Men’s Sports And Swimwear Market Is Likely To Witness A CAGR of 4.5% By 2028, Due To Rising Consumers’ Inclination Towards A Healthy Lifestyle | Million Insights
The global men’s sports and swimwear market size is expected to reach USD 64.09 billion by 2028, registering a CAGR of 4.5% over the forecast period, according to a new report by Million Insights. Consumers increased inclination towards a healthy lifestyle and thus, the growing popularity of various sporting and physical activities will drive the market growth. Increased awareness about the health benefits associated with swimming is also driving the market growth. Furthermore, increased number of events, such as swimming competition, at national, as well as international levels, boosts the product sales. Moreover, consumers’ inclination towards the sporty look and fashion trendy products will further boost the market growth.
The rising popularity of sporting events like the football world cup, Olympics, cricket world cup, and kabaddi is expected to further fuel the market growth over the forecast period. The COVID-19 pandemic had an adverse impact on the global market. To control the spread of the disease, many governments had imposed nationwide lockdown and restrictions on public movement, which resulted in closed malls, retail stores, and canceled sporting events and sporting activities at grounds. Due to all these factors, the product demand was decreased during the pandemic. However, as things get normal, it is expected that the market will grow at a considerable growth rate over the forecast period.
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The track and jogging suits segment accounted for the largest revenue share of more than 32% in 2020 and is estimated to grow at a substantial CAGR over the forecast period. Track and jogging suits have rising demand from athletes as well as health-conscious consumers as these products provide comfort while jogging or doing physical activity. The offline distribution channel dominated the global market in 2020 with a revenue share of more than 70% and will continue to expand with a moderate growth rate during the forecast period. A large percentage of the population still prefers to buy products from offline channels as offline stores allow consumers to examine the product before buying it. Moreover, the expansion of dedicated retail stores from top players will drive the market growth through offline channels.
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Men’s Sports & Swimwear Market Report Highlights
• North America accounted for the largest revenue share in 2020 and will continue to grow at a substantial growth rate over the forecast period
• The rising popularity of various sports events like basketball, rugby, Olympiad sports, etc., positively fuels the market growth in this region
• In addition, the growing popularity of sporting events, consumers’ high purchasing power, presence of top brands, and a growing number of health-conscious individuals are driving the regional market
• Asia Pacific is estimated to be the fastest-growing regional market from 2021 to 2028. The market in Asia Pacific is led by China and India as these nations have the largest young and working population
• Furthermore, increasing consumer disposable income, availability of branded products, and growing investments from top brands will propel the market growth in Asia Pacific
Men’s Sports & Swimwear Market Segmentation
Million Insights has segmented the global men’s sports & swimwear market on the basis of type, distribution channel, and region:
Men’s Sports & Swimwear Type Outlook (Revenue, USD Million, 2017 – 2028)
- Track and & Jogging Suits
- Lifestyle Apparel
- Functional Wear
- Athletic Apparel
- Swimwear
Men’s Sports & Swimwear Distribution Channel Outlook (Revenue, USD Million, 2017 – 2028)
- Offline
- Online
Men’s Sports & Swimwear Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Russia
- Italy
- Asia Pacific
- China
- Japan
- India
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of Men’s Sports & Swimwear Market
- Adidas AG
- Nike, Inc.
- Puma SE
- Under Armour, Inc.
- Lululemon Athletica, Inc.
- Columbia Sportswear Company
- Ralph Lauren Corp.
- Skechers USA, Inc.
- ASICS Corp.
- VF Corp.
- Li Ning Company Ltd.
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