Athleisure Market Size Worth US$ 793.46Bn, Globally, by 2028 at 9.9% CAGR - Exclusive Report by The Insight Partners

NEW YORK, May 9, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Athleisure Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Top Wear, Bottom Wear, Footwear, and Others), Category (Men, Women, Unisex, and Kids), Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Online Retail, and Others), and Geography," the market is expected to grow from US$ 411.02 billion in 2021 to US$ 793.46 billion by 2028; it is estimated to grow at a CAGR of 9.9% from 2021 to 2028. A rise in consciousness about overall health and fitness, and increased demand from millennials are driving the market growth. However, the presence of counterfeit brands restricts the market growth. The report highlights key factors governing the athleisure market growth, and prominent players and their progress in the market.

Athleisure combines comfort of athletic wear with the fashion quotient of leisure apparel to create a contemporary style of clothing. It is a fabricated style of clothing that is mostly worn during athletic and fitness activities, as well as casual wear at workplaces or at social events.

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Rising health and self-consciousness, as well as a desire to live an active lifestyle and look fit, are motivating consumers to include sports and fitness activities into their daily routine. This increasing engagement has resulted in a shift in market dynamics, which has resulted in a rise in demand for athleisure products. As exercise becomes increasingly important, those between the ages of 16 and 30 are the most active athleisure users. These factors are driving the athleisure market.

Athleisure Market: Competitive Landscape and Key Developments

Adidas AG; Asics; Athleta LLC; Authentic Brands Group; Columbia Sportswear Company; Hennes and Mauritz AB; Lululemon Athletica; Nike, Inc.; Puma SE; and Under Armour Inc. are the few key players operating in the athleisure market. Leading market players adopt various business strategies, such as mergers and acquisitions, to expand their geographic presence and consumer base across the world.

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North America dominated the athleisure market in 2020. Furthermore, the region is expected to hold the largest market share during the forecast period. The athleisure market trends are influenced mainly by the demand and growing interest among the millennials. The increased involvement in fitness activities among people of all age groups is further expected to fuel the market growth in the coming years. According to The Good Body, an online affiliate advertising provider for Amazon, the number of people practicing yoga in the US grew by 50% from 2012 to 2016. In December 2020, the number of yoga enthusiasts in the country reached ~36 million.

Manufacturers in the region are increasingly focusing on the development of products with sustainable raw materials, such as BCI cotton, recycled polyester and nylon, and eco-friendly chemicals. In 2020, Asia Pacific was the second-largest market for athleisure products. A common desire to lead active lifestyles and appear fit is encouraging consumers to indulge in sports and fitness activities during their routine, which is driving the market growth in the region.

In 2020, North America accounted for the largest share of the global athleisure market. The athleisure industry is anticipated to expand faster due to increasing awareness of health and fitness. The growing number of gymnasiums, fitness clubs, and yoga centers, as well as the growth of the retail stores that sell customized hoodies, joggers, shoes, and etc., contributes to the market growth in the region.

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Rise in Awareness About Health and Fitness Drives Athleisure Market

Consumers across the world are paying much attention toward taking up fitness activities in the form of various sports and outdoor exercises. According to the 2020 Health Club Consumer Report from the International Health, Racquet & Sportsclub Association (IHRSA), the number of health club visits by Americans rose by 45%, reaching 6.7 billion from 4.6 billion during 2010–2019. Along with this, there has been a rising trend of practicing yoga for mental as well as physical fitness. Thus, the elevated involvement in fitness activities boosts the demand for athleisure products as they meet consumers' expectations in terms of comfort and fashion.

Athleisure Market Size: Segment Overview

Based on type, the market is segmented into top wear, bottom wear, footwear, and others. The bottom wear segment dominated the market in 2020. Based on category, the market is segmented into men, women, unisex, and kids. The men's category segment dominated the market in 2020. Based on distribution channel, the market is segmented into supermarkets & hypermarkets, specialty stores, online retail, and others. The market for the online retail segment is expected to grow at the highest CAGR during the forecast period. The growing penetration of e-commerce in various countries across the world is supporting the market growth. 

In 2020, the bottomwear segment accounted for the largest market share. Bottomwear products demand is being driven by rising internet penetration, changing lifestyles, and fashion trends. The growing popularity of bottomwear products in emerging markets provides a tremendous opportunity for manufacturers to focus on dynamic design and appearance.

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Based on category, women is the fastest-growing segment. Women's increased engagement in sports and fitness is expected to fuel the market development. A growing number of women joining sports clubs is also predicted to fuel the market growth. Celebrity endorsements, marketing, and activities organized by well-known individuals have a significant influence on customers.

Impact of COVID-19 Pandemic on Athleisure Market

The shutdown of manufacturing units during the COVID-19 pandemic adversely affected the production and supply side of the athleisure market. Also, the logistics and transportation sector hampered the market due to the imposition of lockdown. The shutdown of supermarkets, hypermarkets, and specialty stores, among other distribution facilities, has hampered the access to athleisure products. In the second half of 2020, the ease in lockdown restrictions led to the resurgence of the transportation and trade sector, which supported the revival of the athleisure market. Moreover, a surge in the popularity of e-commerce during the COVID-19 pandemic had a positive impact on the market. According to True Fit's Fashion Genome, which analyzes data from 17,000 retail brands and 180 million True Fit members, the athleisure sales order has grown by 84% since the imposition of lockdowns.

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Rising health and self-consciousness, as well as a desire to live an active lifestyle and look fit, are motivating consumers to include sports and fitness activities into their daily routine. This increasing engagement has resulted in a shift in market dynamics, which has resulted in a rise in demand for athleisure products. As exercise becomes increasingly important, those between the ages of 16 and 30 are the most active athleisure users. These factors are driving the athleisure market.

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