26 June 2023, Mumbai
With increased global awareness of health and fitness, the Indian attitude towards swimwear has been gradually changing, despite it being a relatively new segment in the apparel industry.
Many Indian fashion brands have recognized this shift and entered the swimwear market, offering innovative designs in popular styles such as bikinis and one-piece cut-away swimsuits.
What all you need to know
On the roll
Additionally, other silhouettes like monokinis, swimming dresses, and even burkinis have become part of the extended swimwear portfolio in India and other traditional countries.
Driven by Health and Fitness Awareness
The growth in the swimwear retail market can be attributed to various factors, including the thriving beach travel industry, the influence of social media, the rise of physical fitness, and even the inclusion of swimwear in destination weddings as part of the bride's trousseau.
Experts suggest that the swimwear segment boasts a profit margin of around 40 percent, especially due to the impact of New Age social media.
Global view
According to the latest report from Statista, a leading global provider of market and consumer data, the revenue in the global sports and swimwear segment is expected to reach $817.70 million in 2023, with an annual growth rate of 2.16 percent from 2023 to 2027.
In global comparison, a significant portion of this revenue comes from the United States, projected to reach $12,600 million in 2023, with a volume growth rate of 2.4 percent in 2024.
The Emerging Indian Swimwear Market
In India, numerous domestic brands have emerged over the past decade, posing stiff competition to international brands by offering versatile designs that cater to the shape and preferences of Indian women.
As fashion matures in India, more homegrown labels are venturing into the swimwear market, while international niche swimwear brands are also launching in the country.
Options galore; Notable international retailers like Madewell are expanding their range by incorporating third-party brands to diversify their offerings and attract new customers.
For instance, Madewell currently stocks 14 external swimwear brands. Similarly, M&S has extended its branded offerings by stocking brands like Sosandar and Fantasie.
Growing Demand
According to Allied Market Research, a renowned consulting and advisory firm, the global swimwear market was valued at $18,454 million in 2017.
Recent reports indicate healthy growth rates in India, with the market currently estimated to be worth Rs 150-200 crores and growing at a rate of 15-20 percent year-on-year.
Innovative Designs and Cultural Adaptations
Bespoke and innovative swimwear is gaining momentum, catering to diverse preferences and cultures.
For example, Mezzaluna, owned by Ajay and Kalpana Rajpal, offers a portfolio of bespoke swimsuits that range from tiny bikinis to covers-more silhouettes like monokinis and burkinis.
Beyond beachwear
Swimsuits are no longer confined to beachwear; they are now entering traditional dressing as bikinis can double as sari blouses, and maillots can be worn as bodysuits.
This shift is especially relevant with the rise of destination weddings. Neha Gupta, the founder of Exchange4Fashion, mentions that international luxury labels in India are focusing on innovative styling that suits Indian women's body shapes, incorporating overlay styles.
The Rise of Swimwear
As the swimwear market expands, entry-level prices of most brands are increasing while also providing inclusive product descriptions that emphasize slimming design abilities.
The emphasis is on inspiring body confidence while ensuring optimal shape and fitness.
Specialized niche designs, such as long-torso swimsuits and period-proof swimsuits made from recycled fabrics with Modifier Swim Technology (absorbent, stain, and odor-resistant), are also gaining popularity.
The focus on sustainability and ethical fashion is evident, with brands like Speedo and various startups producing swimwear from recycled materials. Startups are also adopting sweatshop-free production methods and using ecologically sound materials.
