Shapewear Market Overview:
Shaping lingerie market is expected to grow at a significant CAGR from 2020 to 2023.
The shapewear market is expected to grow over the forecast period, driven by the desire to maintain a certain fashionable body type. The growing demand for shapewear is forcing fashion companies to invest more in the development of shapewear assortments, while new companies are focusing on creating branded products. Additionally, shapewear is evolving to address the concerns of consumers seeking these items for body regions such as underbust, thighs, stomach, and lower back, among others, for the target audience globally. throughout the projected period.
Women today want flexible underwear at work and at home that will keep their bodies in top shape and make them look better. Many companies are analyzing this as a customer-centric approach and expanding their product portfolios to include lighter, stronger and more practical products for year-round use. Increased awareness efforts, along with body positivity and acceptance, pose significant barriers to the growth of the Shapewear market. Also, due to the pandemic, people prefer to stay at home, which leads to a drop in demand during the projected period. Diversification and inclusivity by size and gender will remain key in this sector, especially as Gen Z cohorts demand a reassessment of the industry’s historically sexualized imagery. When dynamic companies like Heist pioneered inclusiveness and shook up the market, this mature industry became attractive to young consumers.
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The market has been categorized by product type into briefs, corsets, body shapers, control camisoles, long legs and seamless items.
The market is split by in-store and non-store distribution channel. During the forecast period, the Internet segment is expected to grow at a considerable CAGR. The growth of the online segment can be attributed to advances in technology and the growing importance given to online platforms for purchasing surf clothing and accessories, especially by consumers looking for bargains. Due to the COVID-19 pandemic, consumers have started to change their shopping habits, preferring to shop online to avoid direct contact with other customers in retail establishments. The outbreak has caused a digital revolution across a range of businesses, including shapewear.
North America is expected to become the largest market for shapewear products, based on the regional segmentation of the global shapewear market and current trends. The main reason for this is that the demand for the items is increasing exponentially and the market players are investing heavily in product diversity. North America is home to brands such as Wacoal, SKIMS, and SPANX, all of which invest in awareness campaigns aimed at spreading accurate information about these shapewear items. Moreover, there are creative designs and outstanding fabric quality that propel global expansion.
In Asia-Pacific, the market is expected to grow at a significant compound annual growth rate (CAGR) during the forecast period. In Asia-Pacific, entrepreneurs, new entrants and local businesses have disrupted the shapewear industry by producing innovative items for men and women. Developing countries like India and China have improved their fabric technology and increased their investment in research and development to produce more creative products.
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Companies rely on strategic alliances to expand their presence and strengthen their position in the market. Reputable companies are likely to cooperate with small and medium enterprises in the near future to expand their shapewear product offerings. The major players in the shapewear market are Victoria’s Secret, Zivame, Triumph International, SKIMS, Vedette Shapewear, Spanx, Hanesbrands, Jockey International and Miraclesuit.
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