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.
U.S. Men’s Underwear Market 2017–2027
Men’s underwear is apparel that is basically worn to protect the genital of men. They are intimate clothes and helps to avoid the exposing of privates while maintaining hygiene. Moreover, underwear helps to keep the private dry as they easily get moist and it also helps to protect the genital of men by giving them the proper shapes they required. Furthermore, they prevent the damages of outer clothes from being damaged and dirty. Briefs, boxer brief, trunks, and boxers are some of the types of men's underwear. They are produced by using different materials such as cotton, polyester, modal, and nylon. There are different types of underwear available in the market however breathable underwear hemp underwear, linen underwear, organic cotton underwear, and other natural fabric underwear are gaining huge demand.
The U.S. men’s underwear market is projected to surpass US$ 6.0 billion by the end of 2027, in terms of revenue, growing at CAGR of 6.1% during the forecast period (2019 to 2027).
Growing awareness regarding personal hygiene among the male population of the U.S. is expected to propel the market growth over the forecast period. Moreover, a growing young population who are more active and play sports games and go to gyms prefer wearing functional underwear as they have various advantages as compared to traditional intimate apparel. This is expected to accelerate market growth over the forecast period.
The growing household income of the population in the U.S. is expected to foster market growth. According to the Data USA, in 2018, the United States had a population of 327 million people with a median age of 38.2 and a median household income of US$ 61,937. Between 2017 and 2018 the population of the United States grew from 326 million to 327 million, a 0.445% increase, and its median household income grew from US$ 60,336 to US$ 61,937, a 2.65% increase. Hence, an increase in household income is projected to fuel the men’s underwear market in the country.
Regionally, Northeast region dominated the U.S. men’s underwear market in 2018, reporting 40% market share in terms of revenue, followed by West and South regions, respectively.
Figure 1. U.S. Men’s Underwear Market, Revenue Share (%), By Regions, 2018
Intense competition among U.S. manufacturers due to the high presence of global and local intimate apparel manufacturers is expected to hinder the market growth. Many luxury and clothing brands entering this market in order to gain high profits, quick return on investment in a fast-growing market which is creating high competition in the market. This is expected to hinder the market growth.
High brand loyalty in the U.S. men’s underwear market due to which consumers are reluctant to switch to newer brands. This is expected to hamper the market growth. As this is creating problems for a newer brand that are entering into the market. This will hamper market growth in the near future.
Emerging mono-brand outlets in the region are projected to provide enormous growth opportunities over the forecast period. 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.
An increasing number of Start-ups in the region in order to establish a foothold in the market is augmenting the market growth. According to the Coherent Market Insights analysis, Ampere – a U.S. based firm – provides quality luxury lingerie designed in-house. The company’s objective is to cater to every challenge faced by customers in finding a proper fit with regard to bras and to significantly mark its presence in the U.S. intimate apparel market.
Figure 2. U.S. Men’s Underwear Market – Opportunity Analysis
The rising popularity of boxers among men in the region due to its comforts is expected to be a major trend. For instance, in February 2020, NUBIAN SKIN, the hosiery and lingerie brand for melanin-rich skin tones has launched a range of nude underwear for men. The new collection ‘COCOA by NS’ offer men’s boxers in four shades which includes Cafe au lait, Caramel, Cinnamon and Berry. Therefore, the growing popularity of boxer is expected to augment the market growth.
Many manufacturers are adopting smart strategies such as partnership and collaborating for promoting their brands is expected to foster the market growth in the U.S. For instance, in April 2019, Nike and PVH Corp. announced a new partnership to distribute Nike-branded men's underwear around the globe. The two companies revealed a new licensing agreement to distribute Nike-branded men’s undies around the globe.
Figure 3. U.S. Men’s Underwear Market, Revenue Share (%), By Distribution Channel, in 2018
On the basis of distribution channel, mass merchant dominated the U.S. Men’s Underwear market in 2018 with around 66% of market share in terms of revenue, followed by others and online store, respectively.
Key players operating in the U.S. men’s underwear market are Hanes Brands Inc., Philips-Van Heusen Corporation American eagle outfitter Inc., Ralph Lauren Corporation, Jockey International Inc., and Gildan Activewear Inc.
Few Recent Developments
- In January 2015, Hanesbrands expanded its hosiery manufacturing plant based in Clarksville, Arkansas, and invested US$ 1.5 Million on research and development of new innerwear products
- In April 2015, Hanesbrands completed the acquisition of Knights Apparel – a leading seller of licensed Collegiate Logo Apparel in the mass retail channel