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Report
Asia Pacific Swimwear Market- Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 112 Pages I Mordor Intelligence
The Asia-Pacific swimwear market is projected to register a CAGR of 4.6% during the forecast period.
Consumers frequently choose swimming pools and beaches for their physical activities, and as a result, swimwear usage among participants increases. Swimwear sales are increased by the widespread use of swimwear on beaches in various parts of the region. Due to the area's popularity as a tourist attraction, consumers visit beaches and swimming pools while wearing swimwear. For instance, there are 10,000 beaches in Australia that accept tourists in swimwear.
Swim goggles and swim caps are two vital swimwear items that are always in demand since they protect the hair, ears, and eyes. To prevent potential hair loss from chlorine exposure and to protect ears from water infiltration, swim caps are worn while swimming. On the other hand, swim goggles tend to provide clear vision when swimming and tend to protect the eyes from exposure to dangerous compounds present in water, which is why these goods are continuously in demand. Owing to the demand for these products, manufacturers in the market are focusing on developing smart and innovative products to facilitate the consumers to participate in swimming with comfort. For instance, in 2022, the Holoswim company launched its new next-generation AR smart swim goggles in China. The new "Holoswim 2" detects the live metric of all stroke types and displays real-time data on the goggles. These products are targeted toward a variety of consumers, from professionals to hobbyists.
Due to the COVID-19 pandemic, the demand for swimwear declined with the temporary closures of public pools and tourist places like beaches where swimwear is commonly worn. The demand for swimwear significantly increased post-lockdown, with frequent pool visits and the movement of tourists across the region.
APAC Swimwear Market Trends
Increasing Inclination toward Swimming as a Fitness Sport
Swimming is a practice followed and imitated by consumers in the region both for the love of the activity and interest in fitness. Swimming is one of the most common recreational activities practiced by consumers in the market. Consumers tend to habituate to swimming as a recreational sport or activity at a very early age. As swimming is observed as a common hobby by individuals, consumers tend to purchase dedicated swimwear based on their frequency of participation. Moreover, the increase in the number of pools across the major cities in the region encourages individuals to take swimming up as a hobby and as a physical exercise to maintain a healthy body. For instance, about 6.38 million people in Japan engaged in swimming as a hobby in 2021, revealed the Ministry of Internal Affairs and Communications of Japan. Waterparks and private swimming pools are a few of the places where swimwear is preferred by consumers in the market. Hence, swimwear like goggles, caps, and swimsuits is in constant demand as there is a significant number of consumers with professional and amateur participation in swimming. This resulted in frequent product launches in the region. For instance, in May 2021, the Speedo company launched its new swimwear range for the Tokyo Olympics 2020.
Women's Swimwear is the Most Retailed Product in the Market
The demand for women's swimwear in the Asia-Pacific region has increased considerably due to the rise in spending power, especially amongst the younger generation, coupled with their increasing open-mindedness and exposure to other cultures, traveling, and increasing popularity of water-sports activities. According to the National Bureau of Statistics of China, the annual per capita disposable income of an urban household in 2020 was CNY 43,834 (USD 6,277.99), as compared to CNY 42,359 (USD 6,152.05) in 2019. With rising incomes, consumers have the money to travel to tropical destinations at home and abroad, creating a rapidly increasing women's swimsuit demand in China. Swimwear like one-piece swimwear, two-piece swimwear, and full-body swimwear suits are preferred by women. Swimwear with different fabrics is constantly in demand among consumers based on climatic conditions, comfort, and durability. Usually, products made from nylon, cotton blended with spandex, and more are being purchased by consumers in the market. Owing to the demand, manufacturers in the market are introducing new collections of swimwear for women. For instance, RUTT Australia launched its swimwear collection for women in Australia, inspired by 1970's aesthetics, in February 2022. The piko collection is a blend of recycled polyester and elastane. These products are often used in pools and beaches by consumers. Swimming pools with strict regulations allow consumers into pools only with proper swimwear. This resulted in increasing sales of swimwear in urban areas that are away from coastal regions in the market. With the widespread use of organized swimming pools, the market is expected to grow on a positive note in the studied region.
APAC Swimwear Market Competitor Analysis
The market is fragmented, with the presence of numerous local and international players offering a wide range of swimwear for men and women. A few of the competitive strategies adopted by the manufacturers in the market include product innovations with new collections and expanding the geographical presence. In January 2022, Bay B company launched its kids' premium swimwear apparel and other swimwear products, including aqua shoes and bucket flap caps. The products were introduced in South Korea and are available in specialty stores and online platforms. Major players in the market include Strauss Sport, Adidas AG, PUMA SE, Nike Inc., and Speedo International.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Women's Swimwear
5.1.2 Men's Swimwear
5.1.3 Goggles
5.1.4 Swim Caps
5.2 By Distribution Channel
5.2.1 Offline Stores
5.2.2 Online Stores
5.3 By Geography
5.3.1 China
5.3.2 India
5.3.3 Japan
5.3.4 Australia
5.3.5 Rest of Asia-Pacific
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Adidas AG
6.4.2 PUMA SE
6.4.3 Nike Inc.
6.4.4 Strauss Sport
6.4.5 Speedo International
6.4.6 The Beach Company
6.4.7 Flirtatious
6.4.8 Zivame
6.4.9 Seafolly Australia
6.4.10 Bamba Swim International
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MAKRET
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