Underwear is a fundamental part of daily wear and the global underwear market is a multi-billion-dollar industry. It encompasses a wide range of products including bras, panties, boxers, briefs, shapewear, and undershirts, among others. According to Persistence Market Research, the men’s underwear market generated a revenue of US$ 13,546.0 Mn in 2022. The demand for men’s underwear will accelerate, with the profound footprint of players in the global market. The global market for men’s underwear is expected to reach US$ 23,590.9 Mn by 2033, growing at a ~5.1% CAGR from 2023 to 2033.
One of the major factors driving the growth of the underwear market is the increasing focus on comfort and performance. Consumers are looking for underwear that provides maximum comfort and support, while also offering style and versatility. This has led to the development of innovative fabrics and materials that offer better fit, breathability, and moisture-wicking properties.
Another factor driving the growth of the underwear market is the increasing adoption of online shopping. E-commerce platforms offer a wide range of products at competitive prices, making it easy for consumers to shop for underwear from the comfort of their homes. The COVID-19 pandemic has also accelerated the shift towards online shopping, as more consumers are opting for contactless delivery options.
The underwear market is highly competitive, with a large number of players vying for market share. Some of the major players in the market include Calvin Klein, Hanesbrands Inc., Fruit of the Loom, Victoria’s Secret, and Jockey International Inc. These companies offer a wide range of products catering to different consumer segments, from basic everyday wear to high-end luxury lingerie.
In recent years, there has been a growing focus on sustainability and ethical practices in the underwear market. Many companies are adopting eco-friendly materials, such as organic cotton and recycled polyester, and implementing ethical sourcing practices to reduce their environmental impact. Consumers are also becoming more aware of the impact of their purchases on the environment and are actively seeking out sustainable and ethical options.
In conclusion, the underwear market is a rapidly growing industry, driven by factors such as comfort, performance, and e-commerce. The market is highly competitive, with a wide range of products catering to different consumer segments. The focus on sustainability and ethical practices is also gaining momentum in the industry. As the market continues to grow, we can expect to see more innovations and advancements in materials and technology, as well as an increased emphasis on sustainability and ethical practices.