Men’s Underwear Market: Outlook
The global men’s underwear market may garner substantial growth across the forecast period of 2020-2030 due to the rising awareness about personal hygiene among the global populace. The advantages associated with using underwear may serve as the prominent reason for growth. Some of the major advantages are prevention of chafing, elimination of crotch rot, and intense comfort. Such advantages equipped with modern styles make a perfect fit for the overwhelming growth of the men’s underwear market.
On the basis of type, the global men’s underwear market can be classified into boxers, briefs, boxer briefs, trunks, and others. Men’s underwear is available in a variety of materials such as modal, nylon, cotton, polyester, and others.
This report on the global men’s underwear market will enlighten the stakeholder about the ongoing trends across the landscape. The report also provides extensive information on diverse growth aspects such as regional assessment, competitive scenario, and emerging trends. This report also covers the COVID-19 impact on the men’s underwear market.
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Men’s Underwear Market: Competitive Scenario
The highly fragmented men’s underwear market displays immense competition. The players in the men’s underwear market are always in the process of developing products that meet the requirements of the consumer.
The millennial and generation Z category is recording great demand for stylish and trendy underwear with extensive comfort. Therefore, the players in the men’s underwear market are in the process of designing such underwear to cater to the large demand from the millennial segment. For instance, Bummer, an Indian underwear brand recently launched its broad range of men’s underwear with smart designs, funky colors, and great comfort to attract the large millennial segment.
Mergers and acquisitions are bringing extensive growth opportunities for the men’s underwear market. These activities give a chance to the players for exploring untapped regions and opportunities by expanding their base.
Men’s Underwear Market: Key Players
- Ralph Lauren Corporation
- American Eagle Outfitters Inc.
- Fruit of the Loom
- Levi Strauss & Co.
- Naked Brand Group Inc.
- Perry Ellis International Inc.
- HUGO BOSS
Men’s Underwear Market: Power of Sustainability
Sustainability and eco-friendly materials are inviting great growth opportunities for the men’s underwear market across the globe. Modern consumers are becoming aware of the current environmental distress and are trying to reduce the same. For this purpose, consumers are switching to products made from eco-friendly materials. Here are some instances of such product launches:
- Duluth Trading Co. launched Eco-Cheeks range of men’s underwear made from recycled polyester derived from post-consumer plastic bottles
- Allbirds, a San Francisco-based company recently launched a collection of men’s underwear made from Trino yarn, a material made from a mix of eucalyptus fibers, elastane, and ZQ-certified merino wool; the materials are also combined with waistband elastic created from rPET and bio-nylon
Men’s Underwear Market: Growing Influence of Mono Brand Stores
Mono-brand stores may bring great growth opportunities for the men’s underwear market across the forecast period. These stores sell products of a single brand only. Jockey stores are classic instances of mono-brand stores.
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Men’s Underwear Market: Change in Advertising Trends
Earlier, the brands in the men’s underwear market used to advertise their products prominently around masculinity but as the times change, the trends also change. The consumers now focus more on the features of the product such as hygiene, comfort, aesthetic appeal, and type of fabric. Therefore, the players in the men’s underwear market are changing their advertising strategies for attracting maximum sales.
Men’s Underwear Market: Geographical Perspective
The men’s underwear market can be regionally segmented into North America, Latin America, the Middle East and Africa, Asia Pacific, and Europe. North America may observe considerable growth across the forecast period of 2020-2030. The changing lifestyle choices of the people and rising metrosexual populace across the region may prove to be a prominent factor for the growth of the men’s underwear market.
Asia Pacific may also garner considerable growth for the men’s underwear market during the forecast period of 2020-2030 due to the rising disposable income of people in densely populated countries like China and India.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.