One-Piece Swimsuits Market is Expected to Grow at a CAGR of over 2.5% by 2031 End
With rise in swimming activities across the world, demand for women’s swimwear has seen steady increase over the past decade. High demand for polyester and nylon swimsuits, especially tank suits, is aiding market growth. As per Fact.MR analysis, the global women’s swimwear market is forecast to expand at over 3% CAGR through 2031.
According to a report published by the World Health Organization in February 2020, an estimated 320,000 people died from drowning in 2016, making drowning a major public health problem, worldwide, while in 2015, injuries accounted for over 9% of total global morbidity. As more people are becoming aware of such risks of not knowing swimming, they are getting inclined to adopt it as a basic life-saving skill. Also, various campaigns and initiatives for spreading awareness regarding the benefits of swimming are working in favor of manufacturers. For instance, in America, a new ‘Red Cross Campaign’ was launched by America Red Cross in 2020 in order to reduce drowning rates by 50% in 50 cities over the next 3 to 5 years.
Key Takeaways from Women’s Swimwear Market Study
- Tank suits to remain the most sought-after type over the forecast period, with nearly one-fourth market share.
- Polyester, followed by nylon, are the most widely-used fabric types, for manufacturing swimwear, accounting for two-third total production.
- Mid-price women’s swimwear to exhibit hegemony throughout the forecast period, commanding nearly half of overall demand.
- Sport outlets will maintain the lead among the distribution channels, at over 40% market share.
- The United States holds nearly 90% of the market share of the world’s second-largest market – North America.
- Germany remains the epicentre of the world’s largest market for women’s swimwear – Europe, with a market share of more than 32%.
- Japan and South Korea remains lucrative for manufacturers.
- Some of the other countries performing well in the global women’s swimwear market are Canada, the United Kingdom, France, Italy, and China.
“As swimming activities are gaining traction, demand for women’s swimwear is seeing an upward trend. A report published by the National Library of Medicine indicates almost equal participation of men and women in national and international swimming competition. While this signifies growing number of women swimmers, manufacturers are developing a wide range of women’s swimwear in order to capitalize on the growing opportunities in this space,” says a Fact.MR analyst.
How are Growing Investments in Developing and Maintaining Swimming Pools Boosting Growth?
Growing investments by government and non-profit organizations towards the development and maintenance of swimming pools are indirectly raising the market value of women’s swimwear. The Government of the United Kingdom announced a EUR 4 billion investment in community facilities, including swimming pools, in 2020. According to a report published by the Swim England Organization in November, 2020, a single 25 metre pool can generate EUR 7.2 million social value in community savings, and save the NHS and social care system more than EUR 1.2 million.
USA Swimming has pledged an initial US$ 1 million to help member clubs as a part of a broader recovery plan for the sport’s primary governing body in the United States. The Government of Australia announced a US$ 150 million fund for female change rooms and swimming pools in 2020. All these initiatives are leading to increased swimming activities, especially by women, which bodes well for the progress of the women’s swimwear market space.
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