Men’s Underwear Market To Surpass US$ 16.5 Billion By 2027- CMI

Men’s underwear is apparel that is worn next to the skin in order to keep the private dry and hygienic. They are basically known as intimate’s clothes that give proper shapes to the body. Men's underwear is produced from raw materials such as polyester, cotton, rayon, nylon, and silk. They are highly important to maintain hygiene and comfort by providing proper shapes to the private. Moreover, undergarments are worn to prevent various skin infection in the genital which is caused by unhygienic condition in intimate area and physical activities where the skin gets rubbed repeatedly. This leads to various skin infections in the genitals parts.

The global men’s underwear market was estimated to be valued more than US$ 10.5 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 5.8% during the forecast period (2020 to 2027)

Drivers

Growing recreational activities due to rising fitness and health awareness are expected to propel the market growth of the men's undergarments. A growing number of people participating in the daily workout and strength training activities is also expected to propel the market growth. The growing use of underwear as fashion apparel rather than necessity in order to complement the toned body is further expected to fuel the market growth over the forecast period.

Market Opportunities

Growing fashion consciousness among consumers and rising demand for sports apparel is expected to offer lucrative opportunities to the market of men's underwear. Growth in the apparel industry across the Latin America region and rising spending of the consumer on luxury and fashionable products is expected to bolster the market growth of the men's undergarments over the forecast period. An increasing number of sports events in the UAE region is further expected to propel the market growth over the forecast period.

Market Restraints

Intense competition in the global men’s underwear market due to the presence of various global and local players is expected to hinder the market growth. Several luxury and clothing brands are entering into the lucrative and fast-growing market which is creating intense competition in the market. This is acting as an entry barrier for the market players and they face difficulties in positing their brand in the market. This is expected to hinder the market growth.

Key Takeaways

On the basis of application, online sales dominated the global men’s underwear market in 2019 with around 89% of market share in terms of revenue, followed by offline sales, respectively,

Market Trends

Growing demand for boxers among men is expected to be a major trend in the market. According to the Coherent Market Insights analysis, 33% of the European men prefer wearing Boxers over briefs and thongs. Moreover, Sefridges, a departmental store in the U.K., reveals that men’s boxer underwear sales have increased by 28% in the past five years. Therefore, the rising demand for boxers among men is expected to foster market growth over the forecast period.

The increasing trend of celebrity branding and endorsement as a marketing strategy is expected to accelerate the market growth of the men's underwear. Various marketers are focusing on brands endorsed by celebrities in order to promote their brand around the globe. According to the Coherent Market Insights analysis, major players in the Indian men’s underwear market, especially local players, focus on attracting customers by associating popular Indian actors and artistes with their respective brands.

Global Men’s underwear Market - Impact of Coronavirus (Covid-19) Pandemic

Major players functioning in the market are adopting new strategies in order to mitigate the impact of the Covid-19 pandemic. Producers are opting out of the retail sector across the globe and encouraging their customers for adopting online channel. This scenario is expected to fuel the growth of the ecommerce channel in fashion clothing and apparel industry across the globe.

Competitive Section

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.

Few Recent Developments

Phillips-Van Heusen Corporation