PORTLAND, Oregon and PUNE, India, January 19, 2017 /PRNewswire/ --
A new report published by Allied Market Research, titled, "Compression Wear and Shapewear Market by Product, Application, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2014-2022," projects that the global compression wear and shapewear market is expected to reach $5,576 million by 2022. Asia-Pacific would witness the highest growth, owing to rise in government investments for promotion of sports and changing lifestyle of consumers.
Summary of Compression Wear and Shapewear Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/compression-wear-shapewear-market
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.
"China is expected to become one of the major growth contributors of Asia-Pacific market in the coming years. The ongoing investments by the Chinese government, for the development of sports infrastructure to encourage youth athletic participation would provide huge impetus to China's compression wear market. This is also attracting several foreign athletic wear companies into the Chinese market, thereby, further intensifying the market competition, and at the same time, driving the market growth. An expanding base of middle class population in China also creates huge probabilities for an increased spending on lifestyle and luxury goods.", states Bhawna Kohli, Manager Research at AMR.
The compression wear segment dominated the overall market in 2015, accounting for over 70% of the market 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 also due to the vast health benefits offered by these garments, such as improved performance, body temperature maintenance, reduced muscle fatigue, and injury prevention. A significant rise in number of lifestyle users in developing regions and rising trend of using compression wear as an athleisure wear, would contribute to the demand of compression wear in upcoming years.
Application wise, 'performance & recovery' segment accounted for the maximum revenue share in 2015. This segment is also expected to register a higher CAGR of 6% 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, specialty retail stores segment held the highest revenue share of 62% in 2015, and is expected to maintain its dominance throughout the analysis period. Specialty retail stores constitute company owned outlets, which have extensive penetration in various geographies and sell wide product lines of compression wear and shapewear. However, online sales channels are expected to witness a high CAGR of 9%, owing to wide product availability on ecommerce websites and rising internet penetration in regions of Asia-Pacific and LAMEA.
The global compression wear and shapewear market is dominated by male users owing to higher adoption of compression wear among men. Moreover, majority of the men also prefer to wear compression garments during workout, further fueling the demand from the male consumer segment. The female consumer segment is expected to grow at a faster growth rate over the forecast period. Growing female interest in fitness and comfortable clothing, and rise in participation of women in sports activities are expected to supplement the growth of the female segment. Furthermore, companies such as Nike, UnderArmor and others have also started to target women segment by launching new product lines and by opening women specific stores.
The report includes country wise analysis of all four regions. Countries analyzed under North America include United States, Canada and Mexico. Under Europe, market size and forecast has been provided for UK, Germany, France Italy, and Rest of Europe. Countries covered in the Asia-Pacific region include Japan, Australia, China, India, and Rest of Asia-Pacific. LAMEA includes Brazil, South Africa, and Rest of Latin America.
US accounted for the largest market share of around 87% in North American market. The style trends of shapewear are continuously changing in the US, with women being more inclined towards fashionable and stylish shapewears. Companies such as Ann Chery, have launched metallic corsets in order to address the changing demand of customers. Various other popular shapewear include waist cinchers, briefs, girdles, and corsets, manufactured by companies such as Spanx, Leonisa, Ann Chery and others. Compression wear have gained extreme popularity among athletes and gym goers in US. The country is witnessing popularity of compression wear such as bottoms and shirts. Athleisure trend of wearing compression shirts and tights for casual & body shaping purpose has risen among Americans.
Key Benefits of the Report
- The study provides an in-depth analysis of the global compression wear and shapewear market with current trends and future estimations to elucidate the imminent investment pockets.
- The report offers a quantitative analysis from 2014 to 2022, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
- It presents actual historical figures for 2014 and 2015 and provides Y-o-Y forecasts from 2016 to 2022, considering 2015 as base.
- Value chain analysis provides a clear understanding of the roles of different stakeholders involved.
Key market players profiled in the report are Nike Inc., Spanx Inc., Adidas AG, Triumph International Corporation, Leonisa SA, Wacoal America Inc., Ann Chery, 2XU Pty Ltd., Under Armour Inc., and Skins International Trading AG. They have adopted Product launches and partnerships as their main growth strategies to capture a larger market share and increase their customer base.
Read similar market research reports on Sports, Fitness and Leisure at:
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SOURCE Allied Market Research