Loungewear Market Size Worth USD 11446.72 million by 2030 at 9.60% CAGR - Report by Market Research Future (MRFR)
New York, US, March 01, 2023 (GLOBE NEWSWIRE) -- Loungewear Market overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Loungewear Market Research Report Information By Material Type, By End User, By Distribution Channel, and By Region– Market Forecast Till 2030, the loungewear market industry is projected to grow from USD 6025.69 million in 2022 to USD 11446.72 million by 2030, exhibiting a compound annual growth rate (CAGR) of 9.60% during the forecast period (2022 - 2030).
Market Scope:
Loungewear is casual attire that makes you feel highly comfortable while keeping an appropriate look. Read the article to know about the types of loungewear and how to style each one of them. Loungewear fashion has been at the forefront. And it looks like the trend is not going to stop anytime soon. The loungewear trend is good news for people who seek comfort in fashion. And with this ongoing trend, it's possible to look stylish and be comfortable at the same time.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 11446.72 million |
| CAGR | 9.6% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Material Type, By End User, By Distribution Channel, and By Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increased demand for stylish and contemporary sleepwear |
| People are rushing to adopt current fashion trends |
Competitive Dynamics:
Major market players are investing a lot of money in R&D to broaden their product portfolios, which will spur further expansion of the industry. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market developments are also undertaking various strategic activities to expand their presence.
To grow and thrive in a climate where competition is fierce, and the market is growing, competitors in the loungewear industry sector must provide affordable products. Manufacturing locally to cut operating costs is one of the main business methods manufacturers use in the loungewear industry to benefit customers and develop the loungewear industry. The sector has recently given medicine some of the most important advantages.
The loungewear market major player such as
- L Brands Inc. (U.S.),
- H & M (Sweden),
- Triumph International Holding GmBH (Germany),
- Authentic Brands Group LLC (U.S.),
- Urban Outfitters (US),
- Nordstrom Inc. (US),
- Hanesbrands Inc. (U.S.),
- Jockey International Inc. (U.S.),
- Marks & Spencer Group Plc (U.K.),
- PVH CORPORATION (U.S.)
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Market USP:
Market Drivers
The major market drivers are the increased expansion of the organized retail sector, the presence of overseas merchants, rising per capita disposable income, and an aging population of women. People are rushing to adopt current fashion trends that encourage them to buy new clothing, notably worn by celebrities and fashion influencers. The current fashion trends subtly discard outmoded clothing. These trendsetters encourage individuals to develop their innerwear or sleepwear as casual wear, which fuels the growth of the sleepwear industry. Today's fashion trends are going bold and classic, which stands out from the line. For instance, Calvin Klein by PVH has a broad selection of sleepwear in various designs, hues, and sizes. Ordinary sleepwear and loungewear are more expensive than products with cutting-edge features and creative designs, encouraging product premiumization and line expansion. This is anticipated to accelerate the loungewear market's expansion during the projected period.
Additionally, a growing loungewear market for fashionable sleepwear motivates businesses to launch new attractive items that satisfy consumer demand. In addition, women in the adult age group are the primary consumers of these items since they select and spend more money on certain types of clothing. Additionally, the fact that this kind of clothing is both stylish and comfy aids in the loungewear market expansion. Because of this, sales of minimizer lingerie have surged, which is the foundation for other clothing. As these goods are made in a way that appeals to their sense of fashion and looks beautiful on women with larger body proportions, plus-size sleepwear and loungewear are now becoming more popular among women who are overweight or obese.
Furthermore, Hanesbrands provides a broad selection of plus-size loungewear and sleepwear under Maidenform and Just My Size. The colors of sleepwear and loungewear vary because people choose these items depending on the situation. The U.S. has the world's largest loungewear market for sleepwear and loungewear, and plus-size options are particularly popular there. The popularity of these goods is being fueled by the over 40% obesity rate among the U.S. population in 2018, which includes all age categories. Additionally, retailers promote plus-size loungewear and sleepwear worldwide by utilizing plus-size models. Recent developments will help the market grow as demand increases market CAGR across the globe.
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Market Restraints
Revenue growth of the loungewear market is restrained by the availability of counterfeit items. The marketing strategy of counterfeit loungewear, particularly in developing nations, is driven by the expanding market opportunities for loungewear and its rising demand. The popularity of counterfeit goods is driven by their low cost. Therefore, the existence of counterfeit products has a negative impact on vendors' pricing and sales strategies by reducing their share of the market and damaging their reputation.
COVID-19 Analysis:
The effects of the Coronavirus pandemic have drastically changed consumers' lifestyles, and social isolation and working from home have changed the demands for categories like work clothing and going-out apparel to items appropriate for a life lived at home. Loungewear has become more popular as a result of the new work-from-home culture. More stylish and functional loungewear designs have been in high demand from consumers.
Also, after the COVID-19 lockdown, there will be an increase in demand for loungewear since women seek more comfortable textiles and sustainable loungewear. The number of formal attire in women's wardrobes has decreased by 44% while 61% of women have invested in more casual apparel since the global epidemic began two years ago, according to research.
Market Segmentation:
Based on Type
Due to its high revenue share and ease of product accessibility, the cotton category is regarded as the industry leader. This market's expansion is fueled by appealing packaging and the rising popularity of the loungewear market revenue. Cotton is the most often used material for clothing in the category of loungewear due to its comfort. Additionally, it may be worn in almost every season. This factor has contributed to the growth of the loungewear market. Cotton is positioned next to silk because, although being more expensive, it conveys an air of refinement and polish. Wool and other textiles are suitable for use throughout specific seasons.
Based on End-User
The female segment now holds the biggest share in the market growth for loungewear, and it will keep growing steadily during the projected period. Their acceptance and appeal are driving the desire for expensive, high-quality clothes. Obese women typically prefer to wear nightwear, such as lingerie, that reduces their physical size.
By Distribution channel
The biggest channels in these sub-segments, which also account for the highest loungewear sales, are supermarkets and hypermarkets. The distribution of the product is greatly aided by specialized or convenience retailers.
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Regional Analysis:
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. Asia Pacific loungewear market accounted for USD 2,518 million in 2021 and is expected to exhibit a significant CAGR growth during the study period. Due to the promotional efforts of the leading manufacturers, Asia Pacific now has the largest portion of the loungewear market. This element influences how well clients are informed about new product launches. Industrial companies concentrate on the local loungewear market and develop plans to gain the largest share value.
All these important regions will aid the expansion of the worldwide market. Because luxury loungewear is becoming increasingly well-liked in a growing and densely populated nation, shortly, these variables will accelerate the expansion of the market. Research indicates that 22% of all Americans—or 36.2 million—will work remotely by 2025. The market revenue is increasing due to the rising work-from-home culture trend, fueling demand for loungewear. Further, the U.S. loungewear market held the largest market share, and the Canada loungewear market was the fastest growing market in this region
Throughout the forecast period, the Europe loungewear market is anticipated to expand its revenue at a modest rate. The government of the United Kingdom's guidance on working from home has already altered fashion labels and purchasing practices. In 2020, when frequent Coronavirus lockdowns were enacted in the U.K. loungewear market sales surged by 1,303%. As a result of the announcement in reaction to the new Omicron Covid version, purchases of men's loungewear climbed by 50% in 2021. Additionally, the Germany loungewear market is anticipated to continue to sustain revenue growth to some level due to the rising popularity of working from home.
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