The global swimwear market is expected to reach 28,148 million US dollars by 2024, a compound annual growth rate (CAGR) of 6.2 percent from 2018 to 2024, according to a new report from Allied Market Research.

The report reveals that growth of the global swimwear market is primarily being driven by product innovation, with the changes in fashion trends and increases in disposable income of consumers resulting in the increased purchase of modern and designer swimsuits, especially multifunctional one-piece and cover-ups, which are perceived as fashion statements.

The women’s swimwear segment was the highest contributor to the market in 2017, and is projected to grow at a CAGR of 6.4 percent, while in terms of value, the US was the largest market in North America, followed by the UK, Germany, and China.

The report also notes that Asia-Pacific and Latin America, Middle East and Africa collectively contributed more than 30 percent share in the global market in 2017, with Asia-Pacific accounted for one-fifth of the share in the global swimwear market last year, which is projected to grow at a “significant” CAGR of 8.4 percent.

In addition, it notes that factors such as a growth in demand for luxury swimwear by women, increases in family vacations along beach side, and high penetration of e-commerce platforms will also boost the growth of the swimwear market.

However, the report does add that the “price volatility” of raw materials such as polyester, nylon, polypropylene, spandex, neoprene, and other fibres, as well as the cost of designing swimwear to have a “desired texture, design, look, and other fashion attributes” will affect the swimwear market size to a greater extent.

It states that to cater to the fluctuating demand for different designs and innovative swimwear, “heavy inflow of investment” is needed for the research and development, so not to hamper the growth of the swimwear market.