- Increase in dynamic fashion trend and its influence over consumers, race to cope up with the changing fashion trend and surge in demand for trendy and fashionable nightwear drive the growth of the global sleepwear market.
PORTLAND, Ore., Sept. 3, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Sleepwear Market by End User (Men, Women, and Kids) and Distribution Channel (Online Hypermarket/Supermarket, Discount Stores, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report published by Allied Market Research, the global sleepwear market generated $10.49 billion in 2019, and is estimated to reach $18.69 billion by 2027, registering a CAGR of 9.7% from 2020 to 2027.
Driver, restrain, and opportunities-
Increase in dynamic fashion trend and its influence over consumers, race to cope up with the changing fashion trend and surge in demand for trendy and fashionable nightwear drive the growth of the global sleepwear market. Furthermore, the rise in preference for online retail shops and surge in disposable income boosted the market growth. On the other hand, the availability of counterfeit products is expected to hinder the growth. Nevertheless, introduction of stretchable and quick-drying fabric creates new opportunities in the coming years.
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Covid-19 scenario:
- The novel coronavirus outbreak has significantly impacted both the national and international trade of the sleepwear industry. The supply chain disruptions have caused a substantial impact on sales in the sector.
- The government bodies in various regions have imposed relaxations on certain restrictions and permitted several industries to reinitiate their projects and plans.
- Also, the demand for sleep wears have been increased during lockdown, as the trend of stay home has been increased.
The women segment dominated the market in 2019-
Based on end user, the women segment contributed to the largest share in 2019, accounting for nearly four-fifths of the global sleepwear market, and is estimated to maintain its dominant position during the forecast period. Furthermore, the segment is expected to register the highest CAGR of 9.9% from 2020 to 2027. Recent trend of using apparel for multiple purposes has led to various innovations in sleepwear, and has become a new must-have item for the women's wardrobe, thereby driving the growth of the segment.
The supermarket hypermarket to lead the trail throughout 2027-
Based on distribution channel, the supermarket hypermarket segment accounted for the largest share in 2019, holding nearly one-third of the global sleepwear market, and is expected to maintain the largest share throughout the forecast period. Increase in number of supermarket and hypermarket in both mature and emerging economies, one-stop solution provided by these retail formats, and a wide range of products provided at a competitive price to customers are the major factors driving the growth of the segment. However, the online segment is estimated to portray the highest CAGR of 10.5% during the forecast period. Consumers prefer online platforms, due to their ease of accessibility and enhanced convenience. In addition, this platform offers a number of discounts on online purchase to attract a large customer base. Furthermore, rise in internet penetration and increase in adoption of smartphones foster the growth of the segment.
North America region to rule the roost throughout 2027-
Based on region, the North America region contributed the highest share, accounting for nearly one-third of the global sleepwear market in 2019, and will maintain its dominance throughout the forecast period. This is attributed to increase in interest of consumers in night time fashion and comfortable sleepwear. In addition, key players are expanding in this region to gain a stronger foothold in the sleepwear market. Moreover, the Asia-Pacific region is expected to grow at the highest CAGR of 11.0% from 2020 to 2027. Stable economic condition in Asia-Pacific and increase in disposable income are the major factors that fuel the growth of the market. Moreover, consumer preference for high-end products along with increase in influence of western economies on lifestyle and clothing further expand the market in this province.
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Leading market players-
- American Eagle Outfitters, Inc. (AERIE)
- L Brands Inc.
- Berkshire Hathaway Inc.
- Hanesbrands Inc
- Jockey International, Inc.
- Triumph International Holding GmBH.
- Hanky Panky Ltd.
- PVH CORPORATION
- MAS Holdings Ltd.
- Chantelle Group.
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