Research report presented by UnivDatos, Emphasis on Gender (Male, Female); Type (Body Shapers, Corsets, Seamless, Waist Cinchers, Camisoles, Leggings); Distribution Channel (Offline, Online) and Geographical analysis (key regions and countries).
As per the research report, Shapewear Market is expected to reach the market valuation of US$ 4.1 Billion by 2027 expanding at a reasonable CAGR of 7.2% during the forecast period (2021-2027) from US$ 2.5 Billion in 2020. The market's growth is aided by the rising target population around the world. Obesity and weight problems are well-known issues in modern societies across the world demanding the growth of the shapewear market. Nearly 39% of adults (18 years and older) worldwide were overweight as of 2019. Changing lifestyle incurs increased investment in fitness and related accessories, which has positively impacted the market growth. Shapewear assists in squeezing the extra fat, making the body look slimmer. Shapewear garments can directly help in achieving inch loss and indirectly facilitate wearers to lose weight. Many of the products provide 3X compression for wearers problem areas, and regularly wearing them could help them go down 1-3 sizes.
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According to a survey conducted by INVISTA, 93% of women would like lingerie that would provide shaping and contouring functionalities. The average age of consumers using shapewear is 38-42 years, considering women undergo weight gain at this stage due to pregnancy and menopause. A survey of Kaleidoscope customers, asking for their thoughts on lingerie and shapewear, of the customers surveyed, 43% of women said they bought shapewear for their waist, 17% to enhance their overall shape, and 11% for their hips. The most popular shapewear color choice was tan, followed by black and then white. The survey results showed that 51% of customers who bought shapewear, bought it for a special occasion.
In the coming years, momentum in e-commerce will only accelerate. The fashion industry sees digital as the biggest opportunity by far for 2021, with 70% of executives expecting growth of more than 20% in their e-commerce channels. The trend will be led by China, followed by Europe and then the US - markets in which online sales are expected to grow 9-14%, 7-12%, and approximately 3% respectively according to one of the consulting firms Fashion Scenarios.
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A rise in demand from the elderly population has been observed owing to the usage of compression garments for the treatment of edema, phlebitis, and thrombosis which occur in old age. The precise number of people affected by DVT/PE is unknown, although as many as 900,000 people could be affected (1 to 2 per 1,000) each year in the United States.
The shapewear market is highly fragmented. The availability of numerous global and local players across regions makes the industry highly competitive. The key players with a considerable market share in the industry are Nike Inc., Spanx Inc., Adidas AG, Triumph International Corporation, Leonisa SA, Wacoal America Inc., Ann Chery, and 2XU Pty. Ltd, Under Armour Inc., and Skins International Trading AG. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst Gender, Female segment holds the major share”
Based on Gender, the market is fragmented into Males and Females. The female gender dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period owing to the significant rising of weights among women.
“Amongst Type, Body Shapers are anticipated to dominate the market during the analyzed period”
Furthermore, the shapewear market is mainly bifurcated into body shapers, corsets, seamless, waist cinchers, camisoles, and leggings. In 2020, the body shapers segment accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period owing to the demand for tummy slimmer products, which, in turn, is increasing the sales of body shapers around the world.
“Amongst Distribution Channel, Offline segment dominated the market during the forecast period”
Based on the distribution channel, the market is mainly fragmented into offline (retail) and online. In 2020, the offline segment accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period.
“North America region represents one of the largest markets of Shapewear market”
For a better understanding of the market dynamics of the shapewear market, a detailed analysis was conducted for different regions across the globe including North America (The United States), Europe (United Kingdom, Germany), Asia-Pacific (China, India), Central & South America (Brazil), and Rest of World. North American region dominated the market and generated revenue of US$ XX Billion in 2020 owing to the availability of a wide product range and increased penetration of online as well as offline channels of distribution in the region.
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