North America accounted for about 42% of the market by share and is expected to grow at a CAGR of 7.7% during the forecast period
— Shankar Bhandalkar
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, UNITED STATES, May 3, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Compression Wear and Shapewear Market by Product Type, Gender, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030″. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends. The compression wear and shapewear market size was valued at $4 billion in 2020, and is projected reach $6.9 billion by 2030, registering a CAGR of 7.7% from 2021 to 2030.
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Growth of the market is driven by rise in disposable income of consumers, advancements in the fabric technology & garment designs, rise in popularity of compression wear among the geriatric population, change in lifestyles of people, and increase in demand for compression wear arising from fitness industry. However, health issues such as blood clots, breathing problem, and acid reflux caused from tightly worn compression and shapewear, restrains the market growth. Product development and innovative marketing & promotion strategies are anticipated to provide lucrative business opportunities for the players in the future.
The male users segment leads the global compression wear & shapewear market, owing to higher adoption of compression wear. Moreover, majority of men also prefer compression garments during a workout, further fueling the demand from the male consumer segment. The female consumer segment is expected to grow at a highest growth rate over the anticipated period, owing to rise in female interest for fitness and comfortable clothing and increase in participation of women in sports activities. Furthermore, companies such as Nike, Under Armour, and others have started to target the women segment with the launch of new product lines and establishment of women-specific stores.
Compression wear & shapewear are tight-fitted apparels designed specifically to keep the body in a certain posture. Increase in disposable income of customers, advancements in the fabric technology & garment designs, rise in popularity of shapewear among the geriatric population, and change in lifestyles drive the market growth of shapewear segment.
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Application wise, the performance & recovery segment accounted for the maximum revenue share of $2.96 billion in 2020. This segment is expected to grow at the highest CAGR of 6.2% during the forecast period, owing to extensive usage of compression wear to prevent injuries, improve blood circulation, and speed up recovery.
Among various distribution channels, the specialty retail stores segment held the highest revenue share of 62%, and is expected to maintain its dominance ahead as well. This segment constitutes company-owned outlets that possess extensive penetration in various geographies and sell wide product lines of compression wear and shapewear. However, the compression wear & shapewear market growth is expected through online sales channels with a high CAGR of 8.6%, owing to wide product availability on e-commerce websites and rise in Internet penetration in Asia-Pacific and LAMEA.
The compression wear segment dominated the overall market in 2020, accounting for over 70% of the revenue, due to the widespread usage of various types of compression wear by professional athletes and lifestyle users practicing recreational exercises. Growth of this segment is driven by the vast health benefits offered by these garments, such as improved performance, body temperature maintenance, reduced muscle fatigue, and prevention of injury. A significant rise in number of lifestyle users in developing regions and rise in trend of using compression wear as an athleisure wear are expected to increase the demand for compression wear.
Some of the key players operating in the global compression wear & shapewear market such as Nike Inc., Spanx Inc., Adidas AG, Triumph International Corporation, Leonisa SA, Wacoal America Inc., Ann Chery, 2XU Pty Ltd., Under Armour Inc., and Jockey.
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Key Benefits For Stakeholders:
○ The study provides an in-depth analysis of the global compression wear & shapewear market share, with current trends and future estimations to elucidate the imminent investment pockets.
○ It presents a quantitative analysis from 2020 to 2030, which is expected to enable the stakeholders to capitalize on prevailing compression wear & shapewearmarket opportunities.
○ Competitive intelligence highlights the business practices followed by leading players across various regions.
○ An in-depth analysis of thecompression wear & shapewearmarket trends helps determine the prevailing market opportunities
○ The report includes detailed analysis of the regional and global markets, key players, market segments, competitive scenarios, sales areas, and growth strategies.
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• Procure strategically important competitor information, analysis, and insights to formulate effective R&D strategies.
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• Report will be updated with the latest data and delivered to you within 2-4 working days of order.
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