Us Women Lingerie And Mens Underwear Market is expected to ride on CAGR of 5.5% and 5.7% in terms of value between 2016 and 2024
Sales revenue from men’s underwear and women’s lingerie items is expected to grow in the U.S. over the next couple of years owing to factors such as higher importance to personal hygiene, increasing disposable income, evolving lifestyle, improved standard of living, and changing preferences of consumers. Most manufacturers are opting to outsource production in order gain economies of scale, moreover, labour cost and cost of raw materials are relatively higher in the U.S. as compared to developing countries. Hence, low-cost bulk production enabling leading brands to sell underwear at competitive prices.
A study conducted by Persistence Market Research (PMR) reveals that the men’s underwear and the women’s lingerie market in the U.S. is expected to ride on CAGR of 5.5% and 5.7% in terms of value between 2016 and 2024. In addition, propagation of modern retail formats such as pharmacy stores, discount stores and supermarkets is leading towards higher product visibility.
Key Segment Highlights
In 2015, the boxer brief segment accounted for over 30% share, reaching a market valuation of US$ 975.8 Million and is likely to expand at a CAGR of 6.1% during the assessment period. In the women’s Lingerie section, brassieres are expected to be the fastest growing segment over 2024.
On the basis of Size, demand for XXXL size is expected to gain maximum traction under men’s underwear section. This is primarily attributed to growing prevalence of obesity in the U.S.
Growing popularity of boxer shorts amongst people ageing between 26 and 35 years is expected to represent a higher demand for boxers under men’s underwear section as compared to other age groups. The 26-35 years age-group segment is expected to account for a healthy revenue contribution to the market.
The mid-price segment commanded for nearly 42% value share of the market both for men’s underwear and women’s lingerie items. The premium-price segment under men’s underwear section market is expected to witness a CAGR of 6.9% during the forecast period owing to the growing trends of single brand underwear retailing and growing preference of men for sports fits underwear.
On the basis of distribution channels, the mass merchant segment under men’s underwear section accounted for nearly 67.4% share in terms of revenue in 2015 and is expected to expand at a CAGR of 4.9% during the forecast period. The segment is expected to maintain its leading position, capturing around 60% share over 2024.
The online store segment of men’s underwear and women’s lingerie market is projected to command for nearly 19% share by 2024, reflecting a robust CAGR over the assessment period. In addition, online stores are anticipated to emerge as the second largest distribution channel segment by the end of forecast period.