Global
Men’s Underwear Market - Insights
An
underwear is usually made up of suitable material or fabric in order
to provide comfort and protect the internal body parts. Increasing
awareness regarding health & fitness and personal hygiene among
men is a major driving factor for the growth of the men’s underwear
market. Furthermore, increasing demand for stylish and trendy
underwear such as ‘geo-prints’ launched by the Australian company
2eros in 2016 are expected to fuel demand for men’s underwear,
which in turn is expected to drive the growth of the market during
the forecast period (2018 – 2025). Wide availability of products
related to intimate apparels for men coupled with discounts with
online e-commerce websites such as Amazon providing 20-30% discount
on brands such as Jockey and Hanes, which is expected to drive growth
of online shopping for underwear worldwide.
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The
specialty store segment held a dominant position the market and it is
expected to retain its dominance in the global underwear market over
the forecast period. This is attributed to increasing number of
specialty stores, which are most preferred to purchase underwear due
to the large variety of options available at these stores. For
instance, HanesBrands launched a pop-up shop in 2017, in North
Carolina in the U.S. providing customers with up to 75% discount on
their undergarments. Furthermore, online channel segment is gaining
significant traction, as market players are focused on offering their
products through online distribution channels to expand their
customer base. These distribution channels enable manufacturers to
offer a large product portfolio along with providing discounts and
receiving immediate feedback of the customers.
Asia
Pacific was the most dominant market in terms of revenue share in
2016 and is expected to continue its dominance over the forecast
period. Asia Pacific men’s underwear market was valued at over US$
2.3 billion in 2016, due to high demand for underwear due to the high
male population in the region especially in China and India that
account for the highest male population globally. According to the
World Health Organization (WHO), the male population in China and
India stood is reported to be 700 million and 640 million
respectively in the year 2016. Increasing penetration of
international underwear brands such as Hanes, Jockey, and Calvin
Klein in emerging economies in Asia Pacific is expected to spur the
demand for men’s underwear. Hence numerous international players
are looking to enter the Asia Pacific men’s underwear market due to
the huge untapped market in this region. For instance, Perry Ellis
International agreed on a new license agreement with Good People Co.
Ltd for selling men’s underwear and loungewear in South Korea in
2018.
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Among
product types, boxer briefs segment was dominant segment accounting
for 36.57% of the market share in 2016 and is expected to increase to
37.91% by 2025. The trunks segment is expected to grow at the fastest
rate, with CAGR of 6.31% during the forecast period. Boxer briefs are
a fusion of men's underwear that are long and similar to boxer
shorts, however have a tighter and more comfortable fitting like
briefs thus providing better comfort and protection. This is a major
factor that is expected to drive the demand for boxer briefs in the
global men’s underwear market.
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