Compression Wear and Shapewear Market Size Worth $10.27 Billion by 2032: The Brainy Insights
The Brainy Insights
The compression wear and shapewear market size is anticipated to grow from USD 5.63 Billion in 2022 to USD 10.27 Billion in 10 years, growing at a CAGR of 6.2%. The market ought to witness a positive growth rate owing to growing health consciousness amongst the population. The existence of major local and international firms in the sportswear sector contributes to the overall market share.
Newark, Dec. 19, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the global compression wear and shapewear market will grow from USD 5.63 Billion in 2022 to USD 10.27 Billion by 2032. The manufacturing and sale of medical-grade compression wear are subject to regulatory oversight to ensure product safety and efficacy. The raw materials must meet specific criteria related to fabrics/textiles, material composition, laboratory requirements, and quality control procedures, which have been established by regulatory agencies in various regions. Compliance with these standards is essential for manufacturers seeking to mark their products for medical use. Additionally, quality standards such as ISO certification play a crucial role in assuring consumers and healthcare professionals about the reliability and performance of medical equipment. Products that adhere to recognized quality standards are more likely to gain trust among the healthcare community and end users.
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Key Insight of the Compression Wear and Shapewear Market
Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia-Pacific is expected to grow at the highest CAGR within the global Compression wear and shapewear market. The Asia-Pacific region would significantly expand. The Asia Pacific region’s market for competition is expanding quickly due to factors such as the growing middle class, rising urbanization, and growing interest in sports and fitness. The region’s major economies—South Korea, Japan, and China—contribute substantially to the market share. Sportswear companies worldwide and locally compete to meet the wide range of customer demands. Asia Pacific’s shapewear market is distinguished by a fusion of changing fashion trends and customary tastes. The many cultures in the world influence people’s attitudes regarding shape and body image. Shapewear market dynamics are influenced by the cultural focus on modality and traditional dress in nations such as South Korea and China.
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The shapewear segment is expected to grow at the highest CAGR during the forecast period.
The product type segment includes facultative compression wear and shapewear. The shapewear segment is expected to grow at the highest CAGR during the forecast period. Perhaps more than any other product category, social media influencers and celebrity endorsers greatly impact the shapewear industry. Influencers and celebrities utilize their platforms to share personal stories, support celebrities, and encourage body positivity. Influencer marketing plays a major role in influencing consumer choices and expanding market share.
The male is expected to grow at the highest CAGR during the forecast period.
The gender segment is bifurcated into male and female. The male segment is expected to grow at the highest CAGR during the forecast period. The growing emphasis on athletics and fitness impacts market share among malnourished consumers. Men’s Compression Gear regularly meets the needs of athletes and fitness enthusiasts by providing clothing that improves performance, speeds up muscle recovery, and supports joints. Major sportswear companies, who understand the need for men’s clothing that is both practical and performance-driven, account for a sizable portion of the market share in this category. The growing market share of men’s compression wear and shapewear can be attributed to evolving grooming standards and increased consciousness of personal well-being.
The offline sales segment is expected to grow at the highest CAGR during the forecast period.
The distribution channel segment is bifurcated into online sales and offline sales. The online sales segment is expected to grow at the highest CAGR during the forecast period. The retail environment for consumption has changed due to the exponential expansion of online sales, which are powered by e-commerce platforms. Online sales channel offers a wide range of products that are easily accessible and convenient, which plays a major role in the introduction of brand sharing. E-commerce sites provide a worldwide customer base that is not limited by geography and offers a wide range of choices. The benefit of e-commerce platforms is that they offer a large selection of goods for buyers who are small or large and can accommodate a wide range of customs professionals. The online purchasing platform is intentionally inclusive, providing a smooth and easy way for customers of any gender to browse and buy shapewear and clothing.
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Recent Developments:
• In October 2021: The US-based Blackstone Group purchased Spanx Inc. for USD 1.2 billion. Through this acquisition, Spanx can expand its worldwide reach, accelerate its rapid digital transformation, establish a strong online presence in the e-commerce channel, and further its commitment to creating cutting-edge products for a wider range of consumer categories. A US-based business called Spanx Inc. produces leggings and shaping briefs.
Market Dynamics
Driver: Increasing Trend towards Personalization
Customers are increasingly inclined to spend money on high-end fashion and construction equipment as economies expand and disposable incomes rise worldwide. Expanding consumer access to premium materials, cutting-edge facilities, and designer partnerships propels industry growth. This economic environment also drives the demand for high-end, specialist products. The custom clothing and shapewear market is also shifting toward more customized and individualized items. Brands offer Customized solutions, allowing customers to select styles, commission labels, and even size technology. This focus on personalization meets the needs of each customer and enhances their overall satisfaction. This factor is boosting the market growth and development.
Restraint: Availability of Counterfeit Products
Countеrfеit products have become a significant concern for the construction wear and shapewear market, posing a threat to consumers and local manufacturers. The prevalence of substandard imitations undermines consumer trust in established brands and compromises the brand’s integrity as a whole. This issue has far-reaching implications, affecting the financial well-being of legitimate businesses and the health and safety of consumers who may unknowingly purchase counterfeit products. One of the most significant impacts of counterfeit products on the consumer’s perception and shape perception is the erosion of consumer trust. When substandard imitations flood the market, consumers may find distinguishing between genuine products and counterfeit ones challenging. As a result, they may become wary of purchasing cosmetics and shapewear, fearing that they might accidentally end up with a counterfeit product. This lack of trust can lead to declining sales for local manufacturers as consumers avoid purchasing these products.
Opportunity: Growing Sales in E-commerce Platforms
The expansion of e-commerce platforms has significantly expanded the reach of competition and shaped brands. Consumers now have access to a vast array of products from global manufacturers, and online shopping provides a convenient option for purchasing speciality goods. The ease of comparison, reviews, and a wider range of options contribute to the growing popularity of e-commerce in the construction and shapewear market. E-commerce platforms have revolutionized how consumers access, purchase, and shape products. Previously, consumers were limited to local stores or a few available brands. However, with the advent of e-commerce, individuals can now access a wide variety of clothing and shapewear products from global manufacturers. This expansion of research has allowed consumers to explore different brands, styles, and functionalities previously unavailable to them.
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Some of the major players operating in the compression wear and shapewear market are:
• 2XU Pty Ltd.
• Adidas AG
• Ann Chery
• Design Veronique
• EC3D Orthopaedic
• GLOBAL INTIMATES LLC
• Hanesbrands Inc.
• Honeylove Sculptwear Inc.
• Jockey International Inc.
• Nike Inc.
• Omtex Healthwear Pvt. Ltd.
• PUMA SE
• PVH Corp.
• Skims Body Inc.
• Spanx LLC
Key Segments Cover in the Market:
By Product Type:
• Compression wear
• Shapewear
By Gender:
• Male
• Female
By Distribution Channel:
• Online Sales
• Offline Sales
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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