According to statistics made by Insure Insight, the global athleisure market is projected to grow significantly, registering a CAGR of 5.5% during the forecast period (2022 – 2030).
GLOBAL ATHLEISURE MARKET – MARKET OVERVIEW
The growth of e-commerce trading activities around the world is increasing the demand for athleisure products. Furthermore, the use of higher-quality raw materials increases production capacity, and rising R&D expenditures for discovering the most suitable materials based on consumer preference may also contribute to athleisure market demand. Furthermore, the integration of technology into manufacturing processes, as well as the increasing emphasis on the improvement of lightweight materials and fabrics by industry leaders, are key factors that will catalyze the development of the athleisure market in the coming years.
GLOBAL ATHLEISURE MARKET – MARKET DYNAMICS
Top Driver: rising influence of social media and innovative marketing techniques is boosting the market growth
The increasing influence of social media and innovative marketing strategies is a major driving factor propelling the global athleisure market growth. The growing social media trend has altered the business landscape by creating new opportunities for market participants. Because it connects consumers and marketers, social media provides opportunities for branding and product launches. The frequent posting of blogs, videos, and images on social networking sites such as Instagram, Twitter, Facebook, and YouTube may catalyze the demand for athleisure products.
COVID-19 IMPACTS ON THE GLOBAL ATHLEISURE MARKET
The COVID-19 pandemic changed the rapidly flourishing packaging industry before the pandemic crisis. Many companies were developing swiftly toward their sustainability goals with innovative technologies that are environmentally friendly and the production of reusable and biodegradable products. However, increasing concerns regarding the safety & hygiene of reusable packaging materials coupled with a shortage of raw material owing to disruption of the supply chain in major raw material supplying countries have temporarily halted the progress of the packaging industry. On the other side, with the growing use of E-commerce, rapidly changing consumer preferences, quickly changing cost pressures and more regional supply needs., and speedier digitalization of the value chain, the global market is expected to bounce back and reach its desired progress rate over the forecast period.
The yoga apparel segment is projected to record the highest growth during the forecast period
Because of the growing popularity of yoga as a mind-body fitness activity among the population, the yoga apparel segment is expected to grow at the fastest rate in the coming years. In December 2020, the total number of yoga enthusiasts in the United States was estimated to be around 36 billion, with a global total of 300 billion. The spread of COVID-19 eventually altered the global landscape of yoga, as the implementation of lockdown caused people to exercise at home. As a result, these could help the segment grow even more. Furthermore, rising female participation in sports and outdoor activities creates a lucrative opportunity for the segment over the forecast period.
The North American region possesses the highest revenue shares in the global athleisure market
In 2021, North America was the largest contributor to global athleisure revenue. The growth of the region’s apparel and textile industries is largely due to market development. According to the National Council of Textile Organizations, the textile and apparel industry in the United States accounted for USD 70 billion in 2018 when industry shipments were assessed. Furthermore, the United States is one of the primary regions investing heavily in the research and development of textiles and decent apparel fabrics produced using low-impact processes such as recycled nylon and organic cotton. As a result, these are some of the major factors that contribute to the global dominance of the athleisure industry.
The global athleisure market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market;
Scope of the Report
Keys reasons to purchasing this report
It builds a seven-year estimate based on how the market is predicted to grow and shows what will market shares of the national markets change by 2030 and which nation will lead the market in 2030.
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