Global Tracksuit Market Retains Robust Growth: Projected to Grow at a CAGR of 7.4% by 2027 | BlueWeave
BlueWeave Consulting and Research Pvt Ltd
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noida, Nov. 13, 2021 (GLOBE NEWSWIRE) -- An increase in fitness programs for promoting healthier lifestyle across the world is pushing for the growth of the global tracksuit market. The growing number of yoga practitioners in the world and demand for stylish athleisure are positively contributing to the growth of the global tracksuit market…
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that global tracksuit market was worth USD 8.7 Billion in 2020. The data yielded by the study revealed that the market is estimated to grow at a CAGR of 7.4%, earning revenue of around USD 14.3 Billion by the end of 2027. A tracksuit is a sweat suit worn by athletes, particularly runners, during training. It typically consists of a full-sleeved jacket and long pants. The best tracksuits are made from knitted cotton or nylon fabrics after cutting and stitching. The global tracksuit market has grown due to the growing consumer awareness of physical fitness activities, a rise in older adults' fitness programs, and an increasing preference for athleisure.
Increasing demand for fitness programs amid rising health issues among young people is driving the global tracksuit market
The growing prevalence of heart diseases, blood pressure, and other health issues has led to an influx of fitness programs globally in recent years. Approximately 360,900 people lost their lives to heart attacks in 2019, according to the Centres for Disease Control and Prevention (CDC). As against this, the statistics soared to 690,882 people in 2020. It spurred a wave of growing awareness toward the fitness and healthcare programs across the country, leading to rising demand for tracksuits as they offer a reduction in calorific content. Tracksuits continue to be in demand across the United States due to the millennial generation's growing awareness of fitness programs. The global tracksuit market is growing as people opt for fashion-oriented active wear that provide comfort while exercising.
The growing number of yoga practitioners across the world are fuelling the global tracksuit market
Tracksuits have long been worn for sports and leisure activities. Additionally, yoga practitioners are also the end-users of such products. It is estimated that there are over 300 million yoga practitioners worldwide. The British Wheel of Yoga estimates over 300,000-460,000 yoga practitioners in the United Kingdom. Yoga is one of the fastest-growing industries in the United States, and it is also the world's largest. The rise in Yoga practices and allied programs have led to a spike in demand for tracksuits as they offer higher flexibility. Yoga pants and tracksuits have a higher stretch capability that make them more comfortable for the end users, allowing them to have a better yoga experience. Hence, these factors have positively contributed to the growth of the global tracksuit market
Global Tracksuit Market - Impact of COVID-19 in the industry The COVID-19 pandemic had a negative impact on the global tracksuit market's growth. To prevent the virus from spreading, the government urged the shutdown of cotton, fiber, and wool industries. Consequently, the global tracksuit market was severely affected. The supply chain interruption resulted in a slight increase in the pricing of available tracksuits on the market to manage demand against supply.
As the news channels and articles were buzzing with the benefits of exercising and practicing yoga at home, possible end-users started considering virtual fitness classes to maintain their lifestyle and boost their immunity so that they can prevent any adversity that may arise if they came into contact with the COVID-19 virus. This led to a rise in the demand for tracksuits during the pandemic, resulting in global market growth prospects. As vaccination rates rise, in-person fitness classes and sports events will likely increase, providing a potential growth factor for the global tracksuit market.
Cotton fabric occupies the largest share in the global tracksuit market
The global tracksuit market is segmented into cotton, fiber, wool, and others, based on products. The cotton segment has captured the largest share of the global tracksuit market, and it is expected to maintain its supremacy even in the coming years. Cotton has one of the highest sweat absorption rates and is one of the fastest drying fabrics, which is why some people choose to wear cotton tracksuits over other materials. Cotton is also a renewable source and biodegradable, which has sparked initiatives like the Better Cotton Initiative (BCI), which has boosted the demand for more sustainable cotton products. These initiatives could positively impact the demand for sustainable tracksuits, thereby positively impacting the growth of the global tracksuit market.
Global Tracksuit Market - By Sales Channel
Based on sales channels, the global tracksuit market can be segmented into Hypermarket/supermarket, e-Commerce, brand outlets, and others. The hypermarket/supermarket segment has captured the highest share in the global tracksuit market. Consumers' desire to try on tracksuits and see how they fit is a major factor driving the hypermarket/supermarket segment of the global tracksuit market. Even though e-Commerce sales for tracksuits have risen across emerging economies because of digitalization, the penetration remains below the permissible level, implying a lower preference across the end-users. As a result, the global tracksuit market has experienced an increase in demand for tracksuits purchased in-store and at hypermarkets/supermarkets.
North America accounted for the highest share in the global tracksuit market
The global tracksuit market is divided into North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Among these regions, North America holds the largest market share and is likely to maintain its share even during the forecast period. The thriving yoga industry and the growing concerns toward the rising number of heart attacks are some of the pivotal factors driving the demand for the global tracksuit market. One estimate from Yoga Alliance suggests that 72% of Americans who practice yoga are female, which indicates that women are inclined toward fitness. Along with this, the aging population in the United States contributes to the demand for fitness programs. Amid the pandemic, the President's Council on Sports, Fitness & Nutrition, and other programs aimed at healthy living have promoted physical activity, which has led to some spike in demand for global tracksuits.
Global Tracksuit Market - Competitive Landscape
The key players in the global tracksuit market are Adidas AG, ASICS Corporation, HanesBrands Inc., H&M Hennes & Mauritz AB, Jack & Jones, Monte Carlo Fashions Ltd., Nike Inc., Puma Se, Under Armour Inc., Wildcraft, Benetton Group S.r.l., Converse, GAP Inc., Diadora S.p.A., Kappa, Everlane and other prominent players. The global tracksuit market is fragmented, with a large number of players manufacturing tracksuits. In order to manufacture higher quality tracksuits, key players in the global market are heavily investing in research and development.
In September 2021, Adidas AG announced that the company is continuing its collaboration with IVY PARK, Beyonce, and Adidas Originals to establish a deep dive into the newest collection, Blue Version. The series starts with a collection of tracksuits, which are based on the iconic Beckenbauer style.
In February 2021, Everlane announced the launch of one of the most sustainable loungewear collections of the company. It is causing evolution to the traditional aspects of sweatshirts, hoodies, and joggers. The tracksuit collection comprises three styles for men and five styles for women, and every garment is crafted with 100% organic cotton (GOTS-certified). What’s more, it also adheres to the Global Organic Textile Standard.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global tracksuit market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global tracksuit market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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