The rapid growth of internet retailing and improving the spending power of people globally are estimated to generate sizable business opportunities in the global lingerie market in the years ahead. Knickers & panties, bra, shapewear, loungewear, sportswear, and swimwear are some of the key products available in the global lingerie market. These products are manufactured using a wide range of materials using satin/synthetic silk, cotton, polyester, woolen, velvet, and blended materials.
The global lingerie market is prognosticated to exceed a valuation of US$ 93.1 Bn by 2031, states a study by Transparency Market Research (TMR). Furthermore, the TMR assessment highlights that the global lingerie market is expected to register growth at a CAGR of 8.5% during the forecast period, from 2021 to 2031.
The TMR study delivers an in-depth analysis of vital factors impacting the growth curve of the global lingerie market. Hence, it provides a detailed assessment of the growth drivers, growth restraints, ongoing R&D projects, regional analysis, historical and present market trends, and the competitive landscape of the market for lingerie.
Lingerie is considered one of the vital needs of every female around the world. The product is gaining traction as a key fashion accessory among the women populace globally. The global lingerie market is estimated to expand at a prodigious pace in the upcoming years owing to many factors including the rising working women population globally and the increasing availability of varied products from different brand attributes of lingerie.
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Rising Trend of Online Shopping Fuels Profitable Avenues in the Lingerie Market
Due to the increasing penetration of the Internet and the rising use of smartphones around the world, people today are inclined toward buying their products through different online or eCommerce platforms. Considering this fact, many companies operating in the lingerie market are increasing their online presence and strengthening distribution channels. These strategies are expected to help in boosting the growth avenues in the global market for lingerie.
Players Utilize Merger and AcquisitionStrategies to Stay Ahead of Competition
Some of the key companies operating in the global lingerie market include Zivame, Amante, Calvin Klein, Victoria’s Secret, Marks & Spencer Group Plc, Jockey, LBrands, Inc., Ralph Lauren Corp., LVMH Moet Hennessy Louis Vuitton, and Hanesbrands Inc. In order to sustain the high level of competition, players operating in the global lingerie market are using different business strategies including mergers, acquisitions, and expansions in newer regions.
Product Innovation Focuses on Offering Superior Comfort Level to End-users
Leading companies in the lingerie market are increasing investments in research in order to develop innovative products. Moreover, they are focused on providing products with a superior level of comfort to the end-users. This aside, enterprises are ensuring that they provide products of all price categories including high, low, and medium prices. Such efforts are estimated to drive the growth in the global lingerie market in the upcoming years.
Enterprises in the lingerie market are investing heavily in promotional activities. These efforts are helping players in spreading awareness of their available product ranges. This factor, in turn, is resulting in increased sales numbers in the global lingerie market.
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Lingerie MarketGains Significant Expansion Opportunities in the Asia Pacific
In terms of region, the global lingerie market shows a presence in many regions such as North America, MEA, South America, Europe, and Asia Pacific. Among all, players are prognosticated to gain lucrative prospects in Asia Pacific owing to factors such as the presence of a notable consumer base, improving spending power of the regional population, and the existence of many well-entrenched market companies in the region. Furthermore, the lingerie market in Asia Pacific is estimated to observe profitable prospects owing to a rise in the demand for sportswear, loungewear, and swimwear by regional people.
