The updated men’s underwear industry research by Persistence Market Research predicts the market value to increase approximately 1.8X by the end of 2031, up from US$ 12.5 Bn at present. The market is expected to surge at a healthy CAGR of 6.3% over the decade, according to the men’s underwear market survey. The market in Germany is predicted to progress at a CAGR of 4.5% and the U.K. at 3.8% through 2031.
Find Out More about the Report Coverage
- 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.
- Berkshire Hathaway Inc.
Key Points Covered in Men’s Underwear Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 Impact on sales of men’s underwear and how to navigate
- Recommendation on key winning strategies
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Recent Launches in Men’s Underwear
The influence of fashion has substantially changed the clothing industry, and innerwear is no different from this trend, but there have not been any major developments in the innerwear domain for a long time.
This dry run of no developments is about to end, as the market is set to see a new type of underwear.
- Boxerkilt recently announced a new type of underwear for men, which, in place of a restrictive pouch of traditional underwear, has a soft edgeless opening that allows the male genitalia to maintain a wholly natural position and temperature.
- Buttercloth, a premium menswear brand also recently launched its own line of men’s underwear. Buttercloth founder and winner on ABC's Shark Tank, Danh Tran launched this new collection that features the same patented cooling mint fibers that Buttercloth’s Icy Cotton shirt collection was known for.
With such new launches in men’s underwear, we can expect to see a major change in trends over the coming years.
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Undergarments help to avoid soiling of outerwear are generally of two types: upper body and lower body garments, which cover the torso and waist and legs respectively. For undershirt, we include vest, sleeved vest and muscle vest. For briefs, we include regular briefs, trunks and boxer shorts. In winters, long underwear are preferred to provide extra warmth.
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Drivers of the Market
Growing disposable income, preference for branded underwear that offers better fit and comfort are major factors fueling demand for premium underwear, thereby driving the growth of the men’s underwear market. Major trends in the men’s underwear market are increased the adoption rate of functional underwear, consistent investment in branding and marketing and a surge in acquisitions and mergers.
The high degree of competition and unorganized market in developing countries are major factors hampering the growth of the men’s underwear market.
Organized retail penetration and penetration of mono-brands and multi-brand outlets worldwide is driving sales of branded clothing products.
Key Market Players
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 men’s underwear market focus on enhancing their global and regional presence through acquisitions and mergers and operational expansion.
Men’s Underwear Market Segmentation:
By distribution channel, the global men’s underwear market is segmented into online and offline channels. Offline is further sub-segmented into a mass merchant, specialty store, mono-brand store and others.
Among all the aforementioned sub-segments, mass merchant sub-segment is expected to dominate the men’s underwear market, accounting for around 1/2 share of the overall market by 2031.
FAQs Answered in Market Study
- What is the men’s underwear market value are present?
Presently, the global men’s underwear market is worth US$ 12.5 Bn.
- At what CAGR will the men’s underwear market expand over the decade?
The men’s underwear industry is expected to progress at a healthy CAGR of 6.3% to attain a market worth of US$ 23.1 Bn by the end of 2031.
- At what pace did the market expand over the past 5 years?
From 2016 to 2020, the market for men’s underwear saw stable expansion at a CAGR of 4.7%.
- What market share is held by the top 5 players manufacturing men’s underwear?
Hanesbrands Inc., Phillips-Van Heusen Corporation, Ralph Lauren Corporation, Jockey International Inc., and American eagle outfitters Inc. together account for 15% of the global market share.
- What is guiding the demand outlook for men’s underwear?
This men’s underwear industry research suggests that increasing awareness about health, best fit, personal hygiene, rising penetration of organized retail are prime aspects influencing the demand outlook.
- Which countries are heading the demand for men’s underwear?
The U.S., Germany, U.K., India, and China are ruling the demand pie for men’s underwear.
- At what CAGR is the market in Italy, France, and Russia expected to expand in the European region?
The market in Italy is set to surge at a CAGR of 6.7%, France at 5.1%, and Russia at 6.2%.
- What is the sales volume in the Japanese and South Korean men’s underwear industry?
Sales volume for Japan and South Korea is 708,000 Bn and 472,000 Bn units, respectively.
- Who are the prime exporters of men’s underwear?
ABM Corporation, Palash Overseas, Cumulus Exports Pvt Ltd., Tamai Knit Fashion Limited, Inter SA Articles, and Adil Textile Private Limited are leading exporters of men’s underwear.
- Which nations lead the manufacturing of men’s underwear?
Leading manufacturers of men’s underwear are the U.S. and Germany.
- What is the outlook for the market in North America?
Innovative designs & fabrics coupled with high preference for premium brands and limited editions are having a significant influence on the demand for men’s underwear in the North American region.