The global underwear market size is expected to reach USD 149.13 Billion in 2030 and register a revenue CAGR of 7.4% over the forecast period, according to the latest report by Reports and Data. Rising consciousness along with importance of maintaining genital hygiene is a major factor driving market revenue growth.
In addition, growing urbanization, rising disposable income, and rising purchasing power are expected to drive market revenue growth. Moreover, rising hygiene consciousness among both men and women, need for protecting against infection, and comfort when sleeping and relaxing are also driving revenue of the market. Local governments in several countries enforced movement restrictions during COVID-19 and global lockdown situation, which further hampered international sporting events, public gatherings, and exhibitions. Individuals were more likely to stay at home and chose to remain indoors as a precaution. According to a report, office-going individuals used to spend 5% of their total working time at home, however, during COVID-19, it has increased to 60%, which is resulting in increased demand for loungewear and comfortable underwear among individuals, in turn, driving market revenue growth.
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Market Dynamics:
The global Underwear market is rapidly gaining traction over the recent years and is expected to register robust revenue growth throughout the forecast period of 2021 and 2028. The consumer goods sector is rapidly growing due to factors such as paradigm shift in consumer preferences, rising demand for convenience and ongoing COVID-19 pandemic. Rapid revenue growth is attributed to factors such as rising disposable income, improvements in standard of living, and increasing preference for organic food and plant based food products. Moreover, rising health conscious population, increasing preference for online shopping and doorstep deliveries and growing inclination of veganism in several countries across the globe and increasing focus on developing novel products to cater to consumer demand are other factors expected to support market growth going ahead.
Competitive Landscape:
The research report offers details about leading companies in the global Underwear market along with global position, financial standing, license agreement, products and services portfolio and revenue contribution of each market player. Key players in the market are focusing on adopting various strategies such as mergers and acquisition, business expansion plans, new product launches, partnerships, collaborations, joint ventures to enhance their product base and gain robust footing in the market.
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Major Companies:
- PVH Corp.,
- Hanesbrands Inc.,
- Jockey,
- Hugo Boss,
- Ralph Lauren,
- Pei Operating, LLC.,
- Louis Vuitton,
- Calvin Klein,
- Nika Group,
- HM Group.
Market Segmentation:
The report also sheds light on the market segmentation based on type, application and region:
By Material Type Outlook
- Cotton
- Polyester
- Cellulosic
- Modal
- Nylon
- Others
By Application Outlook
- Men
- Women
By Distribution Channel Outlook
- Online
- Offline
Underwear Market Segmentation based on Regions:
North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East Africa
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