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Shapewear Market Overview:
Shapewear Market is expected to grow at a Significant CAGR from 2020 to 2023.
Market Dynamics
The shapewear Market is predicted to develop over the forecast period, owing to the desire to maintain a certain and trendy body type. Increased demand for shapewear is compelling fashion corporations to invest more in developing shapewear assortments, while new enterprises are focusing on the creation of branded products. Additionally, shapewear is evolving to address the problems of consumers seeking these items for body regions such as under the breast, thighs, stomach, and lower back, among others, for the target audience globally throughout the projected period.
Today’s women want work-life flexibility intimates that will keep their bodies in tip-top shape and make them appear more gorgeous. Numerous businesses are analyzing this as a customer-centric approach and expanding their product portfolios to include lighter, more robust, and more practical products for year-round use. Increased awareness efforts, as well as body positivity and acceptance, are posing significant roadblocks to the Shapewear Market’s growth. Additionally, as a result of the pandemic, people are preferring to stay at home, resulting in a decline in demand during the projected period. Diversification and inclusivity across size and gender will remain critical in this sector, even more so as Gen-Z cohorts demand a reassessment of the industry’s historically sexualized imagery. When buzzy businesses like Heist pioneered inclusivity and rocked the market, this mature industry became appealing to younger consumers.
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Segmental Analysis
The market has been categorised by product type into body briefs, corsets, body shapers, control camisoles, long legs, and seamless items.
The market is split by distribution channel into store-based and non-store-based. Over the forecast period, the internet segment is expected to grow at a considerable CAGR. The online segment’s growth can be attributed to technological advancements and the growing emphasis placed on online platforms for purchasing surfing clothes and accessories, particularly by bargain-hunting consumers. As a result of the COVID-19 pandemic, consumers have begun to alter their shopping habits, preferring to make purchases online in order to avoid direct contact with other customers at retail establishments. The epidemic prompted a digital revolution across a range of businesses, including shapewear.
Regional Overview
North America is projected to emerge as the largest market for shapewear goods, based on the global Shapewear Market’s regional segmentation and current trends. The primary reason for this is that demand for the items is increasing exponentially, and market players are heavily investing in product diversity. North America is home to brands such as Wacoal, SKIMS, and SPANX, all of which are investing in awareness campaigns aimed at disseminating accurate information about these shapewear items. Additionally, there are creative designs and exceptional fabric quality that are propelling global expansion.
In Asia Pacific, the market is predicted to rise at a significant compound annual growth rate (CAGR) over the forecast period. In Asia Pacific, entrepreneurs, new entrants, and indigenous enterprises have been disrupting the shapewear sector by producing innovative men’s and women’s goods. Developing countries like as India and China have been upgrading their fabric technology and increasing their investment in research and development in order to produce more creative products.
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Competitive Dynamics
Businesses rely on strategic alliances to expand their presence and boost their position in the market. Reputable firms are likely to cooperate with small and medium-sized businesses in the near future to extend their shapewear product offerings. The major players of the shapewear market are Victoria’s Secret, Zivame, Triumph International, SKIMS, Vedette Shapewear, Spanx, Hanesbrands, Jockey International, and Miraclesuit.
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