Athleisure market to grow at 5.2% CAGR by 2032

The global athleisure market generated $2.0 billion in 2022 and is projected to generate $3.2 billion by 2032, posting a compound annual growth rate (CAGR) of 5.2 percent from 2023 to 2032. The data is included in a recent 300-page report by Allied Market Research, a business-consulting wing of Allied Analytics LLP, based in Portland, Oregon.

Growth in the athleisure market is primarily driven by the rise in the number of millennials, increasing participation in physical fitness activities, and the rise in health and wellness trends among the target customers. However, the athleisure market’s sustained growth is challenged by growing competition, saturation of trendy designs, and shifting consumer preferences.

The female segment accounted for around two-thirds of the global athleisure market revenues in 2022 and is estimated to maintain its leadership status from 2023 to 2032. The male segment is the fastest-growing segment and is anticipated to manifest the highest CAGR of 5.5 percent during the forecast period as men increasingly prioritize fitness and comfort in their daily lives.

By product type, the sneakers segment held the highest market share in 2022 and is projected to maintain its lead position throughout the forecast period. Tanks, exercise bras, and moisture-wicking socks are driving the “others” fastest-growing segment within the athleisure market.

By distribution channel, the offline segment is maintaining its leadership status, thanks to tactile experience and personalized assistance, which foster consumer trust in a competitive market, suggests the report. Offline accounted for nearly two-thirds of the global athleisure market revenues in 2022 and is projected to lead also throughout the forecast period. However, online sales are the fastest-growing channel and are projected to manifest the highest CAGR of 6.0 percent from 2023 to 2032.

By geography, Europe accounted for nearly two-fifths of the athleisure market revenues in 2022 and is estimated to maintain its lead position from 2023 to 2032. Asia is, however, expected to post the highest CAGR of 6.3 percent throughout the forecast period, primarily driven by the Asia-Pacific’s rapid urbanization and rising disposable incomes.