USD 186.94 billion
Report ID: SQSG25M2001 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 91 | Figures: 76
Global Hoodies & Sweatshirt Market size was valued at USD 186.94 billion in 2021 and is poised to grow from USD 198.92 billion in 2022 to USD 324.94 billion by 2030, growing at a CAGR of 6.32% in the forecast period (2023-2030).
Sweatshirts and hoodies have changed significantly over time from only being a useful category of winter clothing, to become a fashion statement of the new generation. To acquire a competitive edge, manufacturers frequently improve the printed designs and fabric quality of the clothing. In the upcoming years, the hoodies & sweatshirt market is anticipated to experience significant innovation as new technology and shifting lifestyle trends revolutionise the sector. The use of winter clothing, such as hoodies, jackets, and sweatshirts, is significantly influenced by celebrity endorsements and marketing campaigns by many brands, like Adidas, Nike, PUMA, etc. Celebrities' enduring brand impressions are crucial in luring customers to buy products from various brands, which is anticipated to have a favourable impact on the market's expansion.
Another significant shift in the competitive landscape is the economy's increasing digitalization. The fashion industry is digitally connected. In the fashion market, digital platforms and digital marketing strategies are expanding. According to a 2018 JDA Software Inc. survey, 43% of fashion brands and retailers planned to invest in customer-based data science over the next five years in order to convert customer data into personalized merchandising clothing based on their lifestyle and localized trends.
US Hoodies & Sweatshirt Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 186.94 billion
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Global hoodies and sweatshirts market is segmented based on material type, end user, distribution channel, and region. Based on material type, Hoodies & Sweatshirt Market is segmented into cotton, wool, leather, fleece, others. Based on end user, the Hoodies & Sweatshirt Market is divided into men, women, kids. Based on distribution channel, the Hoodies & Sweatshirt Market is segmented into offline retail, online retail. Offline retail is further divided into clothing retail stores and supermarkets/ hypermarkets. By region, Hoodies & Sweatshirt Market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
Hoodies & Sweatshirt Market Analysis by Material Type:
The hoodies and sweatshirts market is divided into cotton, wool, leather, fleece, and other categories depending on the type of material. Owing to its insulating polyester fabric, which is used to retain body heat and shield from extreme cold, the fleece fabric category is expected to have significant expansion in the years to come. Additionally, it is less expensive than cotton and has been immensely popular all over the world. In chilly weather, the fleece fabric used in hoodies and sweatshirts provides warmth and comfort for a longer amount of time. Given that the fabric used in sweatshirts is suitable for all climatic situations, they have become increasingly popular among the younger population worldwide. Fleece hoodies are an excellent choice for winter because they are soft, lightweight, and resistant to stains and grime. In addition, they are easier to maintain than cotton and don't need to be washed as frequently. The sweatshirts and hoodies' elastic fleece materials, which allow for stretching and flexing for sporting and fitness activities, have become quite popular with athletes and sportspeople.
Hoodies & Sweatshirt Market Analysis by End User
The hoodies and sweatshirt market is divided into categories for men, women, and kids based on end-user. Since sweatshirts and hoodies are the pinnacle of style and comfort and provide a fashionable appearance as outerwear, the men's market is predicted to present profitable growth potential. Since sweatshirts are flexible and stretchable and also serve to maintain and regulate body temperature, they are also used more frequently by athletes and fitness enthusiasts. During the chilly winters, hoodies are the most popular article of apparel on the market, and people often regard them as the most cosy and adaptable. Additionally, sweatshirts have evolved into a standard piece of clothing for guys to wear in any season. The segmental expansion is being further boosted by the range of patterns and hues available in sweatshirts and hoodies.
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North American held the largest Hoodies and Sweatshirt Market share. The demand for clothes from nations like the US and Canada is increasing, which has greatly boosted regional growth. The Office of Textiles & Garment (OTEXA), part of the Commerce Department, recently released data showing that, in July 2020, U.S. apparel imports fell 32% to $6 billion in value terms from July 2019 levels. The following variations of stylish trends—outdoor, street-styling, and sportswear—are anticipated to boost regional growth. The fact that sweatshirts and hoodies come in a modern spectrum of colours and designs that appeal to the youth population is another way that fashion trends and changing lifestyles have positively benefited the region's progress. Manufacturers of winter clothing have joined together with powerful distribution networks to promote notable collections from numerous labels, including Nike, Calvin Klein, Vans, and Tommy Hilfiger. During the anticipated period, the Asia Pacific market is also anticipated to have notable growth potential. The demand for sweatshirts and winter clothing has increased due to the expanding trend of outdoor athletic activities in 2021. The substantial position in the APAC region is driven to the rising demand for winter clothing in China, India, and Korea.
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Hoodies & Sweatshirt Market Driver
Growing Interest amongst Youth Population for Fashionable Sports and Winter Wears
Hoodies & Sweatshirt Market Restraint
Seasonal Requirements Hampering Market Growth
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The hoodies and sweatshirts market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective and customized solutions for students.
Top Players in the Global Hoodies and Sweatshirts Market
Hoodies & Sweatshirt Market Recent Developments
Digitalization of Economy
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global hoodies and sweatshirt market analysis, the North American market is anticipated to experience the market's dominant expansion. The demand for clothes from nations like the US and Canada is increasing, which has greatly boosted regional growth. Since sweatshirts and hoodies are the pinnacle of style and comfort and provide a fashionable appearance as outerwear, the men's segment is predicted to present profitable growth potential.
|Market size value in 2021||USD 186.94 billion|
|Market size value in 2030||USD 198.92 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Hoodies & Sweatshirt Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Hoodies & Sweatshirt Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG25M2001