Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Men’s underwear is intimate clothes that are worn to protect the genital parts of men and also helps in maintaining hygiene. Underwear protect the privates of men by giving them the appropriate shapes and also keep them dry since they easily get moist. Additionally, underwear is also beneficial in preventing damages of outer clothes from being getting dirty from sweat. Some of the types of the men underwear are trunks, boxer brief, briefs, and boxers, they are manufactured by using various materials such as polyester, modal, cotton, and nylon. They are widely available across online platform, departmental stores, mono-brand stores, and mass merchants.
The global men’s underwear market is projected to surpass US$ 16.5 billion by the end of 2027, in terms of revenue, growing at CAGR of 5.8% during the forecast period (2020 to 2027).
Increasing penetration of organized retail around the globe is expected to drive the market growth of the men’s underwear. Growing disposable income of the population and an increasing metrosexual male population that are increasing spending on fashion products is expected to fuel the market growth of men's underwear. Growing demand for underwear as a necessity and for comfort reasons is further expected to augment the market growth of the men's underwear.
Rising awareness regarding personal hygiene among the male is projected to accelerate the market growth of men's undergarments. Also, an increasing male young population who are more active in physical activities and prefer wearing functional underwear during exercise and other types of sports activities is further projected to fuel the market growth over the forecast period. Moreover, growing awareness regarding the health problems associated with the continuous use of underwear is also expected to propel the market growth.
Regionally, Asia Pacific dominated the global men’s underwear market in 2019, reporting 45% market share in terms of revenue, followed by Europe and North America, respectively.
Figure 1. Global Men’s Underwear Market, Revenue Share (%), By Region, 2019
Challenges associated with buying underwear from retail owing to the lack of availability of the product of their choice is especially across the developing region is expected to hinder the market growth. Also, the online platform does not offer the chance of touch-or-feel or try on the product before buying which is another major factor expected to hamper the market growth of men's underwear.
High brand loyalty especially among the consumer of the U.S. due to which they are reluctant to switch to newer brands. This factor is creating challenges for the new and emerging brand in the market. Thus hampering the market growth of the men's underwear over the forecast period.
The penetration of mono-brand outlets around the globe is expected to offer potential growth opportunities to the market of men's undergarments. According to the Coherent Market Insights analysis, Jockey International focuses on making substantial investments in mono-brand outlets in order to drive product sales. The company has been offering product lines through numerous mono-brand outlets and channels worldwide since 1995.
Growth in the various start-ups around the globe is projected to provide immense growth opportunities to the market of men's undergarments. Emerging economies of the Asia Pacific region coupled with the expanding retail channel in the region is another major factor expected to propel the market growth of the men's underwear. Growing demand for functional underwear and plus-sized underwear for the obese population is also expected to augment the market growth of men's undergarments.
Figure 2. Global Men’s Underwear Market – Opportunity Analysis
The rising trend of wearing low-rise boxer briefs among the male population due to a rising sense of fashion is expected to augment the market growth of men's underwear. According to the Coherent Market Insights analysis, most of the brand's such Jockey, 2(X) IST, and Andrew Christian offer various types of low-rise briefs. Thus, the rising popularity of low-rise boxer briefs is projected to foster the market growth of men's underwear over the forecast period.
Growing demand for slimming and shaping underwear especially among metrosexual men to enhance their personality and physical appearance is expected to propel the market growth of the men's underwear. According to the Coherent Market Insights analysis, 2(X) IST—a premium underwear brand offers slimming trunks, special underwear equipped with a comparatively broad waistband that creates a funnel shape, resulting in the wearer appears slimmer.
Figure 3. Global Men’s Underwear Market, Revenue Share (%), By Age Group, in 2019
On the basis of age group, 36-45 dominated the global men’s underwear market in 2019 with around 24% of market share in terms of revenue, followed by 26-35 and 46-55, respectively,
Key players are operating in the global men’s underwear market are Hanesbrands Inc., Phillips-Van Heusen Corporation, Ralph Lauren Corporation, Jockey International Inc., American eagle outfitters Inc., Iconix Brand Group Inc., J.C. Penney Corporation, Inc., and Berkshire Hathaway Inc.