Shapewear Market: Current Analysis and Forecast (2021-2027)

Report Description

Shapewear market is expected to grow at a CAGR of 7.2% during the forecast period. The market’s growth is aided by the rising target population around the world. Obesity and weight problems are well-known issues in modern societies across the world demanding the growth of the shapewear market. Nearly 39% of adults (18 years and older) worldwide were overweight as of 2019. Changing lifestyle incurs increased investment in fitness and related accessories, which has positively impacted the market growth. Shapewear assists in squeezing the extra fat, making the body look slimmer. Shapewear garments can directly help in achieving inch loss and indirectly facilitate wearers to lose weight. Many of the products provide 3X compression for wearers problem areas, and regularly wearing them could help them go down 1-3 sizes.

According to a survey conducted by INVISTA, 93% of women would like lingerie that would provide shaping and contouring functionalities. The average age of consumers using shapewear is 38-42 years, considering women undergo weight gain at this stage due to pregnancy and menopause. A survey of Kaleidoscope customers, asking for their thoughts on lingerie and shapewear, of the customers surveyed, 43% of women said they bought shapewear for their waist, 17% to enhance their overall shape, and 11% for their hips. The most popular shapewear color choice was tan, followed by black and then white. The survey results showed that 51% of customers who bought shapewear, bought it for a special occasion.

In the coming years, momentum in e-commerce will only accelerate. The fashion industry sees digital as the biggest opportunity by far for 2021, with 70% of executives expecting growth of more than 20% in their e-commerce channels. The trend will be led by China, followed by Europe and then the US – markets in which online sales are expected to grow 9-14%, 7-12%, and approximately 3% respectively according to one of the consulting firms Fashion Scenarios.

A rise in demand from the elderly population has been observed owing to the usage of compression garments for the treatment of edema, phlebitis, and thrombosis which occur in old age. The precise number of people affected by DVT/PE is unknown, although as many as 900,000 people could be affected (1 to 2 per 1,000) each year in the United States.

Global Obese Population (%), By Age-Group, 2019

The shapewear market is highly fragmented. The availability of numerous global and local players across regions makes the industry highly competitive. The key players with a considerable market share in the industry are Nike Inc., Spanx Inc., Adidas AG, Triumph International Corporation, Leonisa SA, Wacoal America Inc., Ann Chery, and 2XU Pty. Ltd, Under Armour Inc., and Skins International Trading AG. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Gender, Female segment holds the major share”

Based on Gender, the market is fragmented into Males and Females. The female gender dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period owing to the significant rising of weights among women.

“Amongst Type, Body Shapers are anticipated to dominate the market during the analyzed period”

Furthermore, the shapewear market is mainly bifurcated into body shapers, corsets, seamless, waist cinchers, camisoles, and leggings. In 2020, the body shapers segment accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period owing to the demand for tummy slimmer products, which, in turn, is increasing the sales of body shapers around the world.

“Amongst Distribution Channel, Offline segment dominated the market during the forecast period”

Based on the distribution channel, the market is mainly fragmented into offline (retail) and online. In 2020, the offline segment accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period.

“North America region represents one of the largest markets of Shapewear market”

For a better understanding of the market dynamics of the shapewear market, a detailed analysis was conducted for different regions across the globe including North America (The United States), Europe (United Kingdom, Germany), Asia-Pacific (China, India), Central & South America (Brazil), and Rest of World. North American region dominated the market and generated revenue of US$ XX Billion in 2020 owing to the availability of a wide product range and increased penetration of online as well as offline channels of distribution in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Shapewear Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Shapewear were the three major steps undertaken to create and analyze the adoption of shapewear across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the shapewear sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the shapewear through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the shapewear market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are gender, type, distribution channel, application, and region. Further country-level analyses were conducted to evaluate the overall demand for shapewear in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of shapewear. Further, we conducted factor analysis using dependent and independent variables such as the rising awareness towards health-conscious led by rising obesity rates, edema, phlebitis, and thrombosis which occur in old age. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the shapewear industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the shapewear market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of shapewear across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the shapewear market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the shapewear market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of gender, type, distribution channel, application, and region of the shapewear market.

Main Objective of the Shapewear Market Study

The current & future market trends of shapewear were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of shapewear in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of gender, type, distribution channel, and application
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the shapewear market for the major region
• Major regions studied in the report include North America (The United States), Europe (United Kingdom, Germany), Asia-Pacific (China, India), Central & South America (Brazil), Rest of the World
• Company profiles of the shapewear market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry