Sleepwear Market Surges: CAGR Soars at 9.69%, Projected to Hit USD 21.9 Billion by 2030
Apr 24, 2024
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Sleepwear Market Insights:
In 2022, the sleepwear market was estimated to be worth USD 11.5 billion. Based on projections, the sleepwear market is expected to increase at a compound annual growth rate (CAGR) of 9.69% from USD 12.6 billion in 2024 to USD 21.9 billion by 2030. The two main factors propelling the clothing industry's growth are the rise in the number of working women and product innovation.
The market is expanding as a result of several causes. The market is expanding primarily as a result of the rising number of working women. Additionally, it is anticipated that product innovation will support the expansion of the sleepwear market. The expansion of the organised retail industry in Asia-Pacific is helping the market expand even more. The established players have access to a profitable market thanks to the social media's significant influence and marketing tactics. However, the market's expansion is being constrained by the existence of the unorganised sector.
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Regional Analysis:
The global sleepwear market has been divided into four regions based on geography: North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific market is anticipated to be quite profitable for manufacturers throughout the forecast period. In 2020, the regional market represented 35.10% of the global market, and over the forecast period, it is expected to increase at the highest rate of 10.56%. One of the most prevalent trends in this area is the rise in the purchase of bridal nightwear. Online demand for bridal nightwear has risen during the past two years. Newlyweds, honeymooners, and even bachelor party bands purchase sleepwear.In order to boost sales, manufacturers are also enhancing their distribution networks. With a market size of USD 2,581.90 million in 2020, North America held a 28.60% market share; the market is anticipated to grow at a CAGR of 9.03% over the projected period. The US, Canada, and Mexico make up the North American market, which is anticipated to account for a sizeable portion of the global sleepwear market throughout the study period. For makers of sleepwear, the North American market presents significant potential. One of the most important growth factors of the regional market is the expanding product portfolio of leading manufacturers with innovation in colours, materials, and designs of various product kinds.Technology advancements have led to the launch of a sleepwear line by lingerie brand Mey, which is intended to improve both men's and women's sleep quality. In 2020, Europe accounted for 23.87% of the worldwide sleepwear market; it is anticipated that this region's market will grow at a CAGR of 9.29%. The market in Europe is anticipated to expand during the assessment period as a result of factors including rising concern for sleeping comfort and safety. Additionally, the promotion of goods through celebrity endorsements fosters a greater level of customer engagement, boosting market expansion in Europe. Additionally, major manufacturers are refocusing on women because this market segment represents a significant untapped market. South America, the Caribbean, and the rest of the world.
In 2020, the regional market held a share of 12.43% and is anticipated to grow at a CAGR of 9.36% over the following five years. By 2030, the market in South America is predicted to be dominant and valued at USD 463.07 million, growing at a moderate 9.40% annual rate. Numerous elements are projected to fuel the market's expansion. The changing customer lifestyles and new product advancements are two important causes driving the market growth of sleepwear.
Market Segmentation:
Type, tool holder, end use, distribution method, and region are the main segments used to divide the worldwide sleepwear market.
The market has been divided into top wear, bottom wear, night dresses & gowns, and sleepwear sets based on the type of product. In 2020, the night dresses and gowns category held the biggest market share at 44.59%. A loose-fitting piece of sleepwear known as a nightdress, nightie, or nightgown is currently almost entirely worn by women. A nightgown can have lace appliqués or embroidery on the hem and bust and is composed of satin, silk, cotton, or nylon. Seasons may influence the sort of nightgown worn, with warmer styles being worn in colder climates and vice versa.In addition to their practical uses, some styles or materials are chosen because they are aesthetically pleasing or seductive. Adults' interest in these garments has also drastically increased, particularly among women who spend a lot of money on this kind of clothing.
The sleepwear market has been divided into cotton, wool, silk, and other categories based on material. In 2020, the cotton segment held a bigger market share (42.19%). The breathability of cotton sleepwear allows air to move around the skin for a better night's sleep. Due to the softness of natural fibres like cotton, it typically does not irritate the skin. The person won't feel static in the morning since cotton rubs against the skin rather than sticking to it.Companies have been pushed to introduce new items to fulfil customers' growing needs as a result of the rising demand for contemporary and attractive nightwear, which is projected to accelerate the segment's growth.
The market has been divided into segments for males, ladies, and children based on end consumers. In 2020, the female market group held a 74.05% market share. Women's sleepwear is sometimes referred to as nightgowns, nightwear, or nightdresses. It is clothing designed for napping. Women that feel safe using it do so. Due to the growing popularity of nightwear and loungewear, women are more willing to invest in this type of clothing, making it more prevalent among them.
The sleepwear market has been divided into store-based and non-store-based segments based on distribution channel. In 2020, the category located in stores held the biggest market share (70.28%). In order to cut out middlemen in the supply chain and offer goods directly to customers, retailers that use store-based distribution channels are divided into supermarkets and hypermarkets and convenience stores. The distribution of sleepwear is also substantially influenced by supermarkets and hypermarkets. Some significant manufacturers, outside the retailer's distribution hub, include Jockey International, PVH Corporation, and Berkshire Hathaway Inc.
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Key Companies in The Sleepwear Market Includes –
Jockey International (US)
PVH Corporation (US)
Triumph International (Switzerland)
MAS Holding (Sri Lanka)
Sleepy Jones. (US)
Victoria's Secret & Co. (US)
American Eagle Outfitters Inc. (US)
Marks & Spencers (UK)
Hanky Panky Ltd (US)
Hanesbrands. (US)
Sleepwear Industry Developments
In September 2022:
A new newborn and children's collection linked to Hasbro's family brands has been announced by Hasbro and Cribstar..
In April 2022:
Top-selling PINK Beauty and Victoria's Secret Beauty products were made available on Amazon by Victoria's Secret & Co. About 120 different items are available for purchase and qualify for fast, free delivery when using Prime. Customers can simply peruse the merchandise at the Victoria's Secret store. This helped the company expand the range of goods it provided to clients.
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