MEN’S UNDERWEAR MARKET ANALYSIS

Global men's underwear market size is expected to reach US$ 60.90 Bn by 2031, from US$ 41.20 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 5.7% during the forecast period. Briefs, boxer brief, trunks, and boxers are some of the types of men's underwear. They are produced by using different materials such as cotton, polyester, modal, and nylon. There are different types of underwear available in the market, however breathable underwear hemp underwear, linen underwear, organic cotton underwear, and other natural fabric underwear are gaining huge demand.

Global Men's Underwear Market Regional Insights:

• Asia Pacific is the largest market for men's underwear, accounting for a market share of 42.4% in 2023. This is primarily due to the presence of a large number of major market players and high preference for luxury brands in this region.
• Europe accounted for a market share of 25.0% in 2023. High preference for premium brands and limited editions in Europe has contributed significantly to the global market's growth.
• North America is the third-largest market for men's underwear, accounting for a market share of 23.0% in 2023, owing to high demand for different fabrics, designs, and patterns and presence of prominent players in this region. 

Figure 1. Global Men's Underwear Market (%), By Region, 2024

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Analyst’s Views:

This category has traditionally seen less innovation than women's underwear. However, growing health consciousness among men, combined with rising disposable incomes, is driving demand for innovative and comfortable undergarments.  Changing lifestyle patterns is also encouraging many manufacturers to explore effectiveness and aesthetic enhancements in their designs. One of the key opportunities for brands is to introduce fabrics which keep the skin dry and minimize odor. While cotton remains the dominant material, demand for other breathable fabrics like modal and bamboo is rising. From a product perspective, briefs and boxer briefs are gaining higher acceptance among the younger generation as compared to traditional boxers. E-commerce is also creating new sales channels for underwear, allowing smaller brands to reach out to niche customers. On the other hand, the lack of replacement needs presents a challenge. Private labels from major retailers put pricing pressure on established market players. Due to the obvious the region's large population, the Asia Pacific market, led by India and China, is the fastest growing. North America accounts for the majority of global underwear sales, but Western Europe is also a mature market.

Global Men's Underwear Market Drivers:

• Growing popularity of printed designs and patterns: Global men's underwear market has been witnessing significant growth in recent years due to the rising popularity of printed and patterned designs. Consumers are increasingly looking for underwear that makes a style statement beyond just functional basics. Brands are innovating with bold, fun prints, and graphics featuring images of superheroes, cities, landscapes and more. This trend is mainly driven by generation Z and millennials who witness underwear as an extension of their personal fashion and are eager to flaunt unique designs. For instance, according to a survey by the United Nations Children's Fund, in 2022, 1 in 3 male respondents in developed nations bought underwear with graphic prints in the previous year as compared to just 1 in 10 five years ago.
• Innovation in fabric and material: Innovation in fabric and material has opened up new possibilities for the men's underwear industry. Consumers are increasingly looking for underwear that offers breathability, softness, stretchability and moisture wicking properties. The demand for technical fabrics that keep the wearer dry and comfortable all day has been steadily rising. Leading brands are responding to this demand by introducing new fabric technologies. For instance, combining cotton, modal and spandex creates a fabric that offers both breathability from the natural fibers and excellent stretch and shape retention from spandex/elastane. Such blended fabrics are becoming very popular globally, according to the data provided by the World Trade Statistical Review by the World Trade Organization in 2022.

Global Men's Underwear Market Opportunities:

• Emerging markets with large consumer base: Emerging markets in countries with large populations and growing economies could provide significant opportunities for expansion in the men's underwear market. These developing nations are predicted to witness substantial growth in the middle-class segment over the next few years. With increasing incomes and exposure to global brands through e-commerce and social media, consumers in markets like India, Indonesia, Brazil and others are beginning to spend more on personal care and premium apparel products. For instance, according to data provided by the Indian government's Ministry of Statistics and Program Implementation, personal disposable income levels grew at a high single digit rate annually between 2018 and 2021 in India.
• Personalization and customization: Personalization and customization have the potential to significantly boost the men's underwear industry in the near future. As consumers increasingly demand products that are tailored to their unique needs and preferences, the ability to personalize underwear offerings opens up new avenues for growth. Manufacturers can capitalize on this trend by allowing customers to choose specific fabrics, fits, designs, and functionalities that are based on their individual requirements.

Global Men's Underwear Market Trends:

• Growing demand for multifunctional and quick-drying underwear : The demand for multifunctional underwear that can serve more than one purpose is significantly influencing the global men's underwear market. Consumers are increasingly looking for underwear options that allow versatility and make their daily lives more convenient. This has led to rising popularity of briefs and boxer shorts that not only provide coverage and comfort but can also function as workout wear or swim trunks. Brands are launching underwear made from moisture-wicking fabrics that dry quickly to cater to this growing need. For example, Nike launched a range of sport briefs made from breathable fabrics that keep the skin dry during workouts.
• Increased adoption of athleisure trend : The increased adoption of athleisure trend is having a significant influence on the global men's underwear market. As more men embrace workout and comfort-based clothing like gym shorts, leggings and joggers even for non-gym activities, their underwear preferences and needs have also evolved. Men now want underwear that provides breathability, absorbency and flexibility to move along with the fabric of the athleisure clothing they wear. 

Global Men's Underwear Market Restraints:

• Availability of cheaper alternatives: Availability of cheaper alternatives is certainly restraining the growth of men's underwear market. With rising inflation and costs of living, consumers are becoming increasingly cost conscious and seeking more affordable options. This has led to private labels and mass-produced underwear from fast fashion brands gaining significant traction in the past few years. These cheaper alternatives offer basic boxer briefs and briefs that are made from cotton blends at highly competitive price points as compared to mainstream underwear brands. While materials and construction may not be as premium, they fulfill the core function of comfort and coverage at a fraction of the cost. Many fast fashion retailers devote large floor spaces to their expansive underwear collections targeted at price sensitive buyers. The rising popularity of inexpensive private labels sold at major retailers like Walmart, Target, and Amazon is restricting premium brands from significantly increasing their market share and premium pricing.
• Low brand loyalty: Brand loyalty among male consumers is quite low for underwear as compared to other apparel categories like jeans, shirts, and others. Most men do not have a strong preference for a particular brand and are willing to try different brands. They make purchase decisions primarily based on price, availability and promotional discounts rather than emotional attachment to a brand. This lack of stickiness to a brand result in high attrition rates for underwear companies. Male customers keep experimenting with new brands thus leading to lower repurchases and repeat buying. As brand loyalty takes a back seat, it becomes difficult for established brands to consistently grow their market share year after year.

Figure 2. Global Men's Underwear Market Share (%), By Distribution Channel, 2024

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Recent Developments:

• In September 2022, Jockey International Inc.’s official licensee, Page Industries Ltd, expanded its retail flagship store in New Delhi, India. The two-storied store is spread across 2,500 square ft. with designated areas for men, women, and kids. Jockey International, Inc. is a leading designer, marketer, retailer, and licensor of men's undergarments and women's intimates.
• In August 2022, Tommy Hilfiger, American clothing brand expanded its retail footprint by opening a new store in Bonn, Germany. The historical building is designed to provide the best in-store experience for its customers and features underwear and other accessories for men. Tommy Hilfiger is a U.S.-based fashion brand. The company offers a range of products including men's, women's, and kids' sportswear, denim, accessories, and footwear under the Tommy Hilfiger and Tommy Jeans lifestyles.

Top Companies in the Global Men's Underwear Market

• Hanesbrands Inc.
• Phillips-Van Heusen Corporation
• Ralph Lauren Corporation
• Jockey International Inc.
• American Eagle Outfitters Inc.
• Iconix Brand Group Inc.
• J.C. Penney Corporation, Inc.
• Berkshire Hathaway Inc.

*Definition: Men's underwear is an undergarment worn directly on the skin and designed for men. Men's underwear has been used for protection, modesty, adornment, and as an indicator of social status. Men's underwear serves primarily as a private garment, but it has become increasingly visible and public through advertising and popular visual culture. There are various styles of men's underwear, including briefs, boxers, boxer briefs, trunks, and thongs. The choice of underwear style depends on factors such as personal preference, body type, level of activity, and conditions outside.