Currently worth $2 billion, the global athleisure market is projected to reach $3.2 billion by 2032 growing at a CAGR of 5.2 per cent from 2023-32. According to a new report by the Allied Market Research, with the largest market share, the female segment dominated the global athleisure market in 2023.
The US Census Bureau predicts, millennials will soon outnumber baby boomers in the global athleisure market. This trend is also evident in the Asia-Pacific region, where millennials constitute a larger proportion of the population, particularly in countries like China, India, and Australia. This demographic is highly active and health-conscious, significantly influencing product and service developments across various global sectors. Millennials are known for trying new products to meet their needs and are the primary consumers in the global athleisure market due to their active lifestyles.
The high cost and popularity of authentic athleisure brands have led to the emergence of knockoff businesses. Counterfeit brands are prevalent in price-sensitive markets, particularly in poorer countries, limiting the sales of genuine athleisure brands. These counterfeit goods are typically of low quality, leading to customer dissatisfaction and safety concerns. Online distribution channels often conceal the sale of counterfeit products, posing a challenge to the expansion of the athleisure market.
Innovative marketing strategies are driving global market penetration for athleisure products, with rising demand. Key tactics include advertising campaigns, sponsoring sporting events, and athlete endorsements. Social media, with its extensive user base, is shifting athleisure marketing away from traditional methods like television toward online advertising, boosting sales through social media promotions.
In 2022, the female segment dominated the market, while the male segment is expected to grow with the highest CAGR during the forecast period. Products such as bomber jackets, casual trousers, crew-neck sweaters, and polo shirts are gaining traction among men. The sneakers segment held the highest market share in 2022, while hoodies are expected to see the highest growth, driven by a wide variety of options available. Offline channels were the most popular purchase mode in 2022, but online sales are expected to grow significantly due to ease of purchase and product variety.
In 2022, North America accounted for the largest market share by revenue, and Asia-Pacific is expected to experience the fastest growth from 2022 to 2031, driven by increasing adoption of various athleisure products.
Offline channels accounted for the highest share of the market in 2022 with North America holding a significant market share and expected to grow at a CAGR of 6.2 per cent during the forecast period.
Key players in the athleisure market include Adidas AG, ASICS Corporation, Columbia Sportswear Company, PVH Corp., Puma SE, VF Corporation, The Gap, Inc., Nike, Inc., Under Armour, Inc., and Lululemon Athletica Inc.
