November 12, 2021 23:00 ET | Source: BlueWeave Consulting and Research Pvt Ltd BlueWeave Consulting and Research Pvt Ltd
Noida, November 13, 2021 (Global News Agency)-The increase in fitness programs that promote healthier lifestyles worldwide is driving the growth of the global sportswear market. More and more yoga practitioners and demand for fashionable sports and leisure in the world are making positive contributions to the growth of the global sportswear market...
A recent study conducted by BlueWeave Consulting, a strategic consulting and market research company, shows that the global sportswear market is worth US$8.7 billion in 2020. The data generated by the research shows that the market is expected to grow at a compound annual growth rate of 7.4%, with revenue of approximately US$14.3 billion by the end of 2027. Sportswear is sportswear worn by athletes, especially runners during training. It usually consists of a full-sleeved jacket and trousers. The best sportswear is made of knitted cotton or nylon fabric after cutting and stitching. The global sportswear market has grown due to the growing consumer awareness of fitness activities, the increase in fitness programs for the elderly, and the increasing preference for sports and leisure.
With the growing health problems of young people, the increasing demand for fitness programs is driving the global sportswear market
In recent years, the increasing prevalence of heart disease, blood pressure and other health problems has led to an influx of fitness programs worldwide. According to data from the Centers for Disease Control and Prevention (CDC), approximately 360,900 people died of heart attacks in 2019. In contrast, the statistics for 2020 soared to 690,882. It spurred a nationwide wave of awareness about fitness and health care programs, leading to an increase in demand for sportswear because they reduce calorie content. As millennials’ awareness of fitness programs continues to increase, the demand for sportswear across the United States continues. As people choose fashionable sportswear that provide comfort during exercise, the global sportswear market is growing.
More and more yoga practitioners around the world are driving the global sportswear market
Sportswear has long been used in sports and leisure activities. In addition, yoga practitioners are also end users of such products. It is estimated that there are more than 300 million yoga practitioners worldwide. The Wheel of Yoga UK estimates that there are more than 300,000-460,000 yoga practitioners in the UK. Yoga is one of the fastest growing industries in the United States and the largest industry in the world. The rise of yoga practice and related projects has led to a surge in demand for sportswear because of their greater flexibility. Yoga pants and sportswear have higher stretching capabilities, making end users more comfortable and allowing them to have a better yoga experience. Therefore, these factors have made a positive contribution to the growth of the global sportswear market
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Global Sportswear Market-Impact of COVID-19 on the Industry The COVID-19 pandemic has a negative impact on the growth of the global sportswear market. To prevent the spread of the virus, the government urged the closure of the cotton, fiber and wool industries. Therefore, the global sportswear market has been severely affected. The supply chain disruption caused a slight increase in the price of available sportswear in the market to manage the supply-demand relationship.
As news channels and articles are talking about the benefits of exercising and practicing yoga at home, potential end users are starting to consider virtual fitness classes to maintain their lifestyle and improve their immunity, so they can prevent what might happen when they enter Any adversity exposure to the COVID-19 virus. This has led to an increase in demand for sportswear during the pandemic, which has led to growth prospects for the global market. With the increase in vaccination rates, face-to-face fitness classes and sports events may increase, providing potential growth factors for the global sportswear market.
Cotton fabrics occupy the largest share of the global sportswear market
The global sportswear market is divided into cotton, fiber, wool, etc. according to products. The cotton sector occupies the largest share of the global sportswear market and is expected to maintain its dominance even in the next few years. Cotton is one of the fabrics with the highest sweat absorption rate and one of the fastest drying fabrics, which is why some people choose to wear cotton sportswear instead of other materials. Cotton is also a renewable resource and biodegradable, which has led to initiatives such as the "Better Cotton Initiative" (BCI), which drives the demand for more sustainable cotton products. These initiatives may have a positive impact on the demand for sustainable sportswear, and thus have a positive impact on the growth of the global sportswear market.
Global Sportswear Market-By Sales Channel
According to sales channels, the global sportswear market can be subdivided into hypermarkets/supermarkets, e-commerce, brand stores, etc. The hypermarket/supermarket segment occupies the highest share of the global sportswear market. Consumers’ desire to try on sportswear and understand its fit is the main factor driving the hypermarket/supermarket segment of the global sportswear market. Although e-commerce sales of sportswear in emerging economies have increased due to digitalization, the penetration rate is still below the allowable level, which means that end users have lower preferences. Therefore, the global sportswear market has increased demand for sportswear purchased in stores and hypermarkets/supermarkets.
North America has the highest share in the global sportswear market
The global sportswear market is divided into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Among these regions, North America has the largest market share and may maintain its share even during the forecast period. The booming yoga industry and growing concerns about the increasing number of heart attacks are some of the key factors driving demand for the global sportswear market. An estimate by the Yoga Alliance shows that 72% of Americans who practice yoga are women, which suggests that women tend to exercise. At the same time, the aging population in the United States has increased the demand for fitness programs. During the pandemic, the President’s Committee on Exercise, Fitness, and Nutrition and other programs aimed at healthy living promoted physical exercise, which led to a surge in demand for sportswear worldwide.
Global sportswear market-competitive landscape
The major players in the global sportswear market are Adidas AG, ASICS Corporation, HanesBrands Inc., H&M Hennes & Mauritz AB, Jack & Jones, Monte Carlo Fashions Ltd., Nike Inc., Puma Se, Under Armour Inc., Wildcraft, Benetton Group Srl, Converse, GAP Inc., Diadora SpA, Kappa, Everlane and other well-known manufacturers. The global sportswear market is fragmented, with a large number of players making sportswear. In order to manufacture higher quality sportswear, major players in the global market are investing heavily in research and development.
In September 2021, Adidas AG announced that the company will continue to cooperate with IVY PARK, Beyonce and Adidas Originals to explore the latest series of Blue Version. The collection started with a series of sportswear based on the iconic Beckenbauer style.
In February 2021, Everlane announced the launch of one of the company's most sustainable homewear collections. It is driving the evolution of the traditional aspects of sweatshirts, hoodies and jogging pants. The sportswear series includes three men's styles and five women's styles. Each garment is made of 100% organic cotton (GOTS certified). More importantly, it also complies with global organic textile standards.
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The report’s in-depth analysis provides information on the growth potential, upcoming trends and statistics of the global sportswear market. It also highlights the factors driving the forecast of the total market size. The report promises to provide the latest technology trends and industry insights in the global sportswear market to help decision makers make reasonable strategic decisions. In addition, the report analyzes the market's growth momentum, challenges and competitive dynamics.
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