Shapewear Market Overview
The Global Shapewear Market is expected to grow at a CAGR of 8% during the forecast period (2024-2031).
The Shapewear is an undergarment, made up of a material that is elastic and can stay rigid. The fabrics of shapewear are designed to nip and tuck the body for a seamless figure.
Market Scope
| Metrics | Details |
| Market CAGR | 8% |
| Segments Covered | By Type, By Application, By Distribution Channel and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Market Dynamics
Drivers:
Increasing self-awareness about ideal body shapes
Enhancing one’s aesthetic beauty is considered as a goal for many of the global fashion consumers. Social media as well as society has set up certain ideal, desirable beauty standards which consumers try to emulate. They have become more aware about how the world views them and hence there has been a desire to achieve a certain body type and maintain a standard of beauty. The flexibility in shape as well as the rigidity that one can get by wearing it is one of the reasons why there has been an increase in the demand for shapewear all over the world.
Consumers on a global scale are educating themselves on the different types of innerwear that can be worn for different occasions and needs. Moreover, shapewear also enables women to bypass their body conventions and obtain temporarily seamless figures. Women have been more open to experimenting with new styles and looks in the Internet era, and they not only want to follow fashion influencers but also want to be trend setters themselves. As a result, their outerwear selection has evolved, and women are increasingly experimenting with varied looks in both Indian and western clothing.
In May 2019, an American supermodel named Karlie Kloss drew media attention when she wore a bodysuit designed by Spanx, Inc. to the Met Gala, thereby promoting these shapewears. This resulted in an increase of almost 2% in the shapewear market in USA 2 months after her appearance.
Innovations in shapewears will boost the market
Shapewear market has been existing for a long time now. In the past decade, there was not much of innovations that were being made in the market.
For new moms, it’s hard to get back in shape with limited time on hands. Wearing body shapewear can help to lose 4 inches off its waist instantly. Also, shapewear can be worn daily while enjoying everyday actives including the gym. Shapewear's come under the bra thus helping to lift and keep the bra securely in place. Also, it is beneficial for women with large breasts, because it helps reduce back pain and pressure on the spine.
Due to the increase in demand for shapewears, many fashion companies have increased their shapewear assortments, new companies have come forward with their branded products.
Kim Kardashian West launched Skims Solutions wear in September 2019. The Kardashians' shapewear collection offered a remedy to common fashion blunders like red carpet gaffes, visible bra straps, and unattractive belly rolls, these were solutions to nagging problems that even the most gorgeous fashionistas experience.
Restraints
The major restraints factors hindering the shapewear market are cheap quality fabrics, and effects caused by tight shapewear among others.,
COVID-19 Impact on Market
COVID-19 pandemic has greatly impacted economies all over the world and it has also affected the global shapewear market. The need for social distancing has resulted in delaying of many social gathering events such as inaugrations, galas, weddings, red carpet events. Typically, majority of the shapewear use takes place when a consumer is going out in public. This has resulted in a reduction in demand for shapewear.
Commenting on the shopping perspective, due to malls and stores being closed because of the pandemic, the distribution channels that are being used now are the online shopping sites such as Myntra, Amazon, etc. According to research presented at the UNCTAD (United Nations Conference on Trade and Development), a 2% increase in online shopping of fashion accessories has been observed since the beginning of the COVID-19 pandemic.
Consumers have now gotten used to working from home, therefore for them there is no obligation to look presentable in public by wearing fashionable shapewear outfits as most of the time is being spent at homes. Because of this shift in the applications of shapewear, companies are looking towards designing shapewear that is comfortable and can be worn both as outerwear and innerwear. This will supplement the new stay at home lifestyle that has been adopted by almost the entire world in this pandemic.
Alternatively, COVID-19 has signalled the start of a new era. One that has spawned a swarm of homebodies that are settling in. As a result, sales of loungewear, sleepwear, intimates, and even activewear have increased.
Market Segmentation Analysis
Based on Product type
The global Shapewear market is divided into five categories based on various product types.
These are, Body Briefs, Control Camisoles, Waist Clinchers, Body Shapers, Others.
Of these products, the body shapers product segment makes up a large part of the market share in the product segment for shapewears. Body shapers provide various benefits such as posture support, instant slimming figure, contribute to burning calories and hides itself well by being invisible under clothes. Moreover, they are easily manufactured as the raw material and operational cost for making them is low.
According to an INVISTA survey, 93 percent of women want shaping and contouring body shapers. Given that women gain a lot of weight due to menopause and pregnancies, body shapers would act as ideal products for women going through these phases. A survey conducted revealed that over 46% of women bought body shapers to improve their waist shape, around 20% brought them to make their entire body look more presentable.
Body shaper segment is expected to dominate the market during the forecasting period as the demand keeps increasing, so companies are expected to focus more on creating better quality body shapers.
Based on region
On the basis of region, the global shapewear market is segmented into North America, Europe, Asia Pacific, South America, Middle East and Africa.
North America is considered as one of the major market share holders in shapewear market for the year 2020 and is expected to dominate the same over the forecast period.
The key players in the North American shapewear market are SPANX, SKIMS and Wacoal. Due to increasing awareness being generated about the desire to develop an ideal seamless body, coupled with innovative shapewear designers and high-quality fabric suppliers, the North American shapewear market is expecting to grow positively during the forecasted period.
Canadian fashion industry statistics indicate that the intimate womenswear industry in Canada should reach $17.8 billion CAD by 2024. In 2019, the apparel market in USA was the largest in the world.
Companies and Competitive Landscape
The global shapewear market is fragmented with the presence of many local and international players. The versatility in product features and opportunities for market growth through new product launches is poised to intensify competitiveness among companies.
For example, Maidenform's high-waisted briefs aren't only affordable; they also have a lot of other benefits. The briefs are made of a blend of 70 percent nylon and 30 percent elastane, giving them just the right amount of elasticity and comfort.
Key players in the shapewear market include, Victoria’s Secret, SKIMS, Spanx, Hanesbrands, Triumph International, Zivame, Jockey International, Vedette Shapewear and Miraclesuit.
Company Profile: Spanx
Overview: Spanx, Inc. is an American underwear company based in Atlanta, Georgia. It was founded by Sara Blakely in 1998. Headquartered in Atlanta, GA and opening retail shops across the United States, SPANX can now be found worldwide in more than 50 countries. Spanx is known for its foundation garments that make people appear slimmer.
Product Portfolio: Spanx, Inc. specializes in making shapewear such as briefs and leggings. The SPANX brand has grown to offer bras, underwear, leggings, active and more. Their mission is to make women feel great about themselves.
Recent Developments:
1) In June 2021, Spanx announced the release of its new Spring Collection of swimsuits. This new product line is non-shaping, made with UPF 50+ for protection from the sun and is chlorine and softwater resistant.
2) In ay 2020, Spanx introduced its activewear line Spanx Active exclusively at Selfridges in the United Kingdom.
Why Purchase the Report?
- Visualize the composition of the global shapewear market products in terms of product type highlighting the critical commercial assets and players.
- Identify commercial opportunities in the global shapewear market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of global shapewear market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
**The global shapewear market report will provide access to approximately 53 market data tables, 44 figures, and 200 pages
Target Audience 2024
- Industry Investors/Investment Bankers
- Suppliers/Buyers
- Education & Research Institutes
- Manufacturers
- Research Professionals
- Emerging Companies
- Distributors
