The Underwear Market is all set to upscale along the lines of innovation in the forecast period. Flexible packaging has made a beeline into the CPG vertical and the scene is expected to be the same in the forecast period. There are various types of flexible packaging available, like post-consumer recycled, compostable, and biodegradable. Also, fat-turnaround helps in digitally printed flexible packaging, thereby rendering the CPG vertical flexible.
The men’s underwear market is anticipated to progress at a healthy CAGR of 6.3% to account for US$ 23 Bn by the end of 2031, up from the current valuation of US$ 12.5 Bn. There are generally two types of men’s undergarments; one type covers the torso and the other covers the waist and legs. For undershirt, we include vest, sleeved vest and muscle vest. For briefs, we include regular briefs, trunk and boxer shorts. Long underwear is preferred to offer extra warmth to wearers during winters.
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Growing disposable income, preference for branded underwear that offer better fit and comfort are major factors fueling demand for premium underwear, thereby driving the growth of the men’s underwear market. However, a high degree of competition and unorganized market in developing countries are major factors hampering the growth of the overall men’s underwear market.
On the basis of distribution channel, the market has been segmented into online sales and offline sales, where offline sales are further sub-segmented into the mass merchant, specialty store, mono-brand store and others.
The online sales segment accounted for a substantial share of the global men’s underwear market in 2021 and is expected to register the fastest CAGR over the forecast period. Mass merchant sub-segment is expected to account for a dominant market share in 2021.
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Key market players covered in this report are Hanesbrands Inc., Philips-Van Heusen Corporation, Ralph Lauren Corporation, Jockey International Inc., American Eagle Outfitter Inc., Iconix Brand Group Inc., J.C. Penny Corporation, Inc. and Berkshire Hathaway Inc. Major players in the men’s underwear market focus on enhancing their global and regional presence through acquisitions and mergers and operational expansion.
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