According to a recent estimate by Future Market Insights, the market for men’s underwear would surpass US$ 10 Bn in 2020 with a CAGR of roughly 4% through 2031. (FMI). The market is about to witness the arrival of electronic underwear created exclusively for elderly people, along with design innovation.
The increased frequency of numerous health issues, particularly among the elderly population, like bedsores or pressure ulcers, is expected to lead to high sales of electronic underwear. For instance, 2exist sells heated underwear for men that is both fashionable and useful. The electric no-show brief from the business has a discreetly shimmering and shining waistline.
The underwear is more fashionable because it is supportive and offered in a variety of colors. With the aid of modern technology, the underwear is cleverly made with stitching on the sides and a middle seam for added comfort and space. Customers looking for remedies for health issues expect them to be convenient and easy.
As a result, it is projected that sales of men’s underwear would rise. Additionally, financing studies into creating comfortable innerwear for patients will foster innovative business ideas.
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 a 5% CAGR in the U.K.
Impact of COVID-19 on the Market
The abrupt COVID-19 epidemic has altered the growth factors for several industries. The rise in personal health awareness caused by the work-from-home trend is increasing people’s knowledge of their health, which is further increasing consumer demand for upscale, comfortable innerwear with cutting-edge designs.
On the other hand, tight restrictions on people moving about in commercial districts and a lack of international trade caused sales to temporarily decline. But over time, the men’s underwear industry will probably recover, showing a stable increase throughout the projected period.
Who is winning?
Leading producers of men’s underwear are using aggressive advertising and promotion tactics to boost sales. 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. are a few of the top companies in the men’s
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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.