The global compression wear & shapewear market is estimated to reach $6.95 billion by 2030, growing at a CAGR of 7.7% during the forecast period. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest revenue in 2020, with $1.73 million, and is further expected to reach $2.78 billion by 2030, growing at a CAGR of 5.4%. Asia-Pacific is projected to witness the highest CAGR, owing to rise in government investments for promotion of sports and change in lifestyle of consumers.
Compression wear & shapewear are tight-fitted apparels designed specifically to keep the body in a certain posture. Increase in disposable income of customers, advancements in the fabric technology & garment designs, rise in popularity of shapewear among the geriatric population, and change in lifestyles drive the market growth of shapewear segment.
The compression wear & shapewear market is expected to witness steady growth in semi-urban areas of developing economies, owing to rise in awareness for fitness. A global increase in fitness consciousness and growth in participation in sports activities contribute to the market growth. Rise in disposable income to improve the male of living of individuals, incorporation of exercising into daily fitness regimes of lifestyle users, and increase in replacement of gym wear by compression wear are also expected to foster the compression wear & shapewearmarket growth.The compression wear & shapewear market analysis shows that emergence of fitness institutions and rising engagement of consumers with healthy lifestyles will proliferate the market size during the forecast period.
Recent advancements in fabrics incorporated into compression & shapewear have supplemented the growth of this market. Technologies such as bonding and laser cutting have transformed shapewear by eliminating seams, hems, and bulky fastenings. Lycra, neoprene, spandex, and nylon are the commonly used fabrics by the manufacturers. Improved fabrics are softer, more breathable, and possess toning properties.
However, the COVID-19 has impacted the market negatively in the year 2020. The global pandemic caused by the outbreak of Novel Corona Virus has hit the business world exhaustively at an unprecedented scale all across the world since the turbulent year 2020. Fitness industry is one of the negatively impacted sectors that has witnessed significant disruptions owing to the imposed lockdowns, restrictions in social gatherings, and market closure. The consumers are restricted to join gyms and other fitness clubs resulting in the lower purchase of compression and shape wear products in the market.
For instance, the report published by a news journal-Women's Wear Daily 2020, the demand for compression wear and shapewear products declined in the year 2020 as the buyers and consumers continue to stay at home. The cancellation of various events throughout the world has also impacted the compression wear & shapewearindustry negatively.
Segment review
The global compression wear and shapewear market is segmented into product type, gender, application, distribution channel, and region. The report covers the study based on by product type which includes compression wear and shapewear. Compression wear further includes different categories such as bottoms, tops, sleeves, and others (socks, stockings, and others). Based on gender, thecompression wear & shapewear market size is classified into male and female. Furthermore, application and distribution channel include performance & recovery, body shaping & lifestyle and multi-retail stores, specialty retail stores, online channels respectively. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Product Type
Compression Wear segment would exhibit the highest CAGR of 8.0% during 2021-2030, owing to the growing trends of adapting fitness routine and rising populaion of gym-goers.
The global compression wear and shapewear market is segmented by product type as compression wear and shapewear. Compression wear further includes different categories such as bottoms, tops, sleeves, and others (socks, stockings, and others). Compression wear was accounted for approx. 80% of the global compression wear and shapewear market. Furthermore, shapewear products also represent a significant contribution in the revenue generation in the global marketplace.
By Gender
FeMale segment would exhibit the highest CAGR of 6.1% during 2021-2030, owing to the rising women population in fitness clubs, gyms, and other institutions.
On the basis of gender, the market is segmented into male & female. The global compression wear and shapewear market is majorly propelled by the male population, owing to rising awareness of healthy and fit lifestyle among male youngsters.However, millennials are the main category among female population to use the shapewear products in the global marketplace.
By Application
Performance & Recovery segment would exhibit the highest CAGR of 6.2% during 2021-2030 due to the growing preferances of consumers toward healthy lifestyles.
On the basis of application, the market is segmented into performance & recovery and body shaping & lifestyle.
By Distribution Channel
Online channels segment would exhibit the highest CAGR of 8.6% during 2021-2030 owing to the increasing online user interference in developing economies.
On the basis of distribution channel, the global market segmented intomulti-retail stores, specialty retail stores, and online channels. During the period of the COVID-19 pandemic, the sales of the retail channels have seen a sudden decline, owing to market closure and resulted in the revenue surge to online channels.
By Region
Asia-Pacific would exhibit the highest CAGR of 8.5% during 2021-2030 owing to the rapid growing westernization among the consumers.
The report focuses on themarketgrowth prospects, restraints, and opportunities during the compression wear & shapewear market forecast period. The study provides Porter’s five forces analysis to understand the impact of various factors such as competitive intensity of competitors, bargaining power of suppliers, threat of substitutes, threat of new entrants, and bargaining power of buyers of the market.
The report provides a comprehensive analysis of the key players operating in the global compression wear & shapewear market such as Nike Inc., Spanx Inc., Adidas AG, Triumph International Corporation, Leonisa SA, Wacoal America Inc., Ann Chery, 2XU Pty Ltd., Under Armour Inc., and Jockey Inc..
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global compression wear & shapewear market share, with current trends and future estimations to elucidate the imminent investment pockets.
- It presents a quantitative analysis from 2020 to 2030, which is expected to enable the stakeholders to capitalize on prevailing compression wear & shapewearmarket opportunities.
- Competitive intelligence highlights the business practices followed by leading players across various regions.
- An in-depth analysis of thecompression wear & shapewearmarket trends helps determine the prevailing market opportunities
- The report includes detailed analysis of the regional and global markets, key players, market segments, competitive scenarios, sales areas, and growth strategies.
Compression Wear and Shapewear Market Report Highlights
| Aspects | Details |
 By Product Type |
|
 By APPLICATION |
|
 By GENDER |
|
 By DISTRIBUTION CHANNEL |
|
 By GEOGRAPHY |
|
 Key Market Players | Spanx Inc, Skins International Trading AG, Triumph International Corporation, Leonisa SA, Ann Chery, Adidas AG, Wacoal America Inc, 2XU Pty Ltd, Nike Inc, Under Armour Inc |
 OTHER PLAYERS IN THE VALUE CHAIN INCLUDE (profiles not included in the report) | Acme-McCrary Hosiery Mills, Sojitz Corporation of America, Omtex Health Pvt. Ltd., Vedette Shapewear, CWX |
Analyst Review
To cater to the change in need of lifestyle of users globally, the compression wear & shapewear market is constantly in the process of incorporating innovative changes for the development of novel products. Major manufacturers are exploring options to improve overall user satisfaction by including odor eliminating & UPF 50+ sun protection properties within the garments.
The market is dominated by a few major players, each occupying a large share in the overall market. Shapewear was initially popular among women, but nowadays its demand has increased from teenage girls, owing to rise in consciousness about physical appearance. Shapewear, such as trunks, girdles, briefs, vests, and others, has gained popularity among men as well. The market for shapewear is expected to witness slow growth due to several side effects arising from its use and availability of multiple substitutes such as yoga pants, leggings, and others.
Compression wear, such as tights, shirts, sleeves, and others, is popular among professional athletes, and its adoption has risen among sportsmen playing baseball, basketball, and football. Moreover, athleisure trend of wearing compression shirts and pants for casual purpose is on a rise in developed countries such as U.S., UK, and others. Compression stockings and sleeves to treat health ailments have also gained demand from the geriatric population worldwide.
The global compression wear & shapewear market is valued at $4,133.0 million in 2021.
The global compression wear & shapewear market is growing at a CAGR of 7.7% during the forecast period (2021-2030).
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The forecast period in the market report is 2021-2030.
Nike Inc., Spanx Inc., Adidas AG, Triumph International Corporation, and Leonisa SA are few of the top companied profiled in the report.
The global compression wear and shapewear market is segmented by product type as compression wear and shapewear. Compression wear further includes different categories such as bottoms, tops, sleeves, and others (socks, stockings, and others).
North America will dominate the market by the end of 2030.
COVID-19 has led down the revenue generation of compression wear and shapewear products due to market closures and restriction in the year 2020.
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