Men’s underwear market set for remarkable growth as comfort and style converge, ushering in a trendsetting era in undergarments.
NEWARK, DELAWARE, UNITED STATES OF AMERICA, November 10, 2023 /EINPresswire.com/ — In 2023, the global men’s underwear market is expected to be worth US$ 38.96 billion. The market is likely to exceed US$ 65.3 billion at a CAGR of 5.3% by 2033. The sales of men’s underwear are being driven by various factors. These factors include the growing awareness of men’s health, increasing demand for premium underwear, and changing fashion trends.
Rising health awareness has resulted in an increase in the demand for underwear that offers comfort and support. The demand for premium underwear has grown due to the increasing purchasing power of consumers and their willingness to pay a premium for better quality products. Changing fashion trends have also led to an increase in demand for stylish underwear.
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The men’s underwear industry also faces several restraints such as intense competition among established players, high cost of raw materials, and increasing use of counterfeit products. Established players are always striving to maintain their market share, leading to intense competition.
The high cost of raw materials such as cotton, silk, and polyester results in higher production costs, which can increase the price of the final product. The increasing use of counterfeit products is also a key concern for the industry, as it affects the reputation of established brands.
Emerging economies such as China and India offer huge potential due to the large population and increasing purchasing power of consumers. The increasing popularity of sustainable and eco-friendly products also presents an opportunity for the industry to tap into a growing niche market.
The men’s underwear industry is witnessing several trends such as the increasing popularity of athleisure, the use of innovative materials, and the emergence of new designs and patterns. Athleisure, which involves wearing athletic clothing for everyday wear, has gained popularity among consumers, leading to an increase in the demand for comfortable and supportive underwear.
Key Takeaways from the Men’s Underwear Market:
The demand for men’s underwear in the United States is predicted to rise at a CAGR of more than 6.5%between 2023 and 2033.
In the United Kingdom, the men’s underwear sector is expected to develop at a CAGR of more than 5%.
During the forecast period, the men’s underwear market in Thailand is anticipated to expand at a CAGR of over 3%.
The cotton segment is expected to dominate the market with a CAGR of more than2% over the projected period.
The boxer briefs category is likely to rise at a CAGR of 8.2%throughout the evaluation period.
The XXL segment is expected to increase at a CAGR of more than 5% over the projection period.
“In the latest market research study, the Men’s Underwear Market, meticulously conducted by our esteemed Research Manager, a comprehensive analysis reveals a dynamic landscape. Unveiling trends that marry comfort and style, the study showcases a burgeoning market with promising growth potential, solidifying its stance as a key player in the global apparel industry.” Opines Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights (FMI).
Key Companies Profiled
Philips-Van Heusen Corporation
Ralph Lauren Corporation
Jockey International Inc.
American Eagle Outfitters Inc
Iconix Brand Group Inc.
Penney Corporation Inc.
Under Armour, Inc.
Ramblers Far, Inc.
Levi Strauss & Co.
Perry Ellis International Inc.
Naked Brand Group Inc.
Recent Developments in the Market:
In August 2022, Calvin Klein launched the ‘Autumn 2022’ campaign, showing the latest underwear and jeans styles. The series is intended for everyday usage, with a modern aesthetic and a mix of recyclable materials to give wireless comfort.
In April 2022, Hanes brand, Inc. could introduce the new ‘X-Temp Full Support Pouch’ men’s underwear with cooling fabric and breathable mesh panels, as well as quick-drying and moisture-wicking qualities.
Jockey International Inc. collaborated with Olympic gold winner Usain Bolt to create a new style of underwear, which attracted extensive media attention and aided in brand exposure.
Buttercloth, a Shark Tank menswear startup, produced the first underwear with cooling chilly cotton fabric in 2021.
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Key Segments Profiled
By Sales Channel:
By Price Range:
US$ 10 to US$ 20
US$ 20 to US$ 30
US$ 30 & Above
By Age Group:
15 to 25
26 to 35
36 to 45
46 to 55
56 to 65
Explore FMI’s Extensive Ongoing Coverage in Consumer Product Domain:
The men’s skincare products market share is expected to total US$ 37,000 million by 2033. The adoption of men’s skincare products is likely to advance at a CAGR of 9.4% during the forecast period.
Global sales of men’s intimate care products growth is anticipated to surge ahead at a CAGR of 10.3% to reach a market valuation of US$ 35972.8 million by 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.