Lingerie has come a long way since the time it was considered a female tool of seduction and titillation.The global lingerie marketwas worth $78.7 billion in 2022, reinforcing demand worldwide. A study by the IMARC Group expects the market to reach $119.4 billion by 2028, growing at a compounded annual growth rate (CAGR) of 7 per centfrom 2023 to 2028.A similar study by Transparency Market Research, projects growth up to 2031 at $171.3 billion.
Societal change driving growth
The increasing inclination of consumers toward trendy intimate wear and sportswear is one of the key factors driving growth. In line with this, the widespread adoption of aggressive marketing and promotional activities on social media platforms for sensitizing and broadening the consumer base is considerably contributing to growth.
Rising product variations and escalating demand for wide-ranging seamless, brassieres briefs, and premium-quality branded lingerie amongst consumers, are propelling the market. Furthermore, increasing preference for lingerie products amongst male demographics, is positively stimulating the market. Apart from this, the collaboration of lingerie manufacturers with supermarket chains and multiple distributors for improving product portfolio is also a catalyst.
The advent of sustainable product variants is acting as a major growth-inducing factor. For instance, brands and leading companies are deploying environmentally-friendly production processes and using biodegradable materials to manufacture ecological lingerie sets that are gaining immense popularity, primarily due to the increasing environmental consciousness among the masses. Other factors, such as easy product availability through proliferating online platforms, attractive discounts and affordable price points offered by leading brands, and rising urbanization and purchasing power of consumers, especially in developing regions, are creating a positive outlook for the market further.Whilst the sudden outbreak of COVID-19 led to a shift in consumer preferences from conventional brick-and-mortar distribution channels towards online retail platforms for lingerie purchase, now, things are changing back to normal as customers are going back to physical stores.
Some major players in the global lingerie market include Fashion Nova LLC, Hanesbrands Inc., H & M Hennes & Mauritz AB, Hunkemöller International B.V., Jockey International Inc., MAS Holdings, PVH Corp., The Gap Inc., The Groupe Chantelle, Triumph International Ltd., Victoria’s Secret & Co., and Yandy Enterprises LLC.
Cotton-based, products have biggest market share
It is 2023 and as perreports on the weightage of distribution channel, the global lingerie market can be bifurcated into mass merchandizers, specialized stores, online stores, and others. Among these, mass merchandizers account for the majority market share. Based on prices, the global lingerie market has been segmented into economy and premium. Currently, economy price range makes up the largest market share. In terms of products, the global lingerie market has been divided into brassiere, knickers or panties, shape-wear, and others. Currently, brassiere has clear market dominance. When preferring material, the global lingerie market can be categorized into cotton, silk, satin, nylon, and others. Among these, cotton holds the majority of the global market share.