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Shapewear Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global shapewear products market was valued at USD 7.5 billion in 2022 and is expected to expand at a CAGR of 6.2% from 2023 to 2030. Shapewear has been gaining popularity among women and has become a trend in the fashion industry. The products are widely used to shape and sculpt the body, creating a slimmer silhouette and enhancing the physical appearance. Moreover, shapewear products are a perfect alternative for women who wish to look slender and attractive without going through a tedious workout routine.
The demand for shapewear products has increased due to the rising awareness among women regarding their body image. Additionally, the increasing influence of celebrities and influencers on social media is further driving the market growth. Moreover, shapewear products are increasingly being used to compliment formal and casual attires. As a result, the demand for these products has increased significantly in recent years.
Furthermore, the rising trend of athleisure is also contributing to the market growth. Consumers are increasingly opting for comfortable and functional shapewear products that can be worn while performing physical activities. Brands such as Spanx and Reebok are introducing a wide range of shapewear products that are designed to be comfortable and provide a snug fit.
Moreover, the increasing availability of shapewear products on online platforms is driving the growth of the market. E-commerce platforms provide a wide range of products to customers, along with special offers and discounts, which is further fueling the online sales. Additionally, the increasing awareness regarding the benefits of shapewear products is expected to create lucrative opportunities for market participants in the coming years.
Product Insights
The shapewear market is expected to witness considerable growth over the forecast period. This growth is mainly attributed to the increasing number of individuals and celebrities alike looking to accentuate their body shapes and sizes, and the rising awareness of health and fitness across consumers. According to an article published by the National Center for Biotechnology Information (NCBI), in May 2020, the use of shapewear for aesthetic purposes is gaining traction among females. Furthermore, the introduction of innovative products such as shapewear with adjustable straps, underwire, and other features is driving the growth of this market. Moreover, the increasing availability of shapewear in various sizes and items is bolstering the demand for these products. Additionally, the rising number of e-commerce stores, and the availability of affordable shapewear items are further driving the market growth.
Distribution Channel Insights
The distribution of shapewear products is mainly done through supermarkets/hypermarkets, department stores, specialty stores, and e-commerce. Supermarkets/hypermarkets accounted for the largest share of the shapewear products market in 2022 and are expected to remain the dominant segment during the forecast period. This is owing to the wide availability of shapewear products in supermarkets and hypermarkets. Moreover, the presence of a wide variety of brands, competitive pricing, and discounts offered by supermarkets and hypermarkets are further driving the growth of the segment.
The e-commerce segment is expected to register the highest CAGR during the forecast period. This is attributed to the increasing adoption of e-commerce platforms among consumers for the purchase of shapewear products. Vendors are focusing on expanding their presence online by offering their products through various e-commerce platforms such as Amazon, Flipkart, Myntra, and others. Moreover, discounts and promotional offers provided by e-commerce platforms is further expected to drive the growth of the segment over the forecast period.
Type Insights
The shapewear products market is primarily segmented into two categories: light and firm control shapewear. Light control shapewear accounted for the largest revenue share in the year 2022. This is mainly attributed to the increasing demand for shapewear garments that are comfortable to wear and provide light body shaping. Manufacturers are focusing on introducing innovative designs and fabrics that offer light body shaping and are comfortable to wear. For instance, in March 2021, Kim Kardashian West, an American media personality, launched the Skims Fits Everybody collection, which offers a range of shapewear garments designed to fit all body types.
The firm control shapewear segment is anticipated to expand at the highest CAGR of 10.4% during the forecast period. This is attributed to the increasing demand for shapewear garments that provide firm body shaping. For instance, in April 2021, Yummie, a U.S.-based shapewear brand, introduced the Yummie Core Firm Control shapewear collection, which provides firm body shaping to the wearer. The rising awareness about the advantages of firm control shapewear is also driving the growth of this segment.
Regional Insights
North America held the largest revenue share of over 40.2% in 2022 and is expected to remain the largest revenue contributor throughout the forecast period. This is mainly attributed to the high demand for shapewear products among women in the region. The presence of major players, such as Spanx and Yummie, which offer a wide range of shapewear products in the region, is further expected to drive the growth of the market. Moreover, the presence of a well-established apparel industry in the region is expected to boost the growth of the market.
The Asia Pacific region is expected to witness the fastest growth in the coming years. This can be attributed to the increasing demand for fashionable and trendy garments among women in the region. The rising disposable incomes of the population have further increased the demand for shapewear products in the region. Moreover, the growing working women population in the region is expected to boost the demand for shapewear products.
Financial Projections
In this part of the shapewear product business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your shapewear product business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a shapewear product business comes from the sale of products. Here you will find a list with a description of other possible sources of profit such as discounts and promotions, subscription services, wholesale and bulk sales, and the sale of related accessories.
Projecting Expenses
In this section, all the regular expenses related to keeping the shapewear product business running will be described. The list of operating expenses includes inventory costs, wages, advertising, transportation costs, rent, utilities, insurance policies, and others.
Key companies & market share insights
Some of the key players operating in the shapewear products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In August 2022, Spanx launched a new line of shapewear products that are designed to provide a more comfortable fit and breathability.
– In September 2022, Maidenform launched a new line of shapewear products that are designed to provide better compression and support.
– In October 2022, Jockey launched a new line of shapewear products that are designed to provide better shaping and control.
Some of the prominent players in the shapewear products market include:
– Spanx, Inc.
– Maidenform Brands, Inc.
– Jockey International, Inc.
– Wacoal America, Inc.
– Triumph International Corporation
– DIM RS S.A.
– Lovable Lingerie Ltd.
– Hanesbrands Inc.
– Wacoal Corporation
– Prestige Brands Holdings, Inc.
Global Shapewear Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global shapewear products market based on product type, distribution channel, material type, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Bodysuits
– Waist Trainers
– Girdles
– Pantyhose
– Bodyshapers
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Offline
– Online
3. Material Type Outlook (Revenue, USD Million, 2017 – 2030)
– Spandex
– Nylon
– Polyester
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Major Drivers for the Shapewear Products Market?
[A]: The major drivers for the shapewear products market are the growing awareness about body image, increasing disposable income, and the growing demand for fashion apparel. Additionally, the growing trend of online shopping and the availability of a wide range of products are also driving the shapewear products market.
[Q]: Who are the Key Players in the Shapewear Products Market?
[A]: Some of the key players in the shapewear products market include Spanx, Inc., N-Fini, Inc., Fajas Salome USA, Hanesbrands Inc., Wacoal America, Inc., Triumph International, and Leonisa Corp.
[Q]: What is the Potential of Product Innovation?
[A]: Product innovation is expected to be one of the most important factors driving the growth of the shapewear products market. Companies are introducing products with enhanced features such as adjustable straps and hook-and-eye closures, as well as products with improved fabric quality and design. These products are expected to help increase the market growth in the coming years.
[Q]: What are the Factors Restraining the Growth of the Shapewear Products Market?
[A]: Some of the factors restraining the growth of the shapewear products market include the lack of product awareness and high cost of the product. Additionally, the lack of product differentiation and presence of counterfeit products are also restraining the growth of the market.
[Q]: Which Region Offers the Largest Opportunity for Sales of Shapewear Products?
[A]: North America is estimated to be the largest market for shapewear products and is expected to maintain its dominance during the forecast period. This is attributed to the increasing awareness and acceptance of body shaping products. Additionally, the presence of major players and the increasing demand for fashion apparel in the region is expected to drive the market growth in this region.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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