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Will the charismatic Global Swimwear Market stay lucrative in future

Earlier this year, a report published by Allied Market Research, suggested that global swimwear market was valued at$18,454 million in 2017, and is projected to reach $28,148 million by 2024, registering a CAGR of 6.2% from 2018 to 2024. Emerging countries represent the global hub for this growth, with Latin America led by Brazil representing the largest market worldwide. The annual beachwear turnover in Italy is $846.57million, making it rank second in Europe after France.

faced some very positive revolutions that make the business blooming since 2010.Many social changes have shaped the market such as the modern age philosophy of everything for everyone and festivals like Coachella.

Swimwear is a type of clothing or costume designed to be worn by people engaged in swimming, water sports, surfing, water skiing, or even sunbathing. Different styles of modern swimsuits are available for different proposes and gender and age. These vary according to body coverage and materials. Different fabrics used for making swimwear such as polyester, nylon, spandex, and other blended fabrics, give it the required stretch and makes it capable of withstanding sun, chlorine, and salt water. In 2017, the swimwear market for woman accounted for more than two-thirds share of the global market in terms of value.

In modern time, the ideal “beach body” is perceived as an ambiguous notion and as a matter of fact, the slightest hint of suggestion of any body being less than beach ready is heavily lambasted. That’s a great thing for a more inclusive swimwear market. The key and niche players operating in global swimwear and beachwear market include American Apparel Inc., Arena Italia S.p.A, Diana Sport, Eveden Group( Wacoal) , Jantzen Inc., La Perla Group, NOZONE Clothing Limited, O’Neill, Inc., PARAH S.p.A., Pentland Group plc., Speedo International Ltd., Perry Ellis International Inc.(Nike),Quiksilver Inc., Seafolly, Seaspray Swimwear, Tefron, TYR Sport and PVH Corp.

What are the things changing and shaping the swimwear market?

√ The increased participation in exercise with the growing interest of consumer in swimming as recreational & fitness activity supports the growth of the global swimwear industry. Swimming is consider as a healthy and low-impact activity that has many physical and mental health benefits such as alleviating stress, building endurance, muscle strength, and cardiovascular fitness.

√ Women desiring to look stylish at the pool or beach are another factor that is increasing the demands for swimwear. Therefore designers are updating swimwear and beachwear regularly without any delay. Also incorporating the latest fashion trends into swimwear is attracting more consumers especially the new generation. This lead to a healthy growth of the swimwear and beachwear market.

√ In addition to the notion of fitness, major drivers for the swimwear and beachwear market include relaxed dress codes. The increasing interest in body care, social mobility, acceptance of swimming as relaxing, the growth of beauty and spa industries are also driving the swimwear and beachwear market at some extent.

√ The increase in family vacations along beach side, and high penetration of ecommerce platforms also boost the growth of the swimwear market.

√ In the next 20 years the passenger count globally will double, to 8 billion passengers. APAC( Asia-Pacific Region) will be the biggest driver, contributing half of those passengers. In fact, by 2022 China will overtake the US as the largest aviation market, according to the International Air Transport Association (IATA). That’s important because these are markets which the swim category hasn’t fully penetrated yet and that could have different swimwear needs.

√ India saw the biggest growth in its swim category in 2016-18 compared to other neighboring regions.

√ The use of fabrics with features such as high thermal insulation, enhanced flexibility, adequate surface friction, and lightweight nature such as neoprene has increased the production of wetsuits and swimsuits. Incorporation of such advanced fibers to develop fabrics for swimwear is expected to provide lucrative opportunities for the swimwear market. In addition, factors such as introduction of multifunctional cover-up swimwear and beachwear coupled with expansion in product line and innovations in men’s swimwear also provide great opportunities for the swimwear market in the upcoming years. On the other hand, developed world long-term ageing demographics, privileged circumstances in some part of world and poverty in others, and cultural, social and religious barriers are restraining the growth of swimwear and beachwear market.

Trends in Swimwear

The current trends for swimwear are not much differentiated from the fashion scenario overall. The inclusion of smocking or shirring technique and polka dots as prints, Brown hues as colour are very evident trends. The high cut bottoms like the well-recognized red Baywatch suit are becoming quite famous with the 80’s workout gear influence along with the one-shoulder strap designs, plunging scoop backs and Trends in Sw imwear tie-knot in front. Midway waist bets, leopard prints, colourful rainbow, strips all fashion trends that are shaping the industry are also incorporated into the little (not little as a market though) ones as well. One-piece which was red hot last year, growing 9% in Q1 compared to 2016, may only have climbed a further 1% this year but new bikini arrivals fell by nearly 7% in Q1 2018.

The development of Luxury Swimwear

In the first quarter of 2016, luxury accounted for just 9% of the women’s swim market whereas this year it has climbed to 16%, with Solid & Striped, Eres and Melissa Obadash being the most-stocked brands. Farfetch, the global luxury e-commerce retailer, has increased its women’s swim offering by The development of Luxury Swimwear 349% and Matches by 288%. The broadening of the luxury segment sees the average price fall a little, with a swimsuit costing on average $304.59, down 4.7% from Q1 2017. Affordable luxury price points and trend will remain absolute key to this segment.

The Hi-Tech Swimwear

Since the end of WW2, scientists have been focusing on swimwear materials to improve the timing and comfort of the swimmer. Swimwear has come under the verge of using technology to improve the items. Scientifically advanced materials are used for swimwear in competitive water sports such as swimming and triathlon. Materials of this type are normally spandex and nylon composite fabrics with features to reduce drag against the water. The fabrics include features that increase the swimmer›s glide through water and reduce the absorption of water by the suit as opposed to regular swimsuits. Speedo uses a hightechnology swimwear fabric composed of woven elastanenylon and polyurethane for their competitive swimwear line called The LZR Racer (pronounced as ‹laser›). Polyester is the leading fabric for competitive swimwear now as the new technologies in polyester have improved the hand and feel of the material. Polyester holds its colour and is resistant to chlorine making it able to left behind the other fabrics. The knitting of the fabric for swimwear are modified to fit the porpose such as using Circular knits that include coatings from Heiq (Switzerland), and Umorfil Beauty Fiber collagen fibers from Fabtex (Taiwan), Striped meshes and jacquard knits, Functional knits for sport like the snag-resistant knits. The printing techniques used in this segment in modern terms are transfer, rotary, flocking, and metallization (helps in retaining the heat).

Italian Swimwear Market

The annual beachwear turnover in Italy in the past year was US$843 million, as Italy has an age-old tradition in beachwear, and in the past, was driven by the domestic industry which paid attention to the fashion quotient and took hold of foreign markets too. The brands housing swimwear are now showcased in the form of mono-brand stores rather that selling their products with other competitive brands. “What has revolutionised the market in Italyand not only Italy, actually, has been the transformation of the distribution channels. Next to multi-brand stores today are the mono-brand chain stores, either owned or franchised, which have contributed to moving brands from the high-streets to shopping malls on the one hand, and strengthening their brand identities on the other. About 40 percent of the Italian market today is covered by the chain stores followed by independent stores with a market share of less than 20 per cent. Even in this sector, online business has risen and keeps on rising at an average annual rate of 5 per cent, but currently still has a relatively low overall share of 8 percent.

The most important battle in Italy is about fabric traceability-quite an important issue that is energetically pursued by European Union authorities who are responsible for relevant regulations in member states. Since Italy is marked by quality and innovation, it has been essential to obtain a certification that can guarantee Italian production and at the same time protect the end-user.

US Swimwear market

In United States, the Revenue of the Swimwear (women & girls) segment accounts to US$3,361m in 2018 reportedly which in global comparison was the largest market in North America, followed by the UK, Germany, and China.. The market is expected to grow annually by 2.8% (CAGR 2018-2021). In relation to their total population, per capita revenue of US$10.25 is generated in 2018.The growth rate of swimwear is steady and up as US does not have demographic resistance for the beach culture and have a vast population. The data of holiday types preferred shows that 35% of vacationing Americans intend to travel internationally. Their key destinations are swim-savvy Mexico, the Dominican Republic and Jamaica. This data indicates a very evident reason of the growth in US market. The swimwear in US has a steady demand as such that in past few years; swimwear has become more readily available in stores.

As the market of swimwear consists of only half of the underwear market globally, the retailers need to keep offering new trends regularly to encourage the sale everyday. There’s also an under-explored opportunity in cross-seasonal swim. Beachwear focuses on cotton dresses and sarongs, but left ignored the swimmers and surfers that are year-round hobbyists. The retailers should come up with products for these customers after their dip in the water. Another overlooked segment is the women’s performance swimwear. The new arrivals of trends for these products were down by 22% in Q1 2018 compared to Q1 2016.

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