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The sleepwear and loungewear market is estimated to grow at a CAGR of 10.21% between 2022 and 2027. The size of the market is forecast to increase by USD 29,398.4 million. The growth of the market depends on several factors, including the increased demand for designer and premium sleepwear and loungewear, the rising demand for sleepwear and loungewear in developing countries, and the growth in the number of working women.
This report extensively covers market segmentation by distribution channel (offline and online), product (sleepwear and loungewear), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The introduction of products with advanced features and innovative designs is notably driving the sleepwear and loungewear market growth, although factors such as the presence of counterfeit products may impede the sleepwear and loungewear market growth. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a decrease in demand for the market during the COVID-19 pandemic, a holistic analysis of drivers will help companies refine marketing strategies to gain a competitive advantage.
Key Sleepwear And Loungewear Market Driver
The introduction of products with advanced features and innovative designs is notably driving the sleepwear and loungewear market growth. A rise in disposable income has increased the purchasing power of consumers, which has positively influenced their spending on apparel such as sleepwear and loungewear. This has propelled the demand for premium sleepwear and loungewear, leading to the value growth of the global sleepwear and loungewear market. Owing to the high demand for premium sleepwear and loungewear, vendors are increasingly investing in product innovations. They are focusing on utilizing sustainable raw materials and technologies that enhance the performance of products as well as improving the appearance and design of their offerings. Vendors are also introducing products with innovative designs based on the ongoing trends in the market. Vendors differentiate their products in terms of design, manufacturing technology, performance, raw material, fitting, size, and features. For instance, Calvin Klein by PVH offers a wide range of sleepwear of different styles, colors, and sizes. Products with advanced features and innovative designs are priced higher than ordinary sleepwear and loungewear, which leads to product premiumization along with product line extension. This is expected to augment the growth of the market during the forecast period.
Key Sleepwear And Loungewear Market Trend
An increase in demand for plus-size sleepwear and loungewear is the primary trend driving the sleepwear and loungewear market growth. Women who are obese generally prefer wearing sleepwear, such as lingerie, that minimizes their body size. This has increased the sales of minimizer lingerie, which provides a foundation for other clothes. Nowadays, plus-size sleepwear and loungewear are also gaining traction among women who are overweight or obese as these products are designed in a way that appeals to their fashion sense and looks good on women with larger body sizes. To address this growing demand, vendors are also introducing plus-size sleepwear and loungewear. For instance, Hanesbrands offers a wide range of plus-size sleepwear and loungewear through its brands, such as Maidenform and Just My Size. Sleepwear and loungewear are available in a variety of colors as consumers prefer these products according to the occasion. The US is the largest market for sleepwear and loungewear, and the demand for plus-size sleepwear and loungewear is high in the country. In 2018, almost 40% of the US population, comprising all age groups, was obese, which is driving the adoption of these products. Moreover, vendors are also using plus-size models to promote plus-size sleepwear and loungewear across the globe.
Key Sleepwear And Loungewear Market Challenge
The presence of counterfeit products may impede the sleepwear and loungewear market growth. The low price of counterfeit products increases their demand. Hence, the availability of counterfeit products adversely affects the sales and pricing strategies of vendors by diluting their market shares and hampering their reputation. To overcome these challenges, global vendors are compelled to price their products low, which reduces their profit margins. It also affects the value of sales in the market. Advertising and promotional campaigns help vendors retain and attract customers and ensure their loyalty toward brands. This also prevents buyers from shifting to counterfeit products. However, such promotional activities are expensive and reduce the profit margins of vendors. Moreover, the availability of counterfeit products adversely affects the volume of sales as well, which can also lead to inventory backlogs for international vendors. A major benefit for the manufacturers of counterfeit products is that they save on production and transportation costs due to their operations in regional or local markets. This makes counterfeit products less expensive than genuine products. Established global vendors in the market are striving to penetrate developing markets such as India and China, which have a significant presence of counterfeit products. This further proves to be a severe price challenge for sleepwear and loungewear brands across the globe.
Key Sleepwear And Loungewear Market Customer Landscape
Our analysis of the Life Cycle of the market indicates a movement from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries including the US, China, India, Germany, and France. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Sleepwear and Loungewear Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market
Wacoal Holdings Corp. - The company operates under multiple segments, including the Domestic Wacoal Business segment, sleepwear, and loungewear, with a high focus on the Domestic Wacoal Business segment, which offers innerwear consisting of foundation garments, lingerie, nightwear, and children's innerwear, outerwear, sportswear, and hosiery. The company's key offerings include sleepwear and loungewear, such as side shaped long gowns and short lacy baby doll chemise.
We also have detailed analyses of the market’s competitive landscape and offer information on 15 market vendors, including :
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. The revenue in the offline distribution channel comes from the sales of products through speciality stores, including brand-owned stores, multi-brand stores, fashion stores, and apparel stores; hypermarkets, supermarkets, convenience stores, and clubhouse stores; and department stores. Vendors are introducing new business and retail strategies, which include better pricing strategies, widening product assortment, and expanding their retail landscape. Vendors are also widening their geographic presence to enhance their offline sales. This helps them generate demand and sell products efficiently and cater to every consumer category in large geographic regions.
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The offline segment showed a gradual increase in market share, from USD 27,187.75 million in 2017 and continued to grow by 2021. The growth in retail channels in different cities and regions will drive customer familiarization with various types of sleepwear and loungewear, as well as the brands offering them. It will also increase the value sales in the global sleepwear and loungewear market during the forecast period. Furthermore, our report provides a brief analysis of historical and forecast market share and their segments along with the reasons for growth from 2017 to 2027.
The growth of this segment is primarily attributed to the increasing adoption of the sleepwear and loungewear market by residential consumers, which is driven by an increase in the global demand for the sleepwear and loungewear industry.
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APAC is projected to contribute 30% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The sleepwear and loungewear market in APAC is expected to grow at the fastest rate when compared with other regions. The market growth in this region can be majorly attributed to the increased introduction of global brands and the adoption of premium sleepwear and loungewear in APAC. In addition, rising disposable income and changing customer preferences will further drive the demand for sleepwear and loungewear in APAC. China, India, and Japan are the key contributing countries to the sleepwear and loungewear market in APAC. China is the most prominent market for manufacturers of sleepwear and loungewear, owing to the increased spending by Chinese consumers on apparel, such as sleepwear and loungewear, especially in the premium category.
In 2020, the outbreak of COVID-19 negatively affected the economies of various countries in APAC. The pandemic resulted in a high number of deaths in China and other nations, which compelled governments to impose lockdown restrictions in the region. This led to the closure of offline stores and manufacturing units for sleepwear and loungewear products in the region. Due to the shutdown of offline channels, consumers shifted toward online distribution channels. Moreover, online channels also offer discounts and free delivery services, which increased the demand for sleepwear and loungewear products in online channels. Therefore, such factors are expected to drive the growth of the regional sleepwear and loungewear market during the forecast period.
Our report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by distribution channel, product, and region.
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Sleepwear And Loungewear Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2022 |
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Historical year |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.21% |
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Market growth 2023-2027 |
USD 29,398.4 million |
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Market structure |
Fragmented |
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YoY growth (%) |
9.66 |
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Regional analysis |
APAC, Europe, North America, South America, and the Middle East and Africa |
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Performing market contribution |
APAC at 30% |
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Key consumer countries |
US, China, India, Germany, and France |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
AIMER Online Store, American Eagle Outfitters Inc., Authentic Brands Group LLC, BESTSELLER AS, Boardriders Inc., Chantelle SA, Hanesbrands Inc., Hennes & Mauritz AB, Jockey International Inc., La Perla Global Management UK Ltd., Lise Charmel, LUNYA, MASH Holdings Co. Ltd., Parahsol Srl, PVH Corp., Ralph Lauren Corp., Sleepy Jones LLC, Triangl Group Ltd., Victorias Secret & Co., and Wacoal Holdings Corp. |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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