Men’s Underwear Market showing Compound annual growth rate and forecast till 2025
An underwear is usually made up of suitable material or fabric in order to provide comfort and protect the internal body parts. Increasing awareness regarding health & fitness and personal hygiene among men is a major driving factor for the growth of the men’s underwear market. Furthermore, increasing demand for stylish and trendy underwear such as ‘geo-prints’ launched by the Australian company 2eros in 2016 are expected to fuel demand for men’s underwear, which in turn is expected to drive the growth of the market during the forecast period (2018 – 2025). Wide availability of products related to intimate apparels for men coupled with discounts with online e-commerce websites such as Amazon providing 20-30% discount on brands such as Jockey and Hanes, which is expected to drive growth of online shopping for underwear worldwide.
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The specialty stores segment dominated the global underwear market and is expected to continue its dominance over the forecast period. This is on account to specialty stores being the most preferred channel for end users to purchase underwear due to the large variety of options that are available at these stores. For instance, HanesBrands launched a pop-up shop in 2017 in North Carolina in the U.S. providing customers with up to 75% discount on their undergarments. However, the online channel segment is expected to be the fastest growing segment over the forecast period. Underwear manufacturers are focusing on offering their products through online distribution channels such as Skiviez, in order to enhance their online presence and expand their customer base. These distribution channels enable manufacturers to offer a large product portfolio along with providing discounts and receiving immediate feedback of the customers.
Asia Pacific was the most dominant market in terms of revenue share in 2016 and is expected to continue its dominance over the forecast period. Asia Pacific men’s underwear market was valued at over US$ 2.3 billion in 2016, due to high demand for underwear due to the high male population in the region especially in China and India that account for the highest male population globally. According to the World Health Organization (WHO), the male population in China and India stood is reported to be 700 million and 640 million respectively in the year 2016. Increasing penetration of international underwear brands such as Hanes, Jockey, and Calvin Klein in emerging economies in Asia Pacific is expected to spur the demand for men’s underwear. Hence numerous international players are looking to enter the Asia Pacific men’s underwear market due to the huge untapped market in this region. For instance, Perry Ellis International agreed on a new license agreement with Good People Co. Ltd for selling men’s underwear and loungewear in South Korea in 2018.
Among product types, boxer briefs segment was dominant segment accounting for 36.57% of the market share in 2016 and is expected to increase to 37.91% by 2025. The trunks segment is expected to grow at the fastest rate, with CAGR of 6.31% during the forecast period. Boxer briefs are a fusion of men’s underwear that are long and similar to boxer shorts, however have a tighter and more comfortable fitting like briefs thus providing better comfort and protection. This is a major factor that is expected to drive the demand for boxer briefs in the global men’s underwear market.
Some of the leading players in the men’s underwear market include American Eagle Outfitter Inc., Philips-Van Heusen Corporation, Hanesbrands Inc. Jockey International Inc, Perry Ellis International Inc., Naked Brand Group Inc., Ralph Lauren Corporation, and Berkshire Hathaway Inc
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