The global athleisure market size is projected to touch USD 517.5 billion by the year 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 8.1% through the forecast period of 2019-2025. Rise in adaption of fashionable and stylish athleisure wearing in offices and work places is projected to propel the demand of the market. Additionally, exclusive brand campaigns by manufacturers through celebrity endorsements and engagement in social media have changed the perception of millennials and young customers around the world.
Premium athleisure dominated the market with over 65% in the total revenue in 2018. Key manufacturers like Lululemon Athletica, Inc.;PUMA SE;Under Armour, Inc.; Adidas AG; and Nike, Inc. are promoting their brands by celebrity endorsements and introducing new products to capture a large consumer base. For example, Elsa Hosk endorses the brand “Sporty & Rich” promoting retro sportswear from ‘80s and ‘90s and it designs cool activewear pieces that have a cult following among the celeb and fashion set.
Asia Pacific is anticipated to grow at the fastest CAGR of 8.8% over the forecast period. Over the last few years, the companies have started adapting marketing strategies like launching new products, celebrity endorsements, focusing on e-commerce, and increasing number of exclusive brand stores to meet the demand of the consumers in emerging economies like India and China.
The major players in the industry include Adidas AG; Under Armour, Inc.; Lululemon Athletica, Inc.; Nike, Inc.; AJIO Company; HUMAN PERFORMANCE ENGINEERING;Esprit Retail B.V. & Co. KG.; Under Armour Inc.; and PUMA SE. Innovation of products and expansion of product portfolio are expected to propel the demand in the market in the coming years.
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Further key findings from the report suggest:
• Asia Pacific is anticipated to grow at the fastest CAGR of 8.8% over the forecast period
• North America dominated the athleisure market with over 30% share in the total revenue in 2018
• Premium athleisure segment dominated the product segment with over 65% of share in the total revenue in 2018
• Online distribution channel is expected to grow at the fastest CAGR of 8.5% over the forecast period
Million Insights has segmented the global athleisure market on the basis of product, distribution channel, and region:
Athleisure Product Outlook (Revenue, USD Billion, 2015 - 2025)
Athleisure Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
Athleisure Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa