Swimwear is defined as specialty clothing designed for swimming or other water based sports and activities. As of 2017, the global swimwear market was valued at $18,454 million, and is projected to reach $28,148 million by 2024. This marks an anticipated compound annual growth rate (CAGR) of around 6.2%.
Rising popularity around swimming and water-based activities are driving the swimwear market across the globe and many families are opting for beach-based vacations over alternatives.
Not to mention the swimwear products themselves are changing.
“Increasing product innovation, for example, incorporation of fabrics such as neoprene, which inhibits properties such as high thermal insulation, enhanced flexibility, adequate surface friction, and lightweight are changing the market dynamics from last few years.” – Mordor Intelligence. The incorporation of these fabrics has improved the overall elasticity and efficacy of swimwear, increasing its popularity and expanding the market.
And, like many other markets, the swimsuit industry is thriving off of the increased influence of social media platforms like Instagram, Facebook and Twitter. The recently developed ‘instagram shopping’ tool, for example, allows users to shop through the platform when businesses tag their featured products in photos.
The products in this industry include everything from swimsuits, bikinis, tankinis, swimming trunks, wetsuits and more. One of the key segments in this market is the fabric, which ranges from nylon to neoprene to spandex, all of which provide the user a different purpose.