Athleisure Market - Growth, Trends, and Forecasts (2023 - 2028)

Athleisure Market - Growth, Trends, and Forecasts (2023 - 2028)

The athleisure market is projected to record a CAGR of 6.09% over the next five years.

Rising health and self-consciousness and a desire to lead active lifestyles and appear fit are encouraging consumers to incorporate sports and fitness activities into their daily routines. This increased participation has led to a change in market dynamics, resulting in an increased demand for athleisure products. The availability of sports apparel with enhanced properties such as moisture management, temperature control, and other performance-boosting characteristics that prevent discomfort and potential injury has captured the interest of consumers who are willing to pay more for such additional benefits. Hence, these enhanced features have propelled consumer habits to wear athletic apparel during their leisure period.

An increase in government initiatives in various countries to improve sports participation played a key role in driving the demand for athleisure in the last few years. For instance, in November 2021, the government of England recommended launching a “Work Out to Help Out” campaign to incentivize people to get involved in organized sports. However, the strong presence of counterfeit goods in the marketplace has become a significant threat to brand manufacturers and the market's growth. The growth of the luxury athleisure market has been affected by the presence of various counterfeit products, which may be difficult to identify as fake.

The increasing popularity of fitness activities, such as aerobics, running, weight training, and yoga, along with an increase in the number of women participating in fitness and sports-related activities and surging memberships in gym and health clubs, is driving the demand for athleisure products. For instance, as per the survey conducted in association with Japan Sports Agency in November 2021, in Japan, 15.1% of respondents in their twenties stated that they used fitness clubs. According to the Physical Activity Monitor (2019-2021) issued by the Canadian Fitness and Lifestyle Institute, about 27% of Canadian adults reported engaging in sports. In addition, due to celebrity endorsements, international sporting events, social media influence, and government initiatives and campaigns such as #FitIndia (by the Government of India), consumers are more likely to participate in fitness and sports activities, leading to more spending on healthy living.

The growing health awareness among the emerging middle class and the increasing sporting environment in countries such as China, India, Australia, and Japan are anticipated to boost the demand for athleisure products during the forecast period. The athleisure market in Asia-Pacific has traditionally been dominated by major international brands such as Reebok, Adidas, Nike, Puma, and Lotto. The players in the market use various strategies like launching ad campaigns and using new technologies to innovate products to remain active in the market and increase their brand visibility and image. For example, in September 2021, Adidas Australia launched a ‘'4DFWD’' 3D printed running shoe. The 4DFWD shoe has been created using printing to create an e-midsole lattice structure that redirects vertical impact forces into horizontal forward motion. The shoes are available online and in offline Adidas stores across the country. However, many domestic brands such as Mizuno, Asics, HRX, and Sfida have also registered significant market penetration by constantly introducing different types of athletic wear, including clothing, footwear, and accessories, across e-commerce platforms.

The athleisure market is highly competitive and fragmented in nature. Major market players are focusing on developing a diversified product portfolio, which is intensifying the competition in the market. The most active companies in the market include Nike Inc., Adidas AG, Puma SE, Under Armour Inc, and Lululemon Athletica Inc. These companies have been taking significant measures to increase their market penetration across the world with product innovations, the establishment of new bases, setting up more production plants, and associated R&D centers. These players are also active on social media platforms to advertise their athleisure products to attract more consumers worldwide.

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