Athleisure Market Analysis

Increased sports participation and flourishing demand for sports apparel to boost the market growth

The growing popularity of sports and fitness-related activities including yoga, aerobics, running, weight training, and running, along with the rise in the number of women engaging in these activities, is fueling the demand for athleisure products. For example, a poll conducted in Japan in November 2021 in association with the Japan Sports Agency revealed that 15.1% of participants in their twenties said they used fitness clubs.According to the Canadian Fitness and Lifestyle Institute's Physical Activity Monitor (2019–2021), roughly 27% of Canadian adults reported participating in sports.

In addition, the likelihood of consumers participating in fitness and sports activities has increased due to celebrity endorsements, high-profile international sporting events, social media influence, and government campaigns such as #FitIndia (run by the Government of India).

Additionally, the apparel industry has experienced a considerable revolution in recent years. Yoga has seen an increase in popularity in 2021, which is predicted to continue.  demand for athleisure has increased as a result of this change. For instance, in the US, membership fees makeup 60.4% of the total revenue from health and fitness clubs. The data indicate that many Americans belong to various health and fitness clubs. Therefore, the growing fitness-conscious population has recently enhanced the  athleisure market CAGR.

For instance, the growing interest in outdoor sports and recreation among the expanding  youth population has increased the demand for various athleisure accessories. The growing emphasis on fitness and health consciousness, creating a high desire for stylish and comfortable clothing, is another factor driving the growth of the athleisure market revenue.

The Global Athleisure Market Industry experiences a notable surge in demand driven by increasing health consciousness among consumers. Individuals are increasingly prioritizing fitness and wellness, leading to a greater inclination towards activewear that seamlessly transitions from workout sessions to casual outings. This trend is reflected in the projected market value of 561.3 USD Million in 2024, as consumers seek versatile clothing that supports their active lifestyles. The emphasis on health and fitness is expected to sustain growth in the Global Athleisure Market Industry, as more people engage in physical activities and adopt healthier lifestyles.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the athleisure market grow even more. Market participants are also taking various strategic initiatives to grow their  footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the athleisure industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the athleisure industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the athleisure industry has focused on developing a diversified product portfolio, which has intensified the competition in the market. The athleisure market major player such as Under Armour Inc. (US), Lululemon Athletica (Canada), Adidas AG (Germany), Nike Inc. (US), and others are working on expanding the market demand by investing in research and development activities.

Lululemon Athletica (Canada) is a Canadian multinational athletic apparel retailer headquartered in British Columbia and incorporated in Delaware, United States. It was established in 1998 to sell yoga pants and other yoga clothing, but it has grown to sell athletic wear, lifestyle clothing, accessories, and personal care items. In June 2020, Lululemon announced a $500 million acquisition of MIRROR. Due to the COVID-19 pandemic, more people are doing virtual exercises at home instead of visiting a gym.

Also, Puma SE (Germany) creates and produces sporting goods like clothing, footwear, and accessories that are marketed under the PUMA and Cobra Golf names. It was created as a result of a family business split into Adidas and PUMA by German brothers Rudi and Adi Dassler. Although PUMA's heritage is in shoes, garment sales are increasing. Men's golf, sailing, motorsports, and denim items have been added to its growing collection of sporting gear styles. Moreover, PUMA runs its retail locations and manages product distribution.

PUMA is one of the top athletic shoe brands, along with NIKE and Adidas, and has long-standing sponsorship deals with leading sports clubs, including Manchester City, AC Milan, and the Italian national soccer team. In July 2021, 18 Indian athletes signed contracts with Puma to compete for their nation in national and international hockey, shooting, and other sports competitions.