The global men’s underwear market was valued at US$8.4 bn in 2015. Underclothing for men is generally of two types: upper body and lower body garments. Upper body garments for men are worn to cover the torso and waist and include vests, muscle vests, and sleeved vests, whilst lower body garments are worn to cover the legs and include regular briefs, boxer shorts, and trunks.
Growing disposable incomes across the world have been the reason for heavy spending on fashion clothing and accessories, and undergarments are no exception. In this regard, preference for branded underwear that are both for comfort and fashion is driving the men’s underwear market substantially. The global market for men’s underwear will be valued at US$11 bn by 2020, expanding at a CAGR of 5.80% from 2015 to 2020.
However, the presence of a large number of local players and a high degree of competition among the established players are deterrent to the growth of this market.
Undergarments Comprise Significant Portion of Clothing and Accessories Department
The men’s underwear market falls under the purview of clothing and accessories, the global market for which had a valuation close to US$1,229.4 bn in 2014. Clothing and accessories include overwear garments, underwear garments, and adds-on for beautification that are worn on the head, face, ear, hand, foot, or any other body part and define the fashion quotient of an individual. It is the men’s clothing and accessories market that held 38.7% of the overall market in 2014, being valued at US$437.7 bn.
The major leap that happened in the way people interacted with fashion was during the economic boom of the 1960s, which opened commercial fashion opportunities and resulted in fashion, which was once for only the wealthiest, becoming for the masses.
Major Segments of Men’s Underwear Market
The global market for men’s underwear is divided on the basis of age group, distribution channel, and geography. By age group, 15-25, 36-45, 56-65, 26-35, and 46-55 are the segments of the market. The 36-45 segment held 24.2% of the men’s underwear market in 2014 and will display a CAGR of 5.80% between 2015 and 2020.
By distribution channel, online sales and offline sales are the segments of the market, among which offline sales comprise mass merchants, mono-brand stores, specialty stores, and other channels. Of these, the mass merchant sub-division led the market with a share of almost 58.5% in 2014. However, it is the online sales channel that is emerging to be the fastest growing distribution segment and will register a 12.80% CAGR from 2015 to 2020.
On the basis of region, BRIC led the market in 2014, with a share of over 35%. Europe was the second largest market in 2014 and held 17.4% of the overall market.
Browse the full Europe Men’s Underwear Market report at http://www.mrrse.com/underwear-market
Some of the major companies operating in the global men’s underwear market are Hanesbrands Inc. Ralph Lauren Corporation, American Eagle Outfitter Inc, J.C. Penny Corporation Inc., Philips-Van Heusen Corporation, Jockey International Inc., Iconix Brand Group Inc., and Berkshire Hathaway Inc.