Hoodies & Sweatshirt Market Size, Share, Growth Analysis, By Material(Cotton, Wool), By End Users(Men, Women), By Distribution Channel(Offline retail, Online retail) - Industry Forecast 2024-2031

Hoodies & Sweatshirt Market size was valued at USD 186.94 billion in 2019 and is poised to grow from USD 198.92 billion in 2023 to USD 324.94 billion by 2031, growing at a CAGR of 6.32% in the forecast period (2024-2031).

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. 'Nike Inc.', 'Adidas AG', 'H&M', 'Zara', 'Puma SE', 'Under Armour Inc.', 'Gap Inc.', 'Levi Strauss & Co.', 'American Eagle Outfitters Inc.', 'Urban Outfitters Inc.', 'Forever 21 Inc.', 'ASOS plc', 'Boohoo Group plc', 'Abercrombie & Fitch Co.', 'Superdry plc', 'Hollister Co.', 'Ralph Lauren Corporation', 'Tommy Hilfiger Group', 'Champion (Hanesbrands Inc.)', 'The North Face (VF Corporation)'

The popularity of outdoor sports has increased the need for sweatshirts and other winter clothing. Basketball, football, and cricket are just a few of the sports that need for adaptable and practical attire like sweatshirts. The prevalence of gyms and fitness facilities encourages widespread use of sweatshirts. Hoodies are also popular right now as a result of the impact of independent and underground music, as well as rap culture. With the rise of underground music, hoodie fervour among music listeners has seen a considerable increase. To shield themselves from the negative effects of colds, flus, and viral infections brought on by the winter's dip in temperature, people buy hoodies and sweatshirts in large quantities.

The increasing digitalization of the economy has had a tremendous impact on the competitive environment. The fashion industry has digital connections. In the fashion market, digital platforms and digital marketing techniques are scaling up their growth. In order to transform consumer data into tailored clothes merchandising based on their lifestyle and localised trends, fashion manufacturers and retailers want to engage in customer-focused data science in the next five years, according to study research issued by JDA Software Inc.

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.