rise in demand for trendy and fashionable nightwear has encouraged companies to launch new products to cater to increasing needs of customers
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According to a new report published by Allied Market Research, titled, “Sleepwear Market by End User and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2020-2027,” The sleepwear market size was valued at $10,495.0 million in 2019, and is projected to reach $18,694.8 million by 2027, registering a CAGR of 9.7% from 2020 to 2027. The online segment was the highest contributor to the market, with $2,535.6 million in 2019, and is estimated to reach $4,782.3 million by 2027, at a CAGR of 10.5% during the forecast period.
Sleepwear is a loose garment designed to wear in bed. These apparel are made using fabric that ensure enhanced comfort and proper air flow. Sleepwear today has emerged more as a trending fashion, with bridal sleepwear and sleepwear for themed parties gaining increased traction, which acts as a key driver of the market. The sleepwear market has penetrated the mature regions such as North America and Europe, however, it remains in its nascent stage in the emerging countries of Asia-Pacific and LAMEA.
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The growth of the sleepwear market is majorly driven by increase in preference for comfortable clothing. The sleepwear market growth is largely influenced by western lifestyle and fashion trends. Moreover, fashion shows, such as the Victoria Secrets, which showcase large variety of loungewear and sleepwear have led to increase in popularity of sleepwear globally, as large number of viewers get influenced to purchase such products, thereby increasing the sales. Furthermore, surge in disposable income of people around the world coupled with increase in expenditure on lifestyle and fashion has supplemented the sleepwear market growth. However, availability of low-quality counterfeit products acts as the major restraint for the market. Conversely, innovations in design and enhanced comfort & functionality are expected to provide opportunities for growth for the sleepwear market.
The global sleepwear market is segmented into end user, distribution channel, and region. By end user, the market is classified into men, women, and kids. On the basis of distribution channel, it is differentiated into online hypermarket/supermarket, discount stores, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA
According to the sleepwear market analysis by end user, the women segment was the most prominent category in 2019, and is expected to remain dominant during the forecast period. Conversely, the kids segment is expected to grow at a notable CAGR through the forecast period.
Depending on distribution channel, the supermarket/hypermarket segment was the highest contributor to the global market in 2019, and is expected to continue this trend from 2020 to 2027. However, the online segment is expected to grow at a higher growth rate through the forecast period
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Region wise, North America led the market in 2019, and is projected to dominate the sleepwear market during the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR in the near future. The key players in the industry have adopted product launch as their key strategy to stay competitive in the global sleepwear market share.
The players in the sleepwear industry have adopted product launch as their key development strategy to increase profitability and to strengthen their foothold in the sleepwear market. The key players profiled in the report include L Brands Inc., Berkshire Hathaway Inc., American Eagle Outfitters, Inc. (AERIE), Hanesbrands Inc., Jockey International, Inc., Triumph International Holding GmBH., Hanky Panky Ltd., PVH CORPORATION, MAS Holdings Ltd., and the Chantelle Group
Key findings of the study
The sleepwear market was valued at $10,495.0 million in 2019 and is estimated to reach $18,694.8 million by 2027, growing at a CAGR of 9.7% through the forecast period.
Based on end user, the women segment would witness the fastest growth, registering a notable growth rate during the forecast period.
Based on distribution channel, the supermarket/hypermarket segment held the highest share in 2019, accounting for a substantial market share in the global market.
Based on the distribution channel online segment was the most prominent market in 2019 and is expected to grow at a significant CAGR throughout the forecast period.
U.S. was the dominant country in 2019, accounting for a considerable share in the global sleepwear market.
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