New York, US, Aug. 24, 2021 (GLOBE NEWSWIRE) -- Lingerie Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Lingerie Market Information by Product Type, Price Range, Distribution Channel and Region - Forecast till 2028”, the market is projected to cross USD 56 Billion by 2028 at 4.10% CAGR.
Market Scope
Lingerie makers have to tailor different types of underwear to match the different tastes and needs of different women because women are picky about their lingerie and often have varying expectations.
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Competitive Landscape
- Yandy LLC (US)
- Marks & Spencer Group plc (UK)
- Victoria's Secret (US)
- Groupe Chantelle (France)
- MAS Holdings (Sri Lanka)
- Jockey International, Inc. (US)
- Fashion Nova, Inc. (US)
- Hennes & Mauritz AB (Sweden)
- LVMH Mot Hennessy – Louis Vuitton SE (France)
- Hunkemöller International B.V. (Net (US)
Market Drivers
Because lingerie (especially high-end lingerie) may be quite profitable, there are a number of lingerie producers on the market. As a result, the worldwide lingerie business is highly fragmented. Manufacturers are discovering that they must spend a lot of money on market research and general R&D. This is the only way they will be able to create underclothes that is both comfortable to wear and creative in terms of style and functionality in the future. Lingerie has become increasingly enticing to women throughout the world owing to social media platforms like Facebook and Instagram, which has raised demand for this innerwear.
In addition, an increasing number of women are working. In developing countries, this is especially true. It has resulted in a rise in overall purchasing power and per capita income. In recent years, these two reasons have also fueled expansion in the worldwide lingerie market.
Market Restraints
Fashion trends can change drastically in a matter of hours. What is fashionable one day may be considered unfashionable the next. This is particularly true in the case of lingerie. This is one of the primary reasons limiting the global lingerie market's growth. Underwear makers will face a significant difficulty in keeping lingerie fashionable for women as fashion trends and tastes change radically and quickly.
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COVID-19 Analysis
COVID-19 made its global debut at the beginning of last year. It was China's most recent gift to the world. In worst-case scenarios, the COVID-19 virus appeared to be a nuisance at first. Governments all throughout the world quickly realized, however, that this virus was harmful. COVID-19 caused a small number of people to be hospitalized. Only a limited number of people perished as a result of it. However, the biggest difficulties appeared when patients who healed developed long-term health complications. High blood sugar levels and acute shortness of breath were among them.
Governments all throughout the world decided to take action right away. Quarantines and lockdowns were instituted. People all throughout the world were also encouraged to spend as much time as possible at home. As a result, the demand for lingerie increased as more women stayed at home.
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Market Segmentation
Bras have the largest proportion of the lingerie market by product. Bra producers can now use a broader range of fabrics, designs, and styles to create the lingerie fashions that women all over the world want thanks to recent technical advancements.
The economy sector has the highest proportion of the global lingerie market in terms of price. These items of apparel are readily available in most grocery and retail stores. This segment has a higher CAGR.
Stores and other outlets, by distribution channel, are leading the market growth and are predicted to continue to do so over the study period. Many online retail businesses are springing up to sell various brands of women's lingerie, thanks to e-commerce. This segment's CAGR will be higher till 2027.
Regional Insights
The North American region has the largest proportion of the worldwide lingerie market. The United States and Canada are two countries that share a border. There is a lot of money to be made in this region because of the relatively strong middle class and higher purchasing power. Lingerie is projected to be in great demand through the end of 2025. Higher demand is being driven by style and design innovations, as well as frequent product introductions that reflect the same.
As of 2018, the European Union had the biggest market share of any region. European lingerie makers, like those in North America, are becoming increasingly innovative in terms of underwear styles and designs. This is a significant growth engine for the region
Until the end of 2027, the Asia-Pacific area is predicted to have the greatest CAGR. Women in developing countries are working more than ever before, and their purchasing power is skyrocketing. As a result, until at least the end of 2027, the Asia-Pacific region is likely to generate significant income for the lingerie industry.
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