020, and it is projected to reach US$ 2,765.9 million by 2026, registering a CAGR of 3.40% during the period, 2021-2026.

Based on category, the market is segmented into Mass and Premium. Out of which, Mass is expected to dominate the global market over the forecast period. The mass product category segment of the global women’s swimwear market was valued at US$ 6,366 million in 2020, and it is projected to reach US$ 7,980 million by 2026, registering a CAGR of 2.46% during the period, 2021-2026.

Premium segment is also expected to witness significant growth in the near future. The premium product category segment of the global women’s swimwear market was valued at US$ 1,310.3 million in 2020, and it is projected to reach US$ 1,940.5 million by 2026, registering a CAGR of 5.32% during the period, 2021-2026.

Based on distribution channel, the market is segmented into Online Stores and Offline Stores. Out of which, Offline Stores is expected to dominate the global market over the forecast period and this is attributed to the advantages offer such as in-store benefits, no shipping fees, coupled with the implementation of sensory experiences. The Offline Stores segment of the Global Women’s Swimwear market was valued at USD 6,011.79 million in 2020. It is projected to reach USD 7,717.12 million by 2026, registering a CAGR of 2.87% during the forecast period.

Online Stores segment is also expected to witness significant growth in the near future and this is owing to the convenience of the online platform. Furthermore, the increasing number of social networking sites is also promoting the popularity of sportswear. Consumers prefer to purchase swimwear online as the product is readily available and is easily accessible. The online stores segment of the global women’s swimwear market was valued at US$ 1,664.5 million in 2020, and it is projected to reach US$ 2,203.3 million by 2026, registering a CAGR of 3.40% during the period, 2021-2026.

Global Women’s Swimwear Market: Key Developments

In May 2021, Louis Vuitton presented a new summer collection. The line is inspired by sun, beach, and summer sunsets. The collection includes models made in vibrant colors, from azure blue to delicate pastel shades. The collection also includes fashion items for a beach holiday like swimwear, towels, sunglasses, and skimboards.

In October 2021, Chanel launched its’90s-fuelled spring/summer 2022 collection at Paris Fashion Week with a collection heavy on swimwear, high hemlines, and navel-baring ensembles. The fashion pack has already bookmarked Virginie Viard’s seaside staples for next year’s summer holidays.

In October 2021, French luxury Maison of Chanel has bought a stake in French clothing manufacturer Grandis. In Grandis, Chanel has bought a 34% stake. The company has twelve workshops in Frances specializing in tailoring, flou, lingerie, swimwear, and leather.

In March 2018, Chanel unveiled Capsule Ski and Swimwear Collections. Karl Lagerfeld added two new capsule lines to Chanel’s ready-to- wear offer: Coco Neige and Coco Beach.

In December 2019, Missoni opened its latest US flagship in the open-air Bal Harbour Shops, which is one of the most upscale enclaves for luxury shopping in Miami. This space is home to the brand's signature Womenswear, Menswear, Beachwear, and Accessories.

Global Women’s Swimwear Market: Key Companies Insights

The global women's swimwear market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global women's swimwear market are LVMH Moët Hennessy Louis Vuitton, Marysia LLC, Chanel Group, Missoni SpA, Swimwear Anywhere Inc., La Jolla Group, LA Perla, TJ Swim, Pentland Group PLC, Adidas AG, Wacoal Holdings Corporation, and Puma Inc.

*Definition: women's swimwear include one-piece suits, two-piece suits, and tankinis. There are many different styles available ranging from high-waisted, halter, to side-tie styles.