The global sleepwear market is estimated to be valued at $22,020.5 million by 2028, surging from $10,615.4 million in 2020, at a noteworthy CAGR of 9.6%.
Impact Analysis of COVID-19 on the Sleepwear Market
The global market for Sleepwear is estimated to experience a moderate growth amid the COVID-19 pandemic. Disruptions in supply chain and limited manufacturing facilities across the globe have hit the supply chain and it is impacting the businesses and workers engaged in it.
On the other hand, the growth of the market is the result of increasing demand for sleepwear due to adoption of work from home culture throughout the pandemic. Also, companies are selling their products on e-commerce platform which is predicted to bring new opportunities in the global sleepwear market post-pandemic.
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Global Sleepwear Market Analysis
The enormous growth of the global sleepwear market is mainly attributed to increasing trends of fashionable yet comfortable sleepwear. Moreover, rising busy lifestyles and increasing purchasing power of the consumers are some of the factors that are driving the growth of the sleepwear market. Furthermore, now-a-days people are getting influenced by latest fashion designs worn by celebrities and adopting nightwear. Along with this, trends of flaunting innerwear is one of the aspects fueling the market growth.
Availability of fake sleepwear products that are of low quality and high cost is one of the factors that may create a negative impact on the market during the forecast period.
The increasing penetration of online sales may create huge opportunities for the market in the future. Moreover, online sales have increased significantly due to busy lifestyles and working population which is expected to bring revenues to the companies operating in the sleepwear market. All such factors will all together boost the growth of the e-commerce, which, in turn, will fuel the sale of sleepwear industry, globally. These are some of the elements that may further lead to lucrative market opportunities in the market in the upcoming years.
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Global Sleepwear Market, Segmentation
The global sleepwear market is segmented based on end-user, distribution channel, and region.
The end-user segment is further divided into women, men, and kids. The women sub-segment is anticipated to be the dominating as well as fastest growing sub-segment in the global market and register a revenue of $12,595.7 million during the analysis timeframe.
The growth of women sub-segment is attributed to evolving category of the working women culture and adoption of fashionable nighties trend. Also, increasing trends of yoga and daily exercise along with increasing fitness lifestyle users are some of the major factors that will increase the market growth of sleepwear.
The distribution channel segment is further divided into supermarket/hypermarket, specialty stores, convenient store, and online. The supermarkets/hypermarkets sub-segment is anticipated to be the dominating sub-segment in the global market and register a revenue of $9,028.4 million during the analysis timeframe.
The growth of supermarkets/hypermarkets sub-segment owes to their growing popularity because of various reasons such as availability of different varieties of sleepwear along with huge discounts under the same roof. These aspects may aid in the generation of a lucrative revenue for the market throughout the forecast period.
The sleepwear market for the North America region is projected to witness dominant share. This market generated a revenue of $4,416.0 million in 2020 and is further projected to reach up to $9,402.8 million by 2028.
The demand for sleepwear is surging in the North America region specifically because of factors such as increasing trends of fashionable nightwear along with increasing prevalence of fashion influencers.
Key Players in the Global Sleepwear Market
Some of the leading global sleepwear market players are
- L Brands Inc.
- Triumph International Holding GmBH.
- Berkshire Hathaway Inc.
- American Eagle Outfitters, Inc. (AERIE)
- Hanky Panky Ltd.
- Hanesbrands Inc.
- Jockey International, Inc.
- PVH CORPORATION
- MAS Holdings Ltd.
- the Chantelle Group.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Sleepwear Market
Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies. Hence, there will be low threat from the supplier side.Thus, the bargaining power of the suppliers is low.
Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of high availability different sleepwear products.Hence, the bargaining power of buyers is high.
Threat of New Entrants: Startups entering this market are providing innovative sleepwear to the customers.Thus, the threat of the new entrants is high.
Threat of Substitutes: There are various substitutes available for sleepwear such as different types of apparels, but they do not offer the comfort like that sleepwear;therefore, the threat of substitutes is low.
Competitive Rivalry in the Market: The ventures operating in the global sleepwear are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide.Therefore, competitive rivalry in the market is high.
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