Global Men’s Underwear market was valued at US$ 7.23 Bn in 2016, according to Global Men’s Underwear Market Report by Product Type (Regular Brief, Trunks, Boxer Brief, Boxer Shorts, and Others), by Distribution Channel (Online, Supermarkets, Hypermarkets, Specialty Stores). The Men’s Underwear market is expected to register a CAGR of 5.56% over the forecast period (2017 – 2025) to reach US$ 12.41 Bn by 2025. Increasing awareness among men regarding personal hygiene and grooming is a major driving factor for growth of men’s underwear market. Incorporation of various designs and colors due to changing fashion trends coupled with new product launches and added features such as odour and temperature control in the men’s underwear is expected to drive growth of the market over the forecast period. For instance Hanes launched its FreshIQ underwear for men in 2016 that offers antimicrobial protection and physically inhibits bacteria growth with the help of its textiles.
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Key Trends and Analysis of Men’s Underwear Market:
- Based on the product type, the boxer briefs segment held dominant position in 2016 and is expected to retain its dominance during the forecast period. A number of manufacturers are launching new products in the boxer brief segment in order to strengthen their position in the men’s underwear market. For instance, in 2018, Hanes launched premium Comfort Flex Fit men’s boxer briefs that features an anti-ouch pouch design. The boxer brief contains U-shaped pouch and technically advanced soft and breathable fabric that creates a better comfort and fit in the waist, genitalia, and legs. However the trunks segment is expected to grow at the fastest rate growing at a CAGR of 6.31% during the forecast period. Increasing demand for trunks is due to combination of functionality and fashion in trunks. Some trunks make use of higher-quality fabrics for moisture wicking and to prevent odour while some incorporate a mesh design, and some have a double-panel coverage.
Key Takeaways of the Market:
- Asia Pacific region held dominant position in the global men’s underwear market and it was valued at US$ 2.27 Bn in 2016. The market is projected to register a CAGR of 5.5% in terms of revenue over the forecast period. The market in Asia Pacific is projected to witness significant growth over the forecast period, owing to huge untapped market in China and India. Europe is expected to be the second most dominant region in the global men’s underwear market. The European market was valued at US$ 1.66 Bn in 2016 and is expected to reach US$ 2.9 Bn by 2025. The region is characterized by high demand for premium underwear products. The presence of leading premium underwear brands such as D&G and Versace is expected to drive the demand for premium underwear in Europe, which in turn is expected to drive growth of the men’s underwear market in the European region.
- Companies are adopting various organic and inorganic growth strategies in order to increase their share in the market. HanesBrands acquired Bras N Things an online seller of undergarments in New Zealand, Australia, and South Africa in 2018 so as to strengthen their position 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