Athleisure is Here to Stay… At Least Until 2030 with Projected Growth of $662.56 Billion
Hold on to your yoga pants and joggers! The athleisure market is projected to be valued at over $662 billion by the year 2030, marking the steady popularity of the fashion trend
By the latter part of the 20th century, athleisure wear became more of a closet staple for consumers, according to The Atlantic. Lululemon led the movement and dozens of other apparel brands followed, including Old Navy, Athleta and Fabletics. Trends tend to come and go, but athleisure is actually poised to reach even more of a monumental growth in profits by 2030.
A recent analysis by Grand View Research Inc. projects the global athleisure industry will reach $662.56 billion by the aforementioned year (it was previously estimated the market would reach $306.62 billion in 2021 and anticipated to rise to $330.97 this year). The 120-page market report from the company denotes several key points, including the “rise in consumer fitness and health consciousness” and North America as the world’s figurehead for revenue share (over 30 percent) in the athleisure market in 2021.
In a breakdown of which type of athleisure products dominated the field, Grand View Research reports shirts as holding the largest revenue share of over 30.0 percent last year. Yoga apparel came in at number two in revenue shares and “is expected to witness the fastest growth over the forecast period.”
“The rising popularity of yoga as a mind-body fitness activity, particularly since the time of COVID-19, has led to an increasing number of yoga enthusiasts all over the world,” Grand View Research adds.
When it comes to population demographics, women are at the forefront of the report. Over 40 percent “held the largest revenue share” in 2021. One of the reasons for this is attributed to high profile collaborations seen in the year — Nike and 23-time Grand Slam winner Serena Williams’ design partnership is given a specific spotlight in the report.
“The fashion business is undergoing seismic shifts as a result of digital innovation, increased globalization, and changes in consumer buying habits,” writes Grand View Research. “And thanks to the coronavirus’s expedited retail catastrophe, the fashion industry is more uncertain than ever. These celebrity collaborations can aid a brand’s discoverability as celebrities frequently share products on social media channels, such as Instagram, which is a major platform for shops.”
While offline athleisure sales were higher (over 60 percent) than online in 2021, the latter is predicted to experience its highest CAGR (compound annual growth rate) between 2022 and 2030. As for the major brand players of athleisure thus far, Under Armour, Inc., Patagonia, Inc., Adidas AG, Hanes Brands, Inc., and EILEEN FISHER are some to join Lululemon Athletica in the greatly vaunted group.
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