According to a new market report released by Persistence Market Research entitled “Men’s Underwear Market: BRICs to 2020 Highest Growth”, by the end of 2015, the men’s underwear market is expected to reach US$82.208 million, with a compound annual growth rate of 5.8 from 2015. From 2020 to 2020, it will reach 11 billion US dollars by 2020.
There are generally two types of men’s underwear; one type covers the torso and the other covers the waist and legs. For undershirts, we include vests, sleeve vests and muscle vests. For underwear, we include regular underwear, trunk and shorts. In the winter, long underwear is more suitable for the wearer to provide extra warmth.
Increasing disposable income, preference for branded underwear, and better fit and comfort are the main factors driving demand for quality underwear, driving the growth of the men’s underwear market. However, the highly competitive and unorganized markets of developing countries are the main factors hindering the growth of the entire men’s underwear market. The male underwear market is expected to grow at a compound annual growth rate of 5.8% from 2015 to 2020, reaching $11,16.76 billion by 2020.
By region, the BRIC countries dominate the market with more than 35% market share and are expected to remain dominant throughout the forecast period. Europe is the second largest region, accounting for 17.4% of the total in 2014. During the forecast period, the men’s underwear market in Europe and North America is expected to expand at a compound annual growth rate of 5.1% and 3.9%, respectively. On the basis of the age group, the market is divided into 15-25, 26-35, 36-45, 46-55 and 56 and above. In 2014, the 36-45 division accounted for 24.2% of the global men’s underwear market share, and is expected to grow at a compound annual growth rate of 5.8% during the forecast period. On the basis of distribution channels, the market has been divided into online sales and offline sales, of which offline sales are further subdivided into mass stores, specialty stores, and single-brand stores. In 2014, the online sales segment accounted for 7.7% of the global men’s underwear market, and is expected to have the highest compound annual growth rate of 12.8% during the forecast period. In 2014, the mass business sub-segment accounted for 58.5% of the market.
The main market participants involved in this report include Hanesbrands Inc., Philips-Van Heusen Corporation, Ralph Lauren Corporation, Jockey International Inc., American Eagle Outfitter Inc., Iconix Brand Group Inc., JC Penny Corporation, Inc. And major players in the Berkshire Hathaway Inc. men’s underwear market focus on enhancing their global and regional operations through mergers and acquisitions and business expansion.