Consumer Goods & Retail

Global Shapewear Product Market

January 18, 2022
ID: SR/CG-93
Format:Pdf
Pages:220

The global shapewear Product Market By Product type (Body Briefs, Control Camisoles, Waist Cinchers, Body Shapers), By Application (Medical Application, Athletic Use), By Distribution channel (Online, Offline, Supermarkets, Hypermarkets, Specialty Stores), By Region (North America, Europe, Asia-Pacific, South America, The Middle East & Africa)-Global Forecast to 2027.

Description

The global shapewear market size was calculated at USD 1.9 billion in 2020 and is predicted to reach 3.70 billion, extending at a compound annual growth rate (CAGR) of 8.0% from 2020 to 2027. Shapewear is evolving increasingly widespread. Compared to other lingerie types, the number of new shapewear debuts on the market in 2018 rushed by 143 percent over 2017. Due to various development offerings, newcomers have disrupted the market. It includes more fashionable products like bandeaus, tanks, and leggings in different fashion-forward fabrics, including limited leather. While technological improvements and fit have fueled the business, the concept of shapewear is also transforming. Shapewear businesses have been forced to question traditional prejudices and deliver their products in a more approachable, modern way due to cultural developments toward body positivity and inclusion, tempting a new set of customers.

What are Shapewear Products?

Shapewear is a kind of undergarment which is used by women & men both to give the perfect look or figure. It is normally designed to flatten the stomach and make people look slimmer. The material to make shapewear supports the nipping and tucking of the body and supports obtaining a seamless figure where excess fat does not protrude release or looks uncomfortable. The main idea behind shapewear is to cover the body and suit the clothing worn. Also, Shapewear Market is known to improve body shape.

Growth Drivers

Growing self-awareness about perfect body shapes

Improving one’s aesthetic glamour is considered a purpose for multiple global fashion consumers. Social media and society have set up ideal, desirable looks measures that customers try to simulate. They have evolved more conscious of how the world considers them, and consequently, there has been a passion for achieving a certain body type and maintaining a standard of beauty. The flexibility in shape and the rigidity that one can get by wearing it is one of the causes why there has been an increase in the demand for shapewear worldwide.

Consumers on a global scale are enlightening themselves on the different types of innerwear that they can wear for different occasions and requirements. Moreover, shapewear helps women bypass their body routines and temporarily acquire seamless figures. Women have been more open to testing new styles and looks in the Internet era, and they not only want to pursue fashion influencers but also want to be trendsetters themselves. As a result, their outerwear preference has become, and women are increasingly experimenting with various Indian and western clothing looks.

Opportunities

Innovations in Shapewear Products will boost the demand.

The shapewear market has been existing for an extended time now. Not many inventions were being created in the market in the past decade. For new moms, it’s difficult to obtain back in shape with limited time on their hands. Wearing body shapewear can support to loss of 4 inches off its waste immediately. Also, shapewear can be sported while relishing day-to-day actives including the gym. Shapewear’s come under the bra, thus allowing to lift and hold the bra securely in position. Also, it is useful for women with large breasts because it helps relieve back pain and strain on the spine. Due to the growing need for shapewear, many fashion businesses have expanded their shapewear varieties, and new businesses have come onward with their branded products. Kim Kardashian West launched Skims Solutions wore in September 2019. The Kardashians’ shapewear collection presented a mixture of common fashion blunders like red carpet blunders, visible bra straps, and unflattering belly rolls; these were resolutions to nagging issues that the multiple beautiful fashionistas undergo.

Restraints

Growing awareness movements and body positivity and endorsement show major restraints for the Shapewear Market on its growth path. Also, due to the pandemic, people choose to stay at home, and hence, the demand is dropping during the forecast period.

Pre-Covid-19 Impact on the global Shapewear Product market

Before the covid-19 era, a Rise in disposable income to improve the male of living of individuals, incorporate exercising into daily fitness rules of lifestyle users, and increase in replacement of gym wear by contraction wear are also desired to foster the compression wear & shapewear market growth. The contraction wear & shapewear market research indicates that the emergence of fitness organizations and rising engagement of customers with healthy lifestyles will increase the market size. Before the covid-19 outbreak, the fabrics incorporated into contraction & shapewear have increased the growth of this market. Technologies such as bonding and laser cutting have transformed shapewear by stopping seams, hems, and bulky fastenings. Lycra, neoprene, spandex, and nylon are normally used fabrics by manufactories. Improved materials are smoother, more breathable, and keep toning effects.

Covid-19 Impact on the global Shapewear Product market

The COVID 19 outbreak on the shapewear market movements, the closure of shopping malls and stores have harmed the market for shapewear. The coronavirus pandemic affects the global economies, presenting examples like social distancing. Also, many occurrences and assemblages are either being postponed or balanced with the fear of the spread of the pandemic. People usually opt to support shapewear, which is more common while wearing costumes for social crowds. Hence, the demand is declining for the products during the pandemic. The novel coronavirus pandemic has crashed new market trends in an alternate sense. People are recompensing in their homebodies and are clothing to impress themselves. Hence, the market for shapewear and other connected materials like intimates and loungewear will likely rise by the end of the forecast period.

Post Covid-19 Impact on the global Shapewear Product market

After the covid-19 explosion, the demand for compression wear and shapewear products declined in 2020 as the buyers and consumers continued to stay at home. The cancellation of various events worldwide has negatively impacted the compression wear & shapewear industry. The fitness industry is one of the negatively impacted sectors that has witnessed significant disruptions due to imposed lockdowns, restrictions in social gatherings, and market closure. Consumers are restricted to joining gyms and other fitness clubs, resulting in lower purchasing compression and shapewear products in the market.

By Product type Segmental Analysis

The global Shapewear market is segmented into five types based on different product types. These are Body Briefs, Control Camisoles, Waist Clinchers, Body Shapers, Others. Out Of these products, the body shapers product segment pushes up the highest part of the market share in the product segment for shapewear. Body shapers deliver various advantages such as posture support, instant slimming body, burning calories, and concealing well by hiding under clothes. Moreover, they are easily fabricated as the raw material, and the operating cost for making them is low. A survey indicated that over 46% of women bought body shapers to enhance their waist shape; around 20% obtained them to make their whole body look more presentable. The body shaper segment is predicted to overlook the market during the forecasting period as the market keeps increasing, so companies are expected to focus more on creating better quality body shapers.

By Distribution Channel Segmental Analysis

The online segment is expected to detect considerable CAGR over the forecast period. The advancement of the online segment can be explained by technical advancements and the increasing prominence of online media for purchasing surfing apparel and accessories, particularly customers looking for deals. The major target demographic for online media is customers who buy things without physically examining them. Most manufacturers have diverted to the direct sales approach to boost product sales and profit margins. Customers have started to change their shopping patterns due to the COVID-19 pandemic, selecting to purchase online to detour direct connection with other customers at retail platforms. The pandemic has flashed a digital process in various industries, including shapewear.

By Regional Segmental Analysis

North America controlled the shapewear market and expected the largest revenue share of 38.8% in 2020. It is due to the across-the-board favor of athletics and sports and the existence of an extensive number of cultivated consumers. The most famous contraction wear articles contain bottoms, shirts, sleeves, and socks, while waist cinchers, bodysuits, and briefs are popular shapewear articles in the United States. This market is also launched to be caused by the region’s growing clothing and textile market.

The demand for shapewear products is anticipated to grow at a CAGR of 8.5% over the forecast period in the Asia Pacific. In the Asia Pacific, startups, recent entrants, and household firms have been smashing into the shapewear enterprise by creating new products for men and women. Like India and China, developing countries have revised their fabric technology and funded R&D to deliver more innovative products.

Competitors Analysis

Companies including Nike, Inc., Adidas AG, Spanx Inc., Triumph International Corporation, Leonisa, Wacoal America, Inc., Ann Chery, 2XU Pty. Ltd., Under Armour Inc., Skins International Trading AG are the prominent players.

Key Stakeholders

Regulatory bodies
Market research and consulting firms
Local governments
Suppliers
Retailers

Recent Development

In 2019, Page Industries Ltd’s acquired its license agreement with Jockey International Inc. till December 31, 2040, to increase its remuneration in the coming years.
In 2018, through a succession of investments, Under Armour spent more than US$ 700 million on connected-fitness organizations such as MapMyFitness and Endomondo to maintain its brand portfolio.
In 2017, Spanx, Inc. established an assemblage of shapewear (body shapers) for brides. The company presented products in different sizes to target each segment. The collection varies from sizes XS to 2X.

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 1.9 Billion
The revenue forecast in 2027	USD 3.70 Billion
Growth Rate	CAGR of 8.0 % from 2020 to 2027.
Historical data	2017-2019
Forecast period	2021 – 2027
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Nike, Inc., Adidas AG, Spanx Inc., Triumph International Corporation, Leonisa, Wacoal America, Inc., Ann Chery, 2XU Pty. Ltd., Under Armour Inc., Skins International Trading AG are the key players.

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is a shapewear product?

Shapewear is a kind of undergarment which is used by women & men both to give the perfect look or figure.

What is the growth rate of the global shapewear product market?

The global shapewear market size was calculated at USD 1.9 billion in 2020 and is predicted to reach 3.70 billion, extending at a CAGR of 8.0% from 2020 to 2027.

What are the driving factors for the global shapewear product market?

The major driving factors are Social media and society have set up ideal, desirable looks measures that customers try to simulate. They have evolved more conscious of how the world considers them, and consequently, there has been a passion for achieving a certain body type and maintaining a standard of beauty.

Which region is expected to have the largest share in the global shapewear product market?

North America is expected to have the largest CAGR share in the global shapewear product market.

Who are the major players in the global shapewear product market?

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