Global Shapewear Market Grows Steadily at a CAGR of 5.5%

Introduction

Shapewear is an undergarment designed to alter the body shape momentarily. The market for shapewear is prospering due to increasing product launches and women's growing preoccupation with their physical appearance. The concept of an ideal body shape is evolving, particularly among millennials, due to shifting fashion trends and social media penetration. Nonetheless, many brands, such as Chromat by Becca McCharen-Tran, have an inclusive view of body types. These brands have incorporated shapewear, such as corsets and camis, into their runway and fashion show collections.

Market Dynamics

Advancements in Shapewear Fabrics Drives the Global Shapewear Market

Recent technological advancements in shapewear fabrics have contributed to market expansion. Advancements in fabric manufacturing and premium fabrics are increasing market appeal, generating demand for shapewear products such as compression tights, camisoles, and tummy tuckers. Numerous manufacturers have developed innovative technologies to make shapewear more comfortable and adaptable for consumers. In addition, bonding and laser-cut technologies have revolutionized the production of body shapewear by eliminating seams, hems, and cumbersome fasteners. Manufacturers frequently use nylon, spandex, polyester, Lycra, and elastane for shapewear fabrics. Recently, there has been an expansion in the production of such fabrics, which drives the global market.

Consumer Product Adoption Creates Tremendous Opportunities

The adoption of shapewear products among consumers has increased over the past years because of the associated benefits, such as posture correction, altering body shape, and an increase in product variety across all shapewear product categories. In addition, the growing trend of celebrities donning shapewear has made individuals more receptive to shapewear products. Lady Gaga, Kylie Jenner, and Paulina Rubio favor shapewear bodysuits, stomach control thongs, and shapewear high-waisted shorts for a more toned body and to avoid any wardrobe malfunctions or untoward incidents on the red carpet.

Millennials and younger generations' increasing expenditure on clothing and accessories has created new growth opportunities for the shapewear market. Spending on a particular brand or product is frequently proportional to the brand's image, product offering, and fabrics. Many consumers compare the fabric composition and shapewear technologies used by various companies. For instance, Lycra incorporates its proprietary LYCRA Shaping technology into its shapewear products.

Regional Analysis

North America is the most significant global shapewear market shareholder and is expected to grow at a CAGR of 7.7% over the forecast period. With numerous producers, there is plenty of room for innovation and competition. SKIMS, SPANX, Maidenform, Commando, Yummie, and Wacoal are widely available throughout the region through online and offline retail channels. In addition, numerous celebrities and public figures have been observed wearing shapewear products on the red carpet and in daily life in the region, which is likely to boost the growth of this market. The region's developing garment and textile industry is also expected to stimulate growth in this market. According to the National Council of Textile Organization's 2019 study, the textile and apparel market in the United States was worth close to USD 70 billion in 2018 based on the value of industry shipments. The United States is also among the leading nations that invest heavily in fabric innovation and technology research and development. Such factors drive the global market.

Europe is estimated to exhibit a CAGR of 7.9% over the forecast period. The market has been driven by the presence of numerous shapewear manufacturers and the increasing consumer adoption of shapewear and compression wear products in the region. Italy, Spain, and Romania are among the leading shapewear-producing nations in the region. The Europe market for shapewear continues to expand due to advancements in fabric technology and enhancements in sociocultural factors, such as millennials and Gen Z's increased emphasis on physical appearance.

Key Highlights

• The global shapewear market size was worth USD 2.4 billion in 2022. It is expected to reach an estimated USD 3.8 billion by 2031 at a CAGR of 5.5% during the projected period (2023–2031).
• Based on end-user, the global shapewear market is broadly divided into male and female. The female segment dominates the global market and is predicted to exhibit a CAGR of 6.4% during the forecast period.
• Based on distribution channels, the global shapewear market is bifurcated into hypermarkets and supermarkets, specialty stores, online, and others. The specialty stores segment owns the largest market share and is estimated to exhibit a CAGR of 7.9% during the forecast period.
• North America is the most significant global shapewear market shareholder and is expected to grow at a CAGR of 7.7% over the forecast period.

Competitive Players

Competitive Players 

The key players in the global shapewear market are Adidas AG, Nike, Inc., Under Armour, Spanx Inc., Triumph International Corporation, Wacoal America Inc., Leonisa, Ann Chery, Skins International Trading AG, and 2XU Pyt. Ltd.  

Recent Developments

Market News

• In May 2023, Amazon released a ton of new shapewear styles for summer, with prices starting at just USD 14.
• In March 2023, Lizzo and Yitty announced gender affirming shapewear collection.

Segmentation

Global Shapewear Market: Segmentation

By End-User

• Male 
• Female

By Distribution Channel

• Hypermarket and Supermarket
• Specialty Stores
• Online
• Others

By Regions

• North America 
• Europe 
• Asia-Pacific
• The Middle East and Africa
• Central and South America