New York, April 26, 2023 (GLOBE NEWSWIRE) -- Lingerie Market Overview
Market Research Future (MRFR) 's report highlights Lingerie Market Information By Product Type, Packet Size, Distribution Channel, And Region - Forecast till 2030"; the market will achieve USD 135.16 billion by 2030 at a 4.52% CAGR.
Market Synopsis
The lingerie and innerwear market has grown significantly over the last few years, and this trend is anticipated to continue. Customers, especially women, are more concerned with how they look and how comfortable they are. They are primarily influenced by lingerie sales-promoting media such as commercial advertisements, movies, television shows, and other forms of entertainment. Wage increases, high discretionary spending, and the number of working women primarily drive the growth of the global lingerie market. Women are evolving into more independent, assertive, and transparent individuals. They accept contemporary lingerie as an attractive undergarment that boosts their confidence and self-esteem.
One of the main drivers of the market's expansion is that every style of dress for women requires a specific type of lingerie to highlight their physical characteristics. In addition to lingerie's obvious functional advantages, women have an emotional connection to the various lingerie brands they select. They are starting to have a different perspective on undergarments and take more time selecting and making purchases. In the fashion industry, lingerie wear has become much more popular. Women from all walks of life are curious to try out the newest women's underwear industry trends. The distribution channels of well-known lingerie producers are constantly expanding to make their products available in various markets. Most lingerie companies have distinctive locations in malls.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | 2030: USD 135.16 Billion |
| CAGR | 4.52% CAGR (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2019-2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Price Range, Distribution Channel and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The growing number of millennials |
| Increasing knowledge of products that fit customers best |
Market Competitive Landscape
The foremost contenders in the lingerie market are:
- Group Chantelle (France)
- MAS Holdings (Sri Lanka)
- Jockey International Inc (US)
- Fashion Nova Inc. (US)
- Yandy LLC (US)
- Marks and Spencer plc (UK)
- Victoria's Secret (US)
- Hennes & Mauritz AB (Sweden)
- LVMH Moët Hennessy Louis Vuitton (France)
Market U.S.P. Covered
Market Drivers
Key factors anticipated to propel the market throughout the forecast period include the rising millennial population, the rising spending power of women, and growing awareness of products' best fits. The shift from seeing lingerie and underwear as necessities to fashionable accessories that enhance a toned body have been a key factor driving the market for fashionable lingerie. Market expansion has also been fueled by the expanding supply of a wide array of goods in numerous designs for various uses, including sports, weddings, and everyday wear. To diversify their product offerings and introduce new products, the major market players also establish new brands and engage in acquisitions and mergers with other businesses.
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The increase in the accessibility of a broad range of goods in a variety of designs for various uses, including daily wear, athletic clothing, and bridal wear, has also fueled the expansion of the industry. Lingerie is becoming more and more popular worldwide due to men and women turning to these products to enhance their natural beauty. As women have grown more conscious of their hygiene, appearance, and quality of life, they prefer lingerie that feels more comfortable and practical. As more women enter the workforce, lingerie sales are increasing globally. The growth in women's purchasing power is driving a surge in the sales of upscale underwear.
Market Restraints
The rising cost of production will constrain the market's projected growth, while it will face challenges from the quick shift in consumer preferences and expectations and the ever-evolving fashion trends.
COVID 19 Analysis
While COVID-19 negatively impacted some industries, others benefited from it. However, it impacted the lingerie market and declined product sales and demand. Due to limitations, government regulations, and lockdown situations, physical stores suffered greatly as customers were forced to stay home to prevent the disease's rapid spread. However, buyers were still buying intimate apparel online. Because of this, the COVID-19 pandemic had a smaller impact on the lingerie market than on other economic sectors.
Market Segmentation
By product type, the market includes briefs, bras, and shapewear. By distribution channel, the market includes store-based and non-store-based. By price range, the market includes economy and premium.
Regional Insights
The newest market trends are shaping the prospects for lingerie use worldwide. In 2022, Europe had the largest market share for lingerie worldwide. The region's market is expanding due to rising income, rising fashion accessory awareness, and an increase in the number of working women. The second-largest share of the market belongs to the lingerie industry in Europe. Significant companies and a strong demand for costly and exquisite goods drive the industry. Businesses are placing a strong emphasis on design and quality for every shape and size. The UK lingerie market grew fastest in the European region, while the German lingerie market had the highest market share.
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Women in Asia-Pacific, South America, the Middle East, and Africa are more likely to wear the appropriate lingerie due to growing awareness of the availability of various types and sizes of undergarments and improved economic conditions in these regions. Over the forecast period, the Asia-Pacific region is anticipated to grow the fastest, dominating the market. The main factors influencing product demand are increased awareness about best fits as usage, changes in working millennials' lifestyles, rising income for purchasing the best products available, and concern with maintaining a clean appearance. Consumers are prepared to spend money on upcoming, innovative products. Foreign businesses are opening up shops in the area to reach a larger customer base.
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