ID: MRFR/CR/5806-HCR | February 2021 | Region: Global | 90 pages
Shapewear Market is expected to grow at Significant CAGR from 2020 to 2023. The main reason supporting this splendid market growth is the rising recognition and demand for various shapewear products amongst consumers across the globe.
Shapewear can be recognized as an undergarment that is made up of a material that is a result of elastic and has great flexibility and rigidity. The fabric to make shapewear is designed in such a way that it supports the nipping and tucking of the body and helps in getting a seamless figure where extra fat does not bulge out or looks awkward. The main idea behind opting for shapewear is to not only cover the body but also give a proper fit to the attire that is being worn. Also, Shapewear Market is known to enhance body shape. These help in giving an illusion of a fitter body. These products date back to 1,100 BC and are known to have originated in Greece. During the 5th century to 15th century, women used to opt for tightly laced bodices that helped to hold their breasts tightly. The Victorian Era saw the adoption of tight corsets on a wide scale. It was after the 1900s that shapewear began gaining wide acceptance as apparel and influenced the world of fashion.
Covid 19 Analysis of Shapewear Market
Discussing the impact of the COVID 19 pandemic on the shapewear market trends, the closure of shopping malls and stores has had a negative impact on the demand for shapewear. The coronavirus pandemic is impacting the world economies which is introducing norms like social distancing. Also, many events and gatherings are either being delayed or canceled with the fear of the spread of the pandemic. People often opt for investing in shapewear as these are more common while wearing outfits for a social gathering. Hence, the demand is decreasing for the products during the pandemic.
In an alternate sense, the novel coronavirus pandemic has struck new market trends. People are settling in their homebodies and are dressing to impress themselves. Hence, the demand for shapewear and other related materials like intimates, and loungewear is likely to increase by the end of the forecast period.
As per research presented at the United Nations Conference on Trade and Development (UNCTAD), online shopping of fashion accessories has experienced an increase of 2% since the initial cases of the pandemic have been reported. Also, social media and society are setting unrealistic beauty standards which the consumers are blindly following. With the need to maintain a certain and trending body type, the Shapewear Market is expected to grow during the forecast period.
Increasing awareness campaigns and body positivity and acceptance are presenting major restraints for the Shapewear Market on the path of its growth. Also, due to the pandemic, people are preferring staying at home and hence, the demand is declining during the forecast period.
Shapewear has been enjoying the good limelight by now. The past decade saw the emergence of shapewear but due to wide-scale innovations in the current decade, the Shapewear Market and products have a promising future. For instance, the new moms tend to demand this on a large scale as the journey of weight loss is a slow process. It is a known fact that shapewear can help in covering approximately 4 inches and can offer ultimate support and comfort. So much so that people can wear shapewear for their normal activities like visiting the gym. An increased shapewear demand is pushing the fashion companies to increase their investment to develop shapewear assortments and also, the new companies are also targeting the production of branded products. Also, shapewear is doing transformation to target the concerns of people wanting these products for body parts like under the breast, thighs, stomach, and lower back amongst others for the target audience across the globe during the forecast period.
The Shapewear Market analysis predicts good growth for the market during the forecast period that ends in 2023. To help the potential investors and traders made investment decisions, the report helps in discussing the performance of the market segments across various regions and in various parts of the globe. The market segmentation are as follows:
Based on the vibrant consumer demands, the Shapewear Market deals in various product types like body briefs, corsets, body shapers, control camisoles, long legs, and seamless products amongst others.
The market players opt for a wider variety of customers and to cater to their demand and maintain their comfort and convenience, they make these products available and accessible through both store and non-store means. The ones who do not have satisfaction without trying the products can opt for the store purchase. However, the customers who have a thing for comfort and wish to do easy and convenient online shopping, can opt for a similar mode of purchase, and help the market grow by the end of the forecast period.
Due to the growing demand for a variety of shapewear products, the market aims to expand its operations across various global locations. Currently, the Shapewear Market is functional in major regions namely North America, the APAC region, Europe, alongside the rest of the world.
Based on the regional bifurcation of the global Shapewear Market and the trends prevailing, North American is likely to emerge as the largest market for shapewear products. The main reason behind this is the demand for the products is rising many folds and also, the market players are investing largely in product diversification. North America is home to companies like Wacoal, SKIMS, and SPANX, which are investing in conducting awareness programs that will help in spreading correct information related to these shapewear items. Also, there are innovative designs and an excellent quality of fabric that is pushing for global growth.
The major players of the shapewear market are as follows:
Spanx is one of the leading players functioning in the North American market. This company was working on its launch of activewear on a global scale and did the same in August 2020. The name is Spanx Active that is exclusively available at Selfridges, which is a part of the United Kingdom.
Following June 2021, the same American company took to a large platform and announced the launch of swimsuits as a part of the brand’s Spring Collection. The new product line that is being offered is non-shaping, and also, is made up of UPF 50+. The exclusive feature helps to protect the person from the harmful rays of the sun. also, this product resists the effects of chlorine and soft water.
Another brand - Maidenform, has introduced high-waisted briefs. This product not only comes with an affordable price tag but also offers other comfort benefits. These high-waisted briefs are a combination of nylon that amounts to 70% and the rest of the amount that is 30% is covered by elastance. Hence, these ingredients help in offering a good degree of elasticity and comfort for the audience, especially, the workout crowd.
Skims Solutions wear was launched by Kim Kardashian West back in September 2019. The shapewear collection offered through this brand emerged as a solution to the fashion malfunctions and blunders on public events like red carpets. Some of these included solving the problem of visible bra straps and catering to the unattractive belly rolls. These nagging problems are on a low since then.
The report discusses the Shapewear Market insights and the impact of the pandemic on the market functions. The market aims to discuss the dynamics that help in predicting the growth rate of the market and the final valuation. The report discusses the revenue potential of the market segments in various regions and also, analyzes the recent developments undertaken by the key market players during the global forecast period.
Frequently Asked Questions (FAQ) :
North America is the largest market to grow.