The U.S. men’s underwear market refers to the market for men’s undergarments in the United States. Men’s underwear includes various types of undergarments such as briefs, boxers, boxer briefs, and trunks. The market is driven by several factors. Firstly, growing awareness about comfort and convenience among men is leading to an increased demand for comfortable and well-fitted underwear. Additionally, changing fashion trends and increasing disposable incomes are also fueling the demand for premium and designer men’s underwear. Moreover, the increasing focus on fitness and the rise in the number of fitness enthusiasts are driving the demand for specialized performance underwear. The market is also benefiting from the growing e-commerce industry, which provides a convenient platform for consumers to explore and purchase a wide range of men’s underwear. Furthermore, the U.S. men’s underwear market is witnessing innovation in terms of technologies and materials used, such as moisture-wicking fabrics and odor control properties, further boosting the market growth.
Overall, the U.S. Men’s Underwear Market is expected to grow steadily, with an estimated market size of US$ 3.5 billion in 2018 and a projected CAGR of 6.1% between 2023 and 2030.
Prominent Companies in the U.S. Men’s Underwear Industry:
1) Hanes Brands Inc.: Hanes Brands Inc. was founded in 1901 and is headquartered in Winston-Salem, North Carolina. With over 65,300 employees, the company operates in approximately 40 countries worldwide. Hanes Brands Inc. is a leading manufacturer and marketer of innerwear and activewear for men, women, and children. Their products include underwear, socks, bras, and t-shirts, among others.
SWOT Analysis:
Strength: Hanes Brands Inc. has a strong market presence and brand reputation. They offer a wide range of high-quality products that cater to different customer segments.
Weakness: The company heavily relies on third-party retailers for distribution, which can limit their control over the distribution process.
Opportunity: Hanes Brands Inc. can leverage the growing demand for sustainable and eco-friendly products by introducing more environmentally friendly options in their product line.
Threats: Intense competition from other established players and the rise of e-commerce pose a threat to Hanes Brands Inc.'s market share.
2) Gildan Activewear Inc.: Gildan Activewear Inc. was founded in 1984 and is based in Montreal, Canada. The company has approximately 56,000 employees and operates in multiple countries worldwide. Gildan Activewear Inc. is a leading manufacturer and marketer of basic apparel, including t-shirts, underwear, and socks for men, women, and children.
SWOT Analysis:
Strength: Gildan Activewear Inc. has a vertically integrated supply chain, allowing them to maintain better control over their production processes and costs.
Weakness: The company's reliance on a limited number of key customers may make them vulnerable to fluctuations in customer demand.
Opportunity: Gildan Activewear Inc. can explore new markets and expand its product offerings to diversify its revenue streams.
Threats: The competitive landscape in the men's underwear market is intense, with both established players and emerging brands vying for market share. Economic fluctuations may also impact consumer purchasing power.
3) Jockey International Inc.: Jockey International Inc. was founded in 1876 and is headquartered in Kenosha, Wisconsin. The company has a significant workforce of around 5,000 employees and operates in several countries. Jockey International Inc. is a well-known brand in the men's underwear market, offering a range of underwear and other apparel for men, women, and children.
SWOT Analysis:
Strength: Jockey International Inc. has a long history and brand recognition in the men's underwear market. They are known for their quality and reliable products.
Weakness: The company's limited product diversification may make them vulnerable to market trends and changing consumer preferences.
Opportunity: Jockey International Inc. can leverage its strong brand reputation to expand into new markets and introduce innovative products.
Threats: The presence of strong competitors and the rise of private label brands pose a threat to Jockey International Inc.'s market share. Economic downturns may also impact consumer spending on non-essential items.
4) Philips-Van Heusen Corporation: Philips-Van Heusen Corporation, also known as PVH Corp, was founded in 1881 and is headquartered in New York City. The company has a global workforce of over 40,000 employees and operates in various countries. PVH Corp is a leading apparel and lifestyle company that offers a wide range of products, including men's underwear.
SWOT Analysis:
Strength: PVH Corp has a diverse portfolio of well-known brands, including Calvin Klein and Tommy Hilfiger, which gives them a strong market presence and brand recognition.
Weakness: The company's dependence on department stores and retail partners for distribution may limit their control over the customer experience.
Opportunity: PVH Corp can leverage its strong brand portfolio to expand into international markets and diversify its product offerings.
Threats: Intense competition from both established and emerging players in the men's underwear market poses a threat to PVH Corp's market share. Economic fluctuations and changing consumer preferences also present challenges.
5) American Eagle Outfitters Inc.: American Eagle Outfitters Inc. was founded in 1977 and is headquartered in Pittsburgh, Pennsylvania. The company has a workforce of approximately 13,000 employees and operates in several countries. American Eagle Outfitters Inc. is a global specialty retailer that offers a range of apparel, including underwear, for men and women.
SWOT Analysis:
Strength: American Eagle Outfitters Inc. has a strong presence in the retail market and a loyal customer base. They have successfully positioned themselves as a trendy and inclusive brand.
Weakness: The company may face challenges in keeping up with rapidly changing fashion trends and maintaining relevance in a highly competitive market.
Opportunity: American Eagle Outfitters Inc. can leverage its strong brand image and customer loyalty to expand its product offerings and reach new customer segments.
Threats: Intense competition from both traditional retailers and e-commerce players poses a threat to American Eagle Outfitters Inc.'s market share. Economic downturns and changes in consumer spending patterns may also impact their business.
6) Tommy Hilfiger: Tommy Hilfiger was founded in 1985 and is headquartered in Amsterdam, Netherlands. The company has approximately 15,000 employees. Tommy Hilfiger is a global fashion brand known for its premium clothing and accessories, including men's underwear. The company operates in numerous countries worldwide. One major key insight of Tommy Hilfiger in the U.S. men's underwear market is its focus on blending classic American style with modern designs.
SWOT Analysis:
Strength: Tommy Hilfiger has a strong brand presence and is renowned for its classic American style. The company's men's underwear collection reflects this heritage and offers a blend of comfort, quality, and timeless designs.
Weakness: Tommy Hilfiger's premium pricing may limit its market share among price-sensitive consumers who prioritize affordability over brand value.
Opportunity: The growing demand for sustainable and eco-friendly fashion presents an opportunity for Tommy Hilfiger to develop and market eco-conscious men's underwear designs.
Threats: Intense competition from other well-established brands and the rise of fast fashion retailers pose threats to Tommy Hilfiger's market share. The company must continue to innovate and stay true to its brand identity to remain competitive in the fast-changing fashion industry.
7) Ralph Lauren Corporation: Ralph Lauren Corporation was founded in 1967, is headquartered in New York, USA. The company employs approximately 24,900 people. Ralph Lauren Corporation is a global leader in the design, marketing, and distribution of premium lifestyle products including apparel, accessories, home furnishings, and fragrances. With operations in over 40 countries, the company has a strong presence in the men's underwear market in the US.
SWOT Analysis:
Strength: Ralph Lauren Corporation has a strong brand reputation and a loyal customer base. The company's products are known for their high quality and timeless style.
Weakness: The company's products tend to be relatively expensive compared to competitors, which may limit its market share.
Opportunity: There is a growing demand for premium men's underwear in the US market, and Ralph Lauren Corporation can leverage its brand image to capture a larger share of this market.
Threats: The men's underwear market in the US is highly competitive, with many established players as well as emerging brands. Ralph Lauren Corporation faces the risk of losing market share to these competitors if it fails to innovate and meet changing consumer preferences.
