Sportswear Flexing its Muscles

Global sales of workout clothes totaled $181.3 billion in 2023, and are projected to reach $344.4 billion by 2035, concludes a new report from Allied Market Research. Factors underlying that growth include an overall rise in health consciousness and the adoption of active lifestyles, the report notes.

“More individuals are engaging in fitness routines, including gym workouts, yoga, running and outdoor activities, which has led to an increase in demand for comfortable and performance-driven workout clothes,” the report said. “In addition, the shift toward preventive healthcare has encouraged people to incorporate regular physical activity into daily routines, further boosting demand for high-quality workout clothes.”

The report identifies the following companies as key players operating in the market:  Nike Inc., Adidas AG, Lululemon Athletica Inc., Under Armour Inc., Puma SE, VF Corp., ASICS Corp., New Balance Athletics Inc., Gymshark Ltd. and Gap Inc. “Smaller niche firms are more well-known for catering to consumer demands and preferences in the global market” the report notes. “Large conglomerates, however, control most of the market and often buy innovative start-ups to broaden their product lines.”

Other trends driving market growth include:

• Workout clothes being chosen for both exercise and daily wear, increasing demand for apparel that offers comfort and functionality.
• Brands that are continually introducing innovative designs with performance features, contemporary aesthetics and sustainable qualities to meet consumer expectations.

On the other side of the coin, counterfeiting poses a major challenge for market participants. “Fake products, often made from inferior materials, fail to provide the durability, comfort and performance expected from established brands,” the report notes. Among the major brands battling such goods are Nike, Adidas and Lululemon.

Click here for more from the report.