Lingerie Market Projected to touch a valuation of US$55.83 Billion by 2024 – TMR Insights
Several popular brands in the global lingerie market have focused on multiple aspects pertaining to customer inclinations in order to retain their stronghold, notes Transparency Market Research (TMR). Lingerie powerhouse brands are focused on launching products that tend to resonate with a positive body image for women. A growing number of players in the global lingerie market have been actively engaged in opening new retail outlets in new regions, to bolster their geographic footprints and attract more consumers. A growing number of players are also bolstering sales revenue by focusing on proclivities of emerging demographic, notably teen children.
Leading companies who accounted for dominating shares in the global lingerie market in 2015 were PVH Corporation, Jockey International Inc., Hanes International, L Brands Inc., and LVMH.
The global lingerie market stood at US$33.18 billion in 2015 and is projected to be touch a valuation of US$55.83 billion by the end of 2024. The opportunities in the global market is protected to expand at a CAGR of 6.4% during 2016–2024.
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Among the various types of lingerie, the bra segment led the global market in 2015 and is likely to lead the pack throughout the assessment timeline. The bra segment is projected to account for sizeable share of 36.0% by the end of 2024. The growth is propelled by the widespread worldwide demand for bra among women as these are considered bare essentials.
Regionally, Europe is anticipated to account for the leading share in the global lingerie market over the next few years. The growth is fueled by a wide diversity of lingerie products and rapidly changing fashion trends.
Increased Participation in Gyms, Sporting Activities, and Athletics to bolster Demand
The rising demand for a range of underwear and intimate wear by women world over is a key factor propelling the growth of the lingerie market. The growth is driven by the rising availability of a broad range of bras, panties, shapewear, and loungewear for women of various age groups by various retail and clothing brands. The growing popularity of lingerie products by women for accentuating their natural beauty and feminine lines is a notable trend boosting the market. The rising demand for wide variety of choices in bridal lingerie is also fueling the availability of new range of underwear for women.
In recent years, as women in a number of developing regions take increased participation in gyms, sporting activities, and athletics, the market will witness a spate of new lingerie products. This will stir the demand for products with better style, higher level comfort, and physical movement support. This has also led to various types of aesthetically-appealing athletic lingerie gathering steam in several countries.
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Rising Popularity of Online Channels to contribute to Higher Sales of Lingerie
However, the prospects of the global lingerie market are hindered by a few factors. In recent years, several lingerie brands have committed sizeable funds on advertising and promotional activities to bolster the presence of their products. This has resulted in raising the cost of essential lingerie, thus crippling the affordability among working women. In addition, the availability of inexpensive products with low-quality textile that are not skin-friendly by local garment manufacturers is increasing in cost-sensitive markets. Owing to the lack of awareness, coupled with their low cost, such lingerie products tend to impede the market’s growth.
Nevertheless, the growing consumer appeal of e-commerce channels for buying various brands of lingerie is rising, riding on the back of marked convenience they offer. The rapid strides in the e-commerce industry in emerging economies has helped pave way to increased commercialization of premium brands of lingerie.
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