Market Forecast
Global Sleepwear Market size is projected to be valued at USD 16.83 Billion by 2027 at a CAGR of 8.9% between 2020 and 2027. Sleepwear is a clothing product that is specially designed to be worn while sleeping. The demand for sleepwear is increasing with increasing per capita disposable income. Convenience and accessibility are some of the major factors that are pulling the market development. Furthermore, sleepwear is easily available to consumers belonging to all social-economical groups. Also, product innovations by manufacturers are also expected to drive the demand for sleepwear during the forecast period. For instance, in September 2020, The LAID Club, a beauty brand, launched a luxury silk sleepwear line. This sleepwear line is infused with a key skincare ingredient, Hyaluronic acid, to provide beauty treatment while sleeping.
Key Players in Sleepwear Market
- L Brands Inc. (US)
- American Eagle Outfitters Inc. (US)
- Berkshire Hathaway Inc. (US)
- Hanky Panky Ltd. (US)
- Hanesbrands Inc. (US)
- Jockey International Inc. (US)
- Triumph International Holding GmBH (Germany)
- PVH CORPORATION (US)
- Chantelle Group (France)
- MAS Holdings Ltd. (Sri Lanka)
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Availability of fashionable sleepwear market share
Growth Opportunities in Sleepwear Market
Influence of Social Media and Innovative Marketing Strategies: Social media acts as a potential opportunity for product launches and branding as it bridges the gap between marketers and consumers. The explosion of social media has entirely transformed the business environment, creating new opportunities for market players. It is considered an effective interactive strategy as it enables consumers to build a relationship with the brand. Marketing through social media also helps manufacturers keep abreast of the latest trends, exploit mobility and new technologies to attract targeted leads. The strategic sales plans of sleepwear manufacturers include the use of online channels for marketing and distribution along with product promotions at exhibitions and other platforms
Non-Store-Based Distribution Channels Gaining Popularity Across the Globe: The non-store-based segment is projected to register a higher growth rate during the forecast period. The non-store-based segment includes e-commerce, wherein manufacturers distribute target men’s sleepwear market growth through various online shopping sites and/or their websites. Companies face difficulties in reaching consumers in different parts of the globe through brick-and-mortar stores. Thus, e-commerce channels enable companies to cater to the consumers’ needs and expand brand presence.
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