The U.S. men’s underwear market refers to the market for men’s undergarments in the United States. Men’s underwear includes various types of undergarments such as briefs, boxers, boxer briefs, and trunks. The market is driven by several factors. Firstly, growing awareness about comfort and convenience among men is leading to an increased demand for comfortable and well-fitted underwear. Additionally, changing fashion trends and increasing disposable incomes are also fueling the demand for premium and designer men’s underwear. Moreover, the increasing focus on fitness and the rise in the number of fitness enthusiasts are driving the demand for specialized performance underwear. The market is also benefiting from the growing e-commerce industry, which provides a convenient platform for consumers to explore and purchase a wide range of men’s underwear. Furthermore, the U.S. men’s underwear market is witnessing innovation in terms of technologies and materials used, such as moisture-wicking fabrics and odor control properties, further boosting the market growth.
Overall, the U.S. Men’s Underwear Market is expected to grow steadily, with an estimated market size of US$ 3.5 billion in 2018 and a projected CAGR of 6.1% between 2023 and 2030.
Prominent Companies in the U.S. Men’s Underwear Industry:
1) Hanes Brands Inc.:
Hanes Brands Inc. was founded in 1901 and is headquartered in Winston-Salem, North Carolina. With over 65,300 employees, the company operates in approximately 40 countries worldwide. Hanes Brands Inc. is a leading manufacturer and marketer of innerwear and activewear for men, women, and children. Their products include underwear, socks, bras, and t-shirts, among others.
SWOT Analysis:
Strength: Hanes Brands Inc. has a strong market presence and brand reputation. They offer a wide range of high-quality products that cater to different customer segments.
Weakness: The company heavily relies on third-party retailers for distribution, which can limit their control over the distribution process.
Opportunity: Hanes Brands Inc. can leverage the growing demand for sustainable and eco-friendly products by introducing more environmentally friendly options in their product line.
Threats: Intense competition from other established players and the rise of e-commerce pose a threat to Hanes Brands Inc.'s market share.
2) Gildan Activewear Inc.:
Gildan Activewear Inc. was founded in 1984 and is based in Montreal, Canada. The company has approximately 56,000 employees and operates in multiple countries worldwide. Gildan Activewear Inc. is a leading manufacturer and marketer of basic apparel, including t-shirts, underwear, and socks for men, women, and children.
SWOT Analysis:
Strength: Gildan Activewear Inc. has a vertically integrated supply chain, allowing them to maintain better control over their production processes and costs.
Weakness: The company's reliance on a limited number of key customers may make them vulnerable to fluctuations in customer demand.
Opportunity: Gildan Activewear Inc. can explore new markets and expand its product offerings to diversify its revenue streams.
Threats: The competitive landscape in the men's underwear market is intense, with both established players and emerging brands vying for market share. Economic fluctuations may also impact consumer purchasing power.
3) Jockey International Inc.:
Jockey International Inc. was founded in 1876 and is headquartered in Kenosha, Wisconsin. The company has a significant workforce of around 5,000 employees and operates in several countries. Jockey International Inc. is a well-known brand in the men's underwear market, offering a range of underwear and other apparel for men, women, and children.
SWOT Analysis:
Strength: Jockey International Inc. has a long history and brand recognition in the men's underwear market. They are known for their quality and reliable products.
Weakness: The company's limited product diversification may make them vulnerable to market trends and changing consumer preferences.
Opportunity: Jockey International Inc. can leverage its strong brand reputation to expand into new markets and introduce innovative products.
Threats: The presence of strong competitors and the rise of private label brands pose a threat to Jockey International Inc.'s market share. Economic downturns may also impact consumer spending on non-essential items.
4) Philips-Van Heusen Corporation:
Philips-Van Heusen Corporation, also known as PVH Corp, was founded in 1881 and is headquartered in New York City. The company has a global workforce of over 40,000 employees and operates in various countries. PVH Corp is a leading apparel and lifestyle company that offers a wide range of products, including men's underwear.