Compression Wear and Shapewear Market size to grow by USD 2.70 billion from 2022 to 2027, Market driven by the growing online sales of compression wear and shapewear, Technavio

NEW YORK, March 21, 2024  /PRNewswire/ — The compression wear and shapewear market size is expected to grow by USD 2,704.28 million from 2022 to 2027 progressing at a CAGR of 7.2% as per the latest Technavio market research report. The market for compression and shapewear is on the rise, thanks to the increasing popularity of online sales. Although currently only a small portion of overall sales, online platforms are expected to make a significant impact by the end of the forecast period. This growth is fueled by the widespread use of the internet and smartphones, along with effective customer engagement strategies. Social media platforms like Facebook, Twitter, Instagram, and YouTube are playing a crucial role in raising product awareness and driving sales. Vendors are leveraging these platforms to connect with consumers and promote their products, leading to a positive outlook for the global market in the coming years.

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• The growing organized retail in emerging countries is an emerging trend shaping market growth. 

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Key Companies

The compression wear and shapewear market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

2XU Pty Ltd., Adidas AG, Anita Dr. Helbig GmbH, Ann Chery, Design Veronique, EC3D Orthopaedic, GLOBAL INTIMATES LLC, Hanesbrands Inc., Honeylove Sculptwear Inc., Jockey International Inc., Nike Inc., Omtex Healthwear Pvt. Ltd., PUMA SE, PVH Corp., Skims Body Inc., Spanx LLC, The LYCRA Company LLC, Triumph Intertrade AG, Under Armour Inc., and Wacoal Holdings Corp.

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North America is estimated to account for 33% of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, the US is the largest market followed by Canada and Mexico. Customers are demanding more innovative and advanced products, as they are willing to spend more on high-quality compression wear and shapewear. In North America, the growth of the market is attributed to factors such as the growing popularity of social media and the high penetration of the Internet. However, the competition among online retailers is high, which promotes them to offer attractive discounts and offers. Such factors will fuel the growth of the market in this region during the forecast period. 

Segmentation Analysis

This market research report segments the compression wear and shapewear market by distribution channel (Offline and Online), product (Compression wear and Shapewear), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

• The market share growth by the offline segment will be significant during the forecast period. The largest revenue contributor to the compression wear and shapewear market are department stores and specialty stores. Specialty stores stock similar products in one store and also include fast-fashion retailers. Specialty store retailers draw customers’ attention through their strategic marketing initiatives and merchandising. On the other hand, department store retailers differentiate themselves in terms of store design, merchandise, and customer service. Hypermarkets and clubhouse stores primarily emphasise the style-conscious population. Consequently, offline distribution channels offer various benefits, such as quick product availability, analysis of the product features before purchasing, personalized customer service, and expert guidance, which, in turn, will boost the growth of the offline segment during the forecast period.

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Analyst Review

The compression wear and shapewear market is witnessing a significant surge in demand, driven by a confluence of factors ranging from evolving lifestyles to technological advancements in fabric innovation. As disposable incomes rise and the global population ages, there’s a growing emphasis on maintaining active lifestyles and enhancing physical appearances, particularly among females.

Fabric technology plays a pivotal role in this market, with continuous developments aimed at providing better performance and comfort. Soft, breathable materials that offer close-fitting garments are increasingly sought after, not only for aesthetic reasons but also for their ability to support the body, improve blood circulation, and enhance stamina and balance. Moreover, these materials aid in muscular stability and regulate body temperature, crucial for both athletic performance and everyday wear.

Compression wear and shapewear cater to a wide range of needs, from addressing body support concerns such as humpbacks and prolapsed bosoms to enhancing body contours for a thinner appearance. They also play a role in injury rehabilitation, with features designed to aid in deep vein thrombosis (DVT) prevention and alleviate vein congestion.

The market landscape is characterized by geographical coverage spanning various countries, with numerous market players vying for market share. Market reports and expert analyses provide insights into industry trends, import/export dynamics, pricing strategies, and consumer behaviors. Quantitative units such as revenue in USD million and volumes in units offer a comprehensive view of market performance.

Despite the promising opportunities presented by growing consumer acceptance and the increasing popularity of shapewear, the market faces challenges such as the proliferation of counterfeit products. However, efforts to combat this issue through innovation and regulatory measures are underway.

New moms represent a significant demographic for compression wear and shapewear, seeking solutions for postpartum body support and enhancement. Additionally, the market continues to evolve with inclusive offerings such as plus-size clothing, catering to diverse body shapes and sizes.

In conclusion, the compression wear and shapewear market is poised for continued growth, driven by a combination of consumer preferences, technological advancements, and market dynamics. With a focus on performance, comfort, and body acceptance, this market offers lucrative opportunities for both established players and emerging entrants.

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Market Overview

The Compression Wear and Shapewear Market is witnessing a surge driven by evolving lifestyles and an older population seeking body support solutions. Fabric technology advancements cater to diverse needs, from humpback correction to bosom support. Design innovations address concerns like flat bosom or prolapse, offering solutions for every body type. With disposable income on the rise, consumers are investing in compression wear to achieve desired garment designs and body enhancements. This market caters predominantly to females seeking solutions for flat hips or pail waists. As awareness grows about the benefits of compression wear and shapewear, the market continues to expand, meeting the demands of an increasingly health-conscious and style-driven demographic.

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Table of contents

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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SOURCE Technavio