"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 life styles 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."
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 life styles 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.
Euromonitor International report 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.
In line with this, RYU Apparel Inc.,an urban athletic apparel brand has been focussing on striking a balanced ratio of apparel sales between men and women at 46 percent and 54 percent respectively. By identifying an under-served gap in the industry for men, and developing the Beautiful Tough™ brand positioning that's resonating with women, RYU has achieved an enviable gender balance that is rare in the industry. As an omnichannel retailer, RYU currently has 17 percent of revenue from e-commerce with a target of reaching 30 percent by the end of 2018.
Companies attaining growth
To cash in on the opportunities, Lululemon Athletica and 7mesh Industries Inc., an emerging global brand in high performance cycling apparel, announced a strategic partnership to co-create and push the boundaries in advanced technical apparel. For Nike, Inc. one of the most innovative sports apparel company, international geographies and the direct-to-consumer businesses globally led strong revenue growth in the fourth quarter and full year.
Under Armour, Inc., is utilising 2017 to ensure that operations across its diverse portfolio of sport categories, distribution channels and geographies are optimised as it is building a stronger, faster and smarter company. Under Armour is among the originators of performance footwear, apparel and equipment. Dick's Sporting Goods, Inc., an omnichannel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories, will be opening two new Dick's Sporting Goods stores and three new Field & Stream stores very soon.
