Men's underwear provides soft comfort, style and support for men. Different styles of underwear are available in the market including briefs, boxer briefs, boxer shorts, and trunks among others. There is an increasing demand for athletic, functional and sustainable underwear. The global U.S. Men's Underwear Market is estimated to be valued at US$ 3.37 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for increased product diversification in the U.S. men's underwear market is driving its high growth. With changing preferences, men are looking for more innovative and functional underwear designs and options. This presents a major market opportunity for underwear manufacturers to launch new product lines catering to different activities like sports, workout, loungewear etc. They can focus on developing moisture-wicking, anti-microbial and odor-resistant underwear using breathable fabrics. There is also demand for sustainable underwear made from organic or recycled materials. By introducing diversified products aligned with the evolving needs, companies can gain a competitive edge in the market and tap the opportunity to expand their business and revenue.
Porter’s Analysis
Threat of new entrants: The established players have strong brand recognition and economies of scale which act as a deterrent for new entrants. Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of various existing brands and styles to choose from. Bargaining power of suppliers: Suppliers have low bargaining power as there are many fabric suppliers and manufacturers in the market. Threat of new substitutes:substitutes like sports bras, vests pose minimal threat as underwear serves a unique purpose. Competitive rivalry: Market presence of major brands like Calvin Klein, Hanes, Jockey results in intense competition.
SWOT Analysis
Strengths: Strong brand portfolio, product innovation, extensive distribution network. Weaknesses: High customer acquisition costs,vulnerability to low cost rivals, seasonality in demand. Opportunities: Growing athleisure trend, rising health awareness, expanding e-commerce. Threats: Increased regulatory compliance requirements, currency fluctuations, counterfeit products.
Key Takeaways
The U.S. Men's Underwear Market Demand is expected to witness high growth during 2023-2030. Rapid urbanization, increasing disposable incomes and growing fashion consciousness among men will fuel the demand. The western region holds the major share currently due to higher spending capability and hot weather conditions requiring breathable fabrics.
Regional analysis: The southern region is forecasted to grow the fastest aided by increasing male population, hot & humid climate conducive for wearing lightweight innerwear and strong economic growth. States like Texas and Florida contribute majorly.
Key players: Key players operating in the U.S. Men's Underwear market are Pfizer, Roche, Johnson & Johnson , Novartis, Merck & Co, GlaxoSmithKline, Sanofi, AbbVie, Amgen, AstraZeneca, Bristol-Myers Squibb, Eli Lilly, Teva Pharmaceutical, Bayer , Novo Nordisk, Allergan, Gilead Sciences, Boehringer Ingelheim, Takeda Pharmaceutical, Biogen.
Get more insights on this topic: https://www.insightprobing.com/u-s-mens-underwear-market-demand-share-analysis/
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