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Loungewear Market: Current Analysis and Forecast (2021-2027)
Emphasis on Material (Wool, Cotton, Silk, Other); Distribution Channel (Supermarkets or Hypermarkets, Specialty stores, Online, Others); End-User (Male, Female, Kids); Region and Country
The global Loungewear Market is expected to display an elevated CAGR of ~10% over the forecast period (2021-2027)
The demand for loungewear is increasing across the globe on account of the rising population including youth consumers as people of this age are more conscious about their looks. Additionally, with the advancement in technology, fashion consciousness, and rapid urbanization across the globe, loungewear is becoming an integral part of their daily lives. For instance, in 2020, almost 56.15% of the total population was living in urban areas, up from 52% in 2011. Also, the world’s population reached 7.7 billion in mid-2019, having added one billion people since 2007 and two billion since 1994. Furthermore, the growth in smartphone users and increasing popularity of e-commerce has also played a significant role in influencing the youngsters which are also adding to the pace of the growth of the market.
A surge in the end user’s disposable income is one of the leading factors that is contributing to the growing market of loungewear globally. Rising purchasing power in developing countries such as Australia, EU, Mexico, Brazil, India, Thailand, and China is projected to allow consumers to spend more on apparel, which is also acting as a growth catalyst to the industry. As per OCED, the household spending in Canada, China, Denmark, European Union, France and Germany reached to 1,021,459.5, 9,241,095.5, 139,229.8, 10,785,281.3, 1,561,879.9 and 2,288,541.1 US$ million, respectively. Also, the rising purchasing power is leading to the growing investment in fashionable apparel including sleepwear, etc., which is contributing to the growing market for loungewear.
Household disposable income Net, Annual growth rate (%), By Selected Countries, 2017 –19
Decathlon, Hanesbrands Inc., Jockey International Inc., Marks & Spencer Group Plc, PVH Corporation, H & M, Triumph International Holding GmBH, Authentic Brands Group LLC, Urban Outfitters, Nordstrom, Inc., are some of the prominent players operating in the Loungewear market. 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 Material, Cotton segment holds the major share”
Based on the material, the market is fragmented into wool, cotton, silk, and others. The cotton segment captured XX% market share in the Loungewear Market in 2020 and dominated the market. The market share of this segment is proliferating on account of the properties such as Cotton fabric is breathable and transmits moisture away from the body and is absorbent and removes liquid from the skin. However, the silk segment would witness a considerable CAGR in the forthcoming years.
“Amongst Distribution Channel, Hypermarket/ Supermarket segment to dominate the market during the forecast period”
Based on the distribution channel, the market is fragmented into supermarkets or hypermarkets, Speciality stores, online, and Others. The hypermarket/ supermarket segment grabbed major market share and dominated the market. The segment captured XX% market share in 2020. A rise in the number of hypermarkets/supermarkets is leading to the growth of the segment. However, the online segment would register the highest CAGR during the forthcoming years owing to the surging internet penetration and reach of e-commerce companies in developing and underdeveloped areas.
“Amongst End-User, Female segment to dominate the market during the forecast period”
Based on the end-user, the market is fragmented into male, female, and Kids. The female segment captured XX% market share in the Loungewear Market in 2020 and dominated the market. The availability of high-quality modern clothing at reasonable prices for women, However, the men’s segment would witness a sharp rise in the forthcoming years owing to the rising popularity among men and the launch of attractive loungewear specifically for men.
“North America represents one of the largest markets of Loungewear market”
For a better understanding of the market dynamics of the Loungewear market, a detailed analysis was conducted for different regions across the globe including North America, Europe, Asia Pacific, and the Rest of the world. North America dominated the market and generated the leading revenue share in 2020 owing to the availability of Loungewear in abundance and new launches specifically for women are some of the factors that are contributing to the growth of the market.
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
Customization Options:
The Loungewear 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.
Table of Content
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Loungewear Market were the three major steps undertaken to create and analyze the demand for Loungewear across major regions. 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 Loungewear market. 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 Loungewear through company internal sources such as annual reports & 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 Loungewear market, we conducted a detailed secondary analysis to gather historical market insights and share for material, distribution channel, end-user for major regions. Major segments included in the report are material and distribution channels. Further region and country-level analyses were conducted to evaluate the overall adoption of Loungewear across the globe.
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 Loungewear. Further, we conducted factor analysis using dependent and independent variables such as growth in disposable income, surging e-commerce sectors, etc., A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Loungewear 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 Loungewear 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, weightage was assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up/ 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 (US$) and the adoption rate of Loungewear across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Loungewear market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Loungewear market. Data was split into several segments sub-segments post studying various parameters and trends in the areas of material, distribution channel, and end-user of the Loungewear market.
Main Objective of the Loungewear Market Study
The current & future market trends of Loungewear were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Loungewear in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of material, distribution channel, end-user
- Define and analysis of the regulatory framework for the Loungewear industry
- 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 Loungewear market for the major countries
- The major region studied in the report includes North America, Europe, Asia- Pacific, and the Rest of the World.
- Company profiles of the Loungewear 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
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