Sleepwear and Loungewear Market Size to Grow by USD 13.36 billion| Market Research Insights Highlight Increased Demand for Designer and Premium Sleepwear and Loungewear as Key Driver | Technavio

NEW YORK, Jan. 18, 2022 /PRNewswire/ -- The sleepwear and loungewear market report by Technavio forecasts USD 13.36 billion growth from 2020 to 2025. The market registered a YOY growth of 5.28% in 2021 and is expected to accelerate at a CAGR of almost 6% during the forecast period. The report is segmented by product (sleepwear and loungewear), distribution channel (offline and online), and geography (APAC, Europe, North America, South America, and MEA).

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Vendor Insights 

The sleepwear and loungewear market is fragmented, and the vendors are deploying growth strategies such as offering customized apparel and selling products in bulk through e-auctioning to compete in the market. The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• American Eagle Outfitters Inc.
• Authentic Brands Group LLC
• Groupe Chantelle
• H & M Hennes & Mauritz AB
• Hanesbrands Inc.
• L Brands Inc.
• MASH Holdings Co. Ltd.
• PVH Corp.
• Ralph Lauren Corp.
• Wacoal Holdings Corp.

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Geographical Market Analysis 

APAC will provide maximum growth opportunities in the sleepwear and loungewear market during the forecast period. According to our research, the region will contribute to 44% of the global market growth and is expected to dominate the market through 2025. China and India are the key countries for the sleepwear and loungewear market in APAC. Market growth in APAC will be faster than the growth of the market in other regions. The increased introduction of global brands and the adoption of premium sleepwear and loungewear will drive the sleepwear and loungewear market growth in APAC during the forecast period.

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Key Segment Analysis
By product, the sleepwear segment will have significant market share growth during the forecast period. The rising demand for new designs and trends among young consumers between the ages of 18 and 30 years is driving the segment.

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Key Market Drivers & Challenges: 
The increased demand for designer and premium sleepwear and loungewear is one of the key factors driving the growth of the sleepwear and loungewear market. The evolving preferences of customers, along with the rising purchasing power and increasing fashion consciousness, are driving the demand for designer and premium sleepwear and loungewear. Due to the growing demand for premium sleepwear and loungewear, vendors are significantly investing in product innovations and are focusing on using sustainable raw materials and technologies that enhance the performance, appearance, and design of products. The products that have advanced features and innovative designs are priced higher than regular sleepwear and loungewear. This raises product premiumization along with product line extension.

The presence of counterfeit products is a major challenge for the sleepwear and loungewear market growth. The increasing market prospects of sleepwear and loungewear and their surging demand drive the penetration of counterfeit sleepwear and loungewear, especially in developing regions. The demand for counterfeit products is high due to their low price. Hence, the availability of counterfeit products affects the sales and pricing strategies of vendors by reducing their market shares and hampering their reputation. As a result, global vendors are compelled to price their products low, which reduces their profit margins and value sales proportion.

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SOURCE Technavio