According to a recent report by Future Market Insights (FMI), the men’s underwear market surpassed a valuation of US$ ~10 Bn in 2020 at a CAGR of approximately ~4% through 2031. Besides innovation in designs, the market is gearing to witness the launch of electronic underwear, designed particularly for elderly patients.
Rising prevalence of various health issues such as bedsores or pressure ulcer expects will result in high sales of electronic underwear to help improve mobility especially, among the elderly population.
For instance, 2exist provides with men’s hot underwear, which is stunning in both ways- fashion and function wise. The electric no-show brief provided by the company comes with an electric waistband that gleams and shines in the most subtle way.
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The underwear is the supportive and comes in various shades, which makes them more fashionable. With the help of modern machinery, the underwear is designed innovatively so that it has stitching on its sides and a center seam for more comfort and space.
Customers suffering from health issues look for easy and comfortable solutions. This is expected to boost the sales in the men’s underwear market. In addition to this, investment towards research to fashion inner garment for the comfort of patients will encourage innovations in the market.
Key Takeaways from the Men’s Underwear Market Study
- Based on material type, linen-made men’s underwear is likely to remain highly sought-after owing to the rising demand for luxurious and premium underwear among men.
- As per analysis, demand for boxer shorts is expected to grow at a CAGR of over 5% over the forecast period.
- Sales via multi-brand stores will pick up in the coming years.
- Demand in the U.S. is expected to grow by 3% CAGR between 2021 and 2031.
- Sales of men’s underwear will pick up pace at 5% CAGR in the U.K.
Impact of COVID-19 on the Market
The sudden outbreak of the COVID-19 has transformed the growth factors for various industries. The implementation of work from home trend has led to the rise of awareness regarding personal health among individuals, which is further driving the interest of customers towards premium and comfortable innerwear that have new designs and are stylish at the same time.
On the flip side, strict regulations imposed on the movement of individuals in commercial areas, lack of trading between countries led to plummeting sales for a short period of time. However, with time, the men’s underwear market is likely to bounce back, exhibiting a steady growth through the course of the forecast period.
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Who is winning?
Leading manufacturers of men’s underwear are adopting aggressive promotional strategies and advertisements to driven sales. Leading players present in the men’s underwear market are Hanesbrands Inc., Philips-Van, Heusen Corporation, Ralph Lauren Corporation, Jockey International Inc., American Eagle, Outfitters Inc., Iconix Brand Group Inc., J.C. Penney Corporation Inc., Under Armour, Inc., RibbedTee Company, Ramblers Far, Inc., Levi Strauss & Co., Perry Ellis International Inc., and Naked Brand Group Inc. among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global men’s underwear market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.
The study divulges compelling insights on the men’s underwear market based on the material type (cotton, wool, silk, polyester, rayon, linen, nylon, and others), by category (regular brief, boxer brief, boxer shorts, trunks, and thongs), by size (XS, S, M, L, XL, XXL, and XXL), by age group (15-25, 26-35, 36-45, 46-55, 56-64, and 65+), by price range ( Below US$ 10, US$ 10 – US$ 20, US$ 20 – US$ 30, and US$ 30 & Above), by sales channel (wholesalers/ distributors, hypermarkets/ supermarkets, specialty stores, multi-brand stores, online retailers and others, across each of the seven major regions.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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