A recently released report by Global Industry Analysts, Inc., highlighted that the global market for sports and fitness clothing is projected to reach $231.7 billion by 2024. Growth in the market is driven by a growing portion of the population living healthier lifestyles and stronger participation in sports and fitness activities. Technological developments designed to improve comfort and performance has also led to the growth in sales of sports apparel. As a result, sportswear is turning into a highly popular style statement and fashion trend. The Asia-Pacific region is expected to be fastest-growing region, with a CAGR of 6.9 percent over the forecast period, states the report.
Another report, carried on by Euromonitor International, also reflects that the sales of sportswear, which includes items such as yoga pants and activewear, performed stronger than other categories for three years straight. Bernadette Kissane, Euromonitor’s apparel and footwear analyst, explained that although performance sportswear takes the lead in terms of market size, valued at $78 billion in 2016, sports-inspired is the category driving growth. Both sports-inspired footwear and apparel is growing at a rapid pace, registering 10 percent and 6 percent growth in 2016, respectively. In addition to emerging markets such as India and Thailand, core markets such as the United States are also producing significant sports-inspired growth, despite its reputation as a performance-orientated market.