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Shapewear Market Insights
According to market research future insights analysis, the global shapewear market is expected to register a CAGR of 5.95% from 2023 to 2032 and hold a value of over USD 7.8 billion by 2032.
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The shapewear market is expanding as a result of factors such as changing lifestyles, an increase in the usage of compression clothing among the elderly population, and advancements in clothing and fabric technology. Additionally, the industry has expanded as a result of increased plus-size clothing demand as well as an increase in online sales of compression and shapewear. Numerous cultural influences have an impact on the market as well. The idea of perfection is being replaced when it comes to the body with the idea of self-love and comfort with one’s own appearance. This body-positivity concept has had an impact on the market. Market disruption has been caused by newcomers’ wide range of product offerings. This has more stylish items including bandeaus, tanks, and leggings in a selection of trend-right materials, like fake leather. While fit and technological developments have fueled the industry, the idea of shapewear is also evolving. As a result of cultural shifts toward body positivity and inclusion, shapewear businesses have been forced to question conventional preconceptions and present their products in a more approachable, modern way, attracting a new set of customers.
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Regional Analysis
With a 38.8% sales share in 2021, North America controlled the majority of the shapewear industry. This is because there are many intelligent consumers and a lot of athletes and sports that are quite popular. The most popular shapewear items in the United States are waist cinchers, bodysuits, and briefs, while the most popular compression-wear items are bottoms, shirts, sleeves, and socks. The region’s expanding apparel and textile business is anticipated to be a major driver of this market. Based on industry shipments, the textile and apparel market in the United States had a value of around USD 70.0 billion in 2018, according to a 2019 report by the National Council of Textile Organization.
The market in Asia Pacific grew at the quickest CAGR in 2021, and it is anticipated that this trend would continue over the projected period. By creating innovative items for both men and women, startups, new entrants, and indigenous companies have been entering the shapewear market in Asia Pacific. Developing nations like China and India have been modernizing their fabric technology and increasing their R&D spending to create more cutting-edge goods.
Market Segmentation
The global shapewear market has been segmented into product type and distribution channel.
Based on product type, the market is divided into body briefs, seamless, control camisoles, long legs, corsets, body shapers, and others. A significant portion of the market share in the product segment for shapewear is made up of the body shapers category in 2021. Body shapers offer a number of advantages, such as posture support, an instant slimmer figure, calorie burning, and the ability to blend in effectively by being undetectable under clothing. Additionally, they are simple to produce because of minimal operating and raw material costs. As demand for body shapers continues to rise, the sector dominated the market and is anticipated to continue as manufacturers put more effort into making better body shapers.
The market is segmented by channel of distribution into store & non-store. In 2021, the shops’ category dominated the market and contributed to 58.4% of total sales. A growing number of clothing retail stores, particularly in developing nations like India, China, and Brazil, is anticipated to positively affect market expansion. The online segment is expected to experience a considerable CAGR. The growth of the online market can be attributed to technological advancements and the rising importance that consumers, especially those looking for deals, are giving to online platforms for buying surfing apparel and accessories. Customers that feel comfortable making purchases without physically inspecting them are the major target market for online platforms. The majority of manufacturers are now using direct sales strategies to increase product sales and profit margins. Due to the COVID-19 pandemic, consumers have started to change the way they shop, preferring to buy things online rather than in person at physical stores to avoid direct contact with other customers. The digital revolution in many businesses, including the shapewear industry, has been sparked by the internet.
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Key Players
Some of the key market players are Victoria’s Secret, Zivame, Triumph International, SKIMS, Vedette Shapewear, Spanx, Hanesbrands, Jockey International, and Miraclesuit.
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