According to a new report published by Allied Market Research, titled, “Compression Wear and Shapewear Market by Product Type, Gender, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030,”
The compression wear and shapewear market size was valued at $4 billion in 2020, and is projected reach $6.9 billion by 2030, registering a CAGR of 7.7% from 2021 to 2030. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
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Change in lifestyles, rise in disposable income of consumers, high-end advancements in fabrics & garment design, and surge in demand from the geriatric population drive the growth of the global compression wear and shapewear market. Based on gender, the male segment generated the highest share in 2020. By region, on the other hand, the market across Asia-Pacific would manifest the fastest CAGR by 2030.
Compression wear & shapewear are tight-fitted apparels designed specifically to keep the body in a certain posture. Increase in disposable income of customers, advancements in the fabric technology & garment designs, rise in popularity of shapewear among the geriatric population, and change in lifestyles drive the market growth of shapewear segment.
Based on product type, the compression wear segment accounted for the major share in 2020, holding nearly four-fifths of the global market. The same segment would also grow at the fastest CAGR of 8.0% throughout the forecast period.
Based on gender, the male segment generated the highest share in 2020, accounting for more than half of the global market. The female segment, on the other hand, is projected to manifest the fastest CAGR of 6.1% from 2021 to 2030.
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Based on region, the market across North America held the lion’s share in 2020, garnering more than two-fifths of the global market. North America accounted for about 42% of the market by share and is expected to grow at a CAGR of 7.7% during the forecast period. The Asia-Pacific region, however, is expected to cite the fastest CAGR of 8.5% by the end of 2030.
COVID-19 scenario-
• The consumers were restricted to join gyms and other fitness clubs, especially during the initial phase of the pandemic, resulting in lower purchase of compression and shape wear products, which in turn impacted the global compression wear and shapewear market negatively.
• Nevertheless, as the global situation gets better, the market is projected to revive soon.
• The COVID-19 has impacted the market negatively in the year 2020. The global pandemic caused by the outbreak of Novel Corona Virus has hit the business world exhaustively at an unprecedented scale all across the world since the turbulent year 2020.
The key market players profiled in the report include:
• Spanx Inc.
• Adidas AG
• Triumph International Corporation
• Jockey Inc.
• Leonisa SA
• Wacoal America Inc.
• Ann Chery
• 2XU Pty Ltd.
• Nike Inc.
• Under Armour Inc.
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