ID: MRFR/CR/8955-HCR | March 2021 | Region: Global | 90 pages
Global Loungewear Market size is projected to reach approximately USD 10 Billion by 2027, at a CAGR of 9.60% from 2020 to 2027. Loungewear is growing in trend due to the customer's inclination towards casual wear. The loungewear comes in versatile and fashionable designs. It is considered a comfortable, casual suitable while staying at home. They are available in different material types such as cotton, silk, and wool; therefore, they are suitable for every season type. These features are driving the Loungewear Market among the end-users.
The manufacturers are taking different measures to improve the quality of the product and launching new fashionable products. This factor has expanded the business and resulted in Loungewear Market Growth. Online retail stores have become a key gamechanger for the loungewear industry. The majority of manufacturing firms own web-based stores that create consumer awareness about the latest trends and material-related information.
The rise in demand for the loungewear trend for outdoor activities like beach outings, yoga, gym and other activities these factors are uplifting the market. With the growing fashion trends becoming bolder, consumers love to flaunt their aesthetic loungewear, which is acting as a major growth-boosting factor in the global market in the coming years. Celebrity endorsements and promotions set new opportunities for the Loungewear Market.
The market has been noticing moderate growth in recent years; the increased acceptance of loungewear as a fashion trend by consumers is propelling demand for maintaining presentable clothing at home. The availability of products in different types, such as joggers, sweatshirts, lounge shirts, and jumpsuits, elevates the Loungewear Market Size.
The rise in the adoption of trendy loungewear also encourages industrial players to launch innovative products to accelerate the market's demand. With the help of public figures like celebrities, the advertisement of loungewear is conducted through events. This is helping the Loungewear Market Trends to maintain its growth rate.
The COVID-19 pandemic has shown mixed impact on the Loungewear Market. The manufacturing and production activities have halted the market's operational process. Launching new products and other improvements was not possible due to the lockdown guidelines. The market faced economic loss, and the sales rate were decreased. But in the future days, the market players implement strategies to improve the consumers' rate. In the future days of the pandemic, the market received demand because as people started to stay at home, the shift towards fashionable dresses has changed to normal and casual wear like loungewear. Work-from-home trends, workout sessions, and other activities demand comfortable clothing. Hence the Loungewear Market has to experience a good share value during the forecast period.
Chief Factors Existing In The Market
Key Market Drivers
The increased growth of the organized retail sector is driving the market. The availability of clothing at retail stores is fueling up loungewear sales. The products are also available at outlets and convenience stores, and other specific retail stores. Its wide availability is accelerating the Loungewear Market Value. Other major growth factors are the presence of foreign retailers, an increase in per capita disposable income and a growing population of women are chiefly driving the market.
There are challenging factors that are slowing down the market's growth rate. The pandemic was a challenging situation that resulted in growth hampering factors. To meet the rising demand of the customers who prefer fashionable outfits is another challenging factor.
The market's growth opportunities are rising higher in demand due to increased activities like morning walks, yoga, gym, grocery shopping, etc. People prefer wearing comfortable and casual outfits during these activities, which are fueling up the Loungewear Market. Celebrity endorsements and promotions are setting a new opportunity for the market.
The market restraints are hindering its growth and reducing the market's demand. The trend of fashionable outfits is degrading the demand for loungewear. Other similar types of outfits in the market are hampering the Loungewear Market Growth.
Cumulative Evaluation Of The Market
The cumulative evaluation report of the Loungewear Market Analysis states the market's overview. The overview clearly states the factors through which the market is growing at a higher pace. The chief existing factors play a significant role in the market's growth. The drivers and opportunities are helping the market to achieve its goal while the challenges and constraints are limiting its growth. The pandemic has shown a moderate impact on the market. In the initial days, the growth rate was increased, while in the further days, the market noticed good demand. The key players' strategies and other positive factors will help the Loungewear Market reach a good compound annual growth rate.
The Loungewear Market is segregated into various segments such as material, end-use and distribution channels.
The material segment of the Loungewear Market is divided into cotton, wool, silk and others. The cotton segment is considered the leading section as it holds the maximum revenue share due to the ease of product availability. Attractive packaging and the rising trend of loungewear are propelling the growth of this segment.
The end-use section involves males, females and kids. The female segment is capturing the largest share of the Loungewear Market Share, and it will continue its growth consistency till the forecast period. The adoption and popularity of high-quality clothing at affordable prices is driving its demand among the
By Distribution Channel
The distribution channel of the market is classified into store-based and non-store-based.
The store-based is considered the major segment further divided into supermarkets, hypermarkets, specialty stores, and others. The supermarkets and hypermarkets are the largest channels among these sub-segments accounting for the highest loungewear sales. The specialty store or convenience stores play a crucial role in distributing the product.
The regional status of the Loungewear Market shows the tremendous growth of the market covered by the market. The key continents of the market are North America, Europe, Asia Pacific and the other regions of the world. North America is occupying the highest share of the Loungewear Market Share due to the promotional activities of the prominent manufacturers. This factor drives the customers' awareness of the launch of new products. The industrial players focus on the regional market and plan strategies to acquire the major share value. Other regions such as Europe and Asia-Pacific are also noticing significant growth. All these major regions will contribute to the growth of the global market.
Competitive Intensity Within The Industry
The industrial players are emerging their developing activities of the Loungewear Market at the global level. The market is experiencing global demand due to the new product launch and other improvements in the quality. The players uplift the value of the market by focusing on regional growth as they are widely present in different regions worldwide. The Loungewear Market Size is enhanced due to the recent developments by the key players.
Recent Market Developments
Como Diffusion Inc has signed a long-term agreement with Tempur Sealy International Inc, cementing Sealy's foray into sleepwear, loungewear, and accessories segments. Sealy's loungewear is available in department retail stores, specialty retail outlets, and e-commerce channels throughout Canada and the United States. The Sealy Sleepwear and Loungewear line includes coordinates, separates, sets, robes, and accessories that offer comfort and quality to ensure a healthy life and better sleep for consumers.
The overview report of the Loungewear Market studies states the recent growth of the market. It has also stated the predicted future growth rate. It is propelling at a rapid speed due to the presence of growth drivers and opportunities. The restricting factors like the constraints and challenging factors show a negative impact, but the planned strategies will help the market grow smoothly. The market segmentation report stated the major segments and their types. Each of the segments has its significance. The regional status has shown the key continents and their countries where the market shows remarkable growth. The industrial players' involvement and development were listed as responsible for the market's growth in various regions. The recent developments will help the market to rise with greater demand. The Loungewear Market Forecast is estimated to attain a good CAGR and USD value during the review period.
Key Industrial Segments
By Distribution Channel
|Market Size||USD 10 Billion|
|CAGR||9.60% (2020 to 2027)|
|Forecast Period||2020 to 2027|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, End User and Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||L Brands Inc. (US), Hanesbrands Inc. (US), Jockey International Inc. (US), Marks & Spencer Group Plc (UK), PVH CORPORATION (US) H & M (Sweden), Triumph International Holding GmBH (Germany), Authentic Brands Group LLC (US), Urban Outfitters (US) and Nordstrom, Inc. (US)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The Loungewear Market is estimated to attain a value of USD 10 Billion during the forecast period.
The North American region is occupying the highest market share of the Loungewear Market.
The major segment of the distribution channel is store-based and non-store-based.
The Loungewear Market will reach a CAGR of 9.06 % during the forecast period.