According to a new report published by Allied Market Research, titled, “Compression Wear and Shapewear Market by Product Type, Gender, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the compression wear and shapewear market size was valued at $4 billion in 2020, and is projected reach $6.9 billion by 2030, registering a CAGR of 7.7% from 2021 to 2030
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 global compression wear & shapewear market is estimated to reach $6.95 million by 2030, growing at a CAGR of 7.7% during the forecast period. Region wise, the compression wear & shapewear 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.
The compression wear segment dominated the overall market in 2020, accounting for over 70% of the revenue, due to the widespread usage of various types of compression wear by professional athletes and lifestyle users practicing recreational exercises. Growth of this segment is driven by the vast health benefits offered by these garments, such as improved performance, body temperature maintenance, reduced muscle fatigue, and prevention of injury. A significant rise in number of lifestyle users in developing regions and rise in trend of using compression wear as an athleisure wear are expected to increase the demand for compression wear.
Application wise, the performance & recovery segment accounted for the maximum revenue share of $2.96 billion in 2020. This segment is expected to grow at the highest CAGR of 6.2% during the forecast period, owing to extensive usage of compression wear to prevent injuries, improve blood circulation, and speed up recovery.
Among various distribution channels, the specialty retail stores segment held the highest revenue share of 62%, and is expected to maintain its dominance ahead as well. This segment constitutes company-owned outlets that possess extensive penetration in various geographies and sell wide product lines of compression wear and shapewear. However, the compression wear & shapewear market growth is expected through online sales channels with a high CAGR of 8.6%, owing to wide product availability on e-commerce websites and rise in Internet penetration in Asia-Pacific and LAMEA.
The male users segment leads the global compression wear & shapewear market, owing to higher adoption of compression wear. Moreover, majority of men also prefer compression garments during a workout, further fueling the demand from the male consumer segment. The female consumer segment is expected to grow at a highest growth rate over the anticipated period, owing to rise in female interest for fitness and comfortable clothing and increase in participation of women in sports activities. Furthermore, companies such as Nike, UnderArmour, and others have started to target the women segment with the launch of new product lines and establishment of women-specific stores.
Some 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.
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 compression wear & shapewear market forecast period. 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, the compression wear & shapewear industry 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.
Key Findings Of The Study
- Based on type segment, the compression wear segment accounted for the highest compression wear & shapewear market share in 2020, growing at a CAGR of 8% and shapewear was growing type with a CAGR of 5.1% between the years 2021 and 2030.
- On the basis of the gender, male category accounted for about 53% of market share in 2020. However, the female category is expected to grow at a higher CAGR of 6.1% during the forecast period, owing to the increasing consumer males and improving economic stability.
- Among the distribution channel, specialty retail stores channel will exhibit a decent growth rate over the coming years. However, COVID-19 has led down the revenue generation from these sales channels in the year 2020.
- Based on regions, North America accounted for about 42% of the market by share and is expected to grow at a CAGR of 7.7% during the forecast period.