The U.S. men’s underwear market is estimated to be valued at US$ 3.5 billion in 2018 and is expected to exhibit a CAGR of 6.1% over the forecast period 2019-2027, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Men’s underwear refers to undergarments worn by men for practical as well as fashion purposes. The market offers a wide range of options including briefs, boxers, trunks, and boxer briefs, among others. These products are designed to provide comfort and support to men and have become a fashion statement over the years. The increasing need for comfortable and stylish innerwear is driving the growth of the U.S. men’s underwear market.
B) Market Key Trends:
One key trend in the U.S. men's underwear market is the growing popularity of sustainable and eco-friendly underwear. With increasing awareness about environmental issues, consumers are now opting for products that are made from sustainable materials and manufactured using sustainable practices. For example, several brands are now offering men’s underwear made from organic cotton or recycled materials. This trend is driven by the rising consumer demand for environmentally responsible products and is expected to positively impact the market growth.
C) PEST Analysis:
- Political: The political factors influencing the U.S. men’s underwear market include regulations related to manufacturing practices, labor laws, and import/export policies.
- Economic: Economic factors such as disposable income, consumer spending patterns, and inflation rates influence the purchasing behavior of consumers in the men’s underwear market.
- Social: Social factors include changing lifestyle preferences, fashion trends, and cultural norms, which shape consumer choices in terms of style, design, and branding of underwear.
- Technological: Technological advancements in fabric technology, such as moisture-wicking and odor control properties, have significantly enhanced the functionality of men’s underwear.
D) Key Takeaways:
- Market Size: The U.S. men’s underwear market is expected to witness high growth, exhibiting a CAGR of 6.1% over the forecast period. This growth is driven by the increasing demand for comfortable and stylish innerwear.
- Regional Analysis: North America is the fastest growing and dominating region in the men’s underwear market, primarily due to the presence of key players, strong distribution channels, and high consumer awareness about fashion and style trends.
- Key Players: Key players operating in the U.S. men’s underwear market include Hanes Brands Inc., Philips-Van Heusen Corporation, American Eagle Outfitters Inc., Ralph Lauren Corporation, Jockey International Inc., and Gildan Activewear Inc. These players are focusing on product innovation, sustainability, and marketing strategies to gain a competitive edge in the market.
In conclusion, the U.S. men’s underwear market is witnessing high growth due to the increasing demand for comfortable and stylish innerwear. The market is driven by key trends such as the popularity of sustainable and eco-friendly underwear. A PEST analysis reveals that political, economic, social, and technological factors play a crucial role in shaping the market dynamics. The market is expected to grow significantly in North America, led by key players who are actively innovating and engaging in sustainable practices to meet consumer demands.
