The future of the global swimwear industry
BY SWC Colombo
December 7, 2016
Sarinda Unamboowe, the CEO of Linea Aqua- one of the largest swimwear manufacturers in the world shared his perspective on the upcoming trend of sustainability in swimwear at the third and final edition of TrendSwim stating, “We have fabrics available right now where the suits will last 25-30 times longer. Therefore, the usage of the raw material becomes a lot less. This is what people are looking at- it’s multi-faceted. Sustainability is not just about using less but about making what you have last longer”. Along with sustainability, the global swimwear industry is witnessing myriad other emerging trends and changes. Here’s an insight into a few of them:
- Consumers are notably preferring high-end swimwear brands with novelty features like luxury beading, hand-embroided patterns, material that offers greater resistance to sand, salt, chlorine and other corrosive materials in water
- The significant increase in premium swimwear sales is set to boost the growth of the global swimwear market over the coming four years at a likely CAGR (compound annual growth rate) of around 6%.
- The Americas, which cover the U.S, Canada and Brazil, is and will remain to be the largest contributor of revenue in the global swimwear market.
- The large volume of sales generated through specialty retail stores and the rise in adoption of water sports, particularly by the millennial population, will likely contribute positively to the growth of markets in the Americas and in China , respectively
- The forecast period will also witness many emerging economies offering considerable opportunities for growth to the market due to growing infrastructure and a rise in low-cost idyllic beach tourism in tropical countries that attract hordes of tourists on minimal budgets.
- Women’s swimwear will continue to dominate much of the demand for swimwear worldwide throughout the forecast period.
- The launch of multi-functional cover-up swimwear that is capable of serving as semi-casual wear out of the water is poised to benefit the market’s growth as well.
- Brands specialising in men’s swimwear will likely expand their businesses with product line extensions and innovations.
- Speciality-retail stores are anticipated to beat out all other forms of retail formats in the global swimwear industry in terms of revenue generation thanks to the surging popularity of apparel and sports goods.
The global swimwear industry shows no signs of slowing down given the influx of new players and the introduction of new brands by existing players that ensures consumers are spoilt for choice thus, intensifying competition in the market.