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Wetsuit market size doubles at 6.5% CAGR

Image Courtesy: FMI

As per the latest study conducted by FMI, the global wetsuit market is poised to surpass US $ 3.3 billion in 2031, in comparison with the US $ 1.6 billion registered in 2020.

The risks involved in water-based sports activities are surging the demand of wetsuits. On account of this, the market is projected to surge at a CAGR of 6.5 per cent during the forecast period 2021-2031.

The swift rise in the number of young participants in recreation and water-based sports activities, such as surfing, scuba diving, water skinning and river rafting, is boosting the growth of the market.

Increasing Government promotional activities are expected to create lucrative sales opportunities in the market.

Additionally, integration of innovative technologies such as Shark Attack Mitigation System (SAMS) in wetsuits is expected to spur the sales at a year-on-year growth of 5.9 per cent, totalling US $ 1.78 billion through 2021.

On the basis of consumer orientation, men’s wetsuits are anticipated to overshadow women’s ones, accounting for more than 50.1 per cent of the total sales in 2021. Vast product portfolio and availability of various colours, sizes and types of wetsuits for men are the attributes favouring the growth in the segment.

FMI analyst says “Key manufacturers are emphasising on introducing eco-friendly wetsuits made using green materials such as natural rubber to comply with the stringent regulations implemented by regional Governments. It is expected to bode well for the market growth.

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