Publish Date: Feb 2021
Category: Retail & Consumer Goods
Publisher: Allied Market Research
The athleisure market size was valued at $155.2 billion in 2018 and is expected to reach $257.1 billion by 2026, registering a CAGR of 6.7% from 2019 to 2026. The rise in number of health conscious consumers is one of the key factors driving the growth of the global athleisure market.
The global athleisure market is segmented on the basis of product type, gender, distribution channel, and region. Based on product type, the market is classified into sneaker, joggers, leggings, hoodies, and others. Based on gender, the market is segmented into male and female. By distribution channel the market is divided into online and offline.
North America and Europe are known to be the dominant regions in the global Athleisure market.
Fitness enthusiasts show high propensity to pay premium prices for fitness related products, which are necessary to achieve their fitness goals. Fitness has become one of the major part of daily routine of a substantial number of consumers.
Increase in participation in sports and fitness activity has led to a more comprehensive approach of customers toward fitness and sports-related products. On the other hand, the female apparel segment is highly fragmented. Fashionable athleisure products has witnessed surge in demand, due increase in adoption for apparel from female consumers. In addition, shift in female physical activity participation is one of the major factors that drives the demand for athleisure products. Increase in number of female fitness models, sports players, and athletes developed a holistic approach of female consumers toward sports and fitness.
Moreover, the ongoing trend of healthy aging has witnessed increased popularity among the geriatric population. The requirement of performance boosting fitness products is expected to increase among the geriatric population, owing to rise in health & fitness associated with ageing.
This factor increases the demand for athleisure among elderly consumers, owing to performance boosting features of active wear such as enhanced grip, wicking, and back support. Thus, increase in participation of customers triggers the demand for athleisure products.
According to the U.S. Census Bureau, millennials are on the verge of surpassing baby boomers in the country. Similarly, in Asia-Pacific, millennials account for a larger population, especially in countries such as China, India, and Australia as compared to other population groups. This set of population has been active, health-conscious and indulges in various physical activities.
They have been influential in evolving various global industries in terms of product offerings and services. They always tend to try products that are new in the market and determine whether the products cater to the requirements. Thus, millennials are being considered as the prime customers in the global athleisure market. As a result, the rise in number of millennials eventually triggers demand for athleisure apparels and footwear products.
Athleisure products require proper designing and combination of various fabrics such as polyester, Nylon, Polypropylene, Spandex, and Neoprene, as texture, design, look, and other fashion attributes of athleisure apparels require systematic processing and designing of raw materials. Similarly, fluctuations commodity market, natural calamities effect on the raw material sources, fluctuations in global economies, and others are some of the key factors affecting the price of raw materials. Thus, these products are priced high, resulting in low sales.
Thus, high costs of raw material designing of this product hamper the overall market growth.
Key players operating in the market includes Puma, Nike, Under Armour, Adidas, Lululemon Athletic, Asics Corporation, Columbia Sportswear Company, Gap Inc., North Face, Phillips-Van Heusen Corporation, and others.
KEY BENEFITS FOR STAKEHOLDERS
• The report provides an extensive analysis of the current and emerging market trends and opportunities in the global athleisure market.
• The report provides detailed qualitative and quantitative analysis of current trends and future estimations that help evaluate the prevailing market opportunities.
• A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
• An extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
• The report provides extensive qualitative insights on the potential segments or regions exhibiting favorable growth.
KEY MARKET SEGMENTS
By Product Type
By Distribution Channel
• North America
o Rest of Europe
o Australia and New Zealand
o Rest of Asia-Pacific
o Latin America
o Middle East