Global Men’s Underwear Market, By Age Group (Age Group 15-25, Age Group 26-35, Age Group 36-45, Age Group 46-55, Age Group 56-65, and Age Group 65+), By Distribution Channel (Online Store and Offline Store), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 41.20 Bn in 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 5.7% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
Men's underwear is clothing that is worn next to the skin in order to keep the private area dry and clean. They are basically intimate clothes that shape the body properly. Men's underwear is made from raw materials like polyester, cotton, rayon, nylon, and silk. They play an important role in maintaining hygiene and comfort by providing proper shapes for the private areas. Furthermore, undergarments are worn to prevent genital skin infections caused by unsanitary conditions in intimate areas and physical activities that rub the skin repeatedly. This causes various skin infections in the genital areas.
Global Men’s Underwear Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviours, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems regarding the transportation of things from one place to another.
Major players functioning in the market are adopting new strategies in order to mitigate the impact of the COVID-19 pandemic. Producers are opting out of the retail sector across the globe and encouraging their customers for adopting online channel. This scenario is expected to fuel the growth of the ecommerce channel in fashion clothing and apparel industry across the globe.
Global men’s underwear market has been adversely affected by the outbreak of COVID-19. In the U.S., overall sales of apparel witnessed a drop of about 19.0% from 2019 to 2020, with the overall decline amounting to about USD 42.0 billion in 2020, as per an article published in March 2021 in The Underfashion Club, Inc., a non-profit organization supporting the intimate apparel industry. In Asia Pacific countries, there was a drop in sales of men’s underwear in 2020. However, the market is anticipated to slowly return to pre-pandemic levels because people resume normal life, and the demand for the men’s underwear is anticipated to grow. This is expected to positively impact the market growth during the forecast period.
Link - https://www.coherentmarketinsights.com/market-insight/mens-underwear-market-1442
Global Men’s Underwear Market: Key Developments
- In 2022, Calvin Klein revealed the ‘Autumn 2022’ campaign featuring the jeans collections and latest underwear. This collection is mainly designed for everyday wear with a new style to provide more comfort with a blend of recycled materials. Calvin Klein is a U.S.-based premium fashion house. The company is known for its minimalist and sensual aesthetic, which drives its approach to product design and communication.
Key Takeaways of the Global Men’s Underwear Market
- Global men’s underwear market is expected to exhibit a CAGR of 5.7% during the forecast period.
- Key companies covered as a part of this study include 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., and Berkshire Hathaway Inc.
