Swimwear Market Analysis
The Swimwear Market size is estimated at USD 13.25 billion in 2024, and is expected to reach USD 15.35 billion by 2029, growing at a CAGR of 2.98% during the forecast period (2024-2029).
With changing fashion trends, key factors such as design, trend, and fabric comfort play a significant role in driving the market. Manufacturers and designers focus on the comfort level of swimwear, as it dramatically impacts consumer purchase decisions. The popularity of value-added features, such as trendy prints and convenient cuts, further drives the market growth.
Due to rising product innovations and advancing technologies, such as incorporating neoprene fiber to develop fabrics that improve their elasticity and efficacy, the swimwear market is expected to witness high sales in the coming years. For instance, in March 2022, The brand Skims collaborated with Italian fashion house Fendi to release a unique collection in 2021, which featured a Fendi x Skims ready-to-wear collection, including swimsuits, form-fitting dresses, and tops, with prices starting at USD 950.
The rising number of swimwear retail outlets opening across the world significantly boosts the sales of overall swimwear sales worldwide. Saltwater Collective and Minnow Bathers are leading players in the swimwear market in regions like Canada, and they continue to strengthen their value share by expanding their footprint across the country. Other well-known swimwear outlets in the country are Londre, Knix, Decathlon, and others. Incorporating neoprene fiber to develop fabrics that improve their elasticity and efficacy aids market growth.
According to a survey by CreditCards.com, in August 2021, 72% of millennials said social media impacts their buying decisions. Owing to these factors, social networks are expanding into every aspect of consumers’ daily lives, including their shopping habits. In October 2021, Kim Kardashian West, the TV personality and founder of Skims, collaborated with Italian fashion house Fendi to release a unique collection. The upcoming SKIMs x Fendi ready-to-wear collection will feature swimsuits, form-fitting dresses, and tops.
Swimwear Market Trends
Growing Consumer Inclination Toward Water Activities
The importance of sports activities, especially for health reasons, and the increasing number of international sports events are encouraging the involvement of people in sports and recreational activities. The increase in the number of people participating in fitness and water sports has allowed players to introduce elegant and comfortable swimwear suitable for swimming and other water sports activities. Due to the benefits of swimming, several people are inclined to opt for this activity as a fitness regime.
An increasing number of campaigns in various countries to improve participation in swimming has played a key role in driving the demand for swimwear in the last few years. These campaigns encourage more consumers to participate in swimming and strengthen links between the community and sports organizations. For instance, according to Sport England, the number of people who participated in water sports in England was 499.6 thousand in 2021.
Furthermore, social media platforms, such as Instagram and Pinterest, initially emerged as digital counterparts to window shopping. However, with the introduction of features like Buyable Pins, social ads, and shoppable Instagram galleries, these platforms now offer brands instantaneous access to stores and product pages through social media. The captivating visual content, particularly in swimwear customer photos, fosters an active social community and inspires brand enthusiasts to share abundant user-generated content.
In addition to it, rising consumer expenditure on water sports accessories drives the market globally. For instance, according to the Bureau of Labor Statistics, the average annual spending on water sports equipment per consumer unit in the United States was USD 11.1 in 2021. ket-industry