In 2023, the global men’s underwear market is anticipated to reach a valuation of US$ 38.96 billion, with projections indicating a surpassing of US$ 65.3 billion by the end of the forecast period, driven by a Compound Annual Growth Rate (CAGR) of 5.3%. This growth trajectory underscores a steady increase in demand for men’s underwear worldwide, fueled by factors such as evolving fashion trends, rising disposable incomes, and increasing awareness of comfort and style. The forecasted expansion signifies a promising outlook for manufacturers and retailers operating in the men’s underwear market, highlighting opportunities for innovation and market penetration.
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.
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.
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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 than 2% 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.
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.
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How Players are Revolutionizing the Men’s Underwear Industry?
The men’s underwear industry is highly competitive with several key players dominating the market. Some of the leading players in the industry include Hanesbrands Inc., Calvin Klein, Jockey International Inc., and Fruit of the Loom. These companies have been able to maintain their market share and remain competitive by focusing on several key strategies.
One of the key strategies employed by these companies is innovation. By constantly developing new materials, designs, and styles, these companies can stay ahead of the competition and offer products that appeal to a wide range of customers. In addition, many of these companies are investing in new technologies such as smart fabrics and 3D printing to further differentiate their products and appeal to tech-savvy consumers.
Consumers are increasingly looking for underwear that is both stylish and comfortable, and companies that can offer products that combine these features are likely to see significant growth in the coming years. Additionally, there is a growing trend towards inclusivity and diversity in the industry, with companies offering products that cater to a wider range of body types and skin tones.
Key Companies Profiled
- Hanesbrands Inc.
- Philips-Van Heusen Corporation
- Ralph Lauren Corporation
- Jockey International Inc.
- American Eagle Outfitters Inc
- Iconix Brand Group Inc.
- C. Penney Corporation Inc.
- Under Armour, Inc.
- RibbedTee Company
- Ramblers Far, Inc.
- Levi Strauss & Co.
- Perry Ellis International Inc.
- Naked Brand Group Inc.
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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.
Key Segments Profiled
By Material:
- Cotton
- Wool
- Silk
- Polyester
- Rayon
- Linen
- Nylon
- Others
By Category:
- Regular Brief
- Boxer Brief
- Boxer Shorts
- Trunks
- Thongs
By Sales Channel:
- Wholesalers/ Distributors
- Hypermarkets/Supermarkets
- Specialty Stores
- Multi-brand Stores
- Online Retailers
- Others
By Price Range:
- Below US$10
- US$ 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
- 65+
By Size:
- XS
- S
- M
- L
- XL
- XXL
- XXXL
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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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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