A) Market Overview:
The U.S. men’s underwear market is expected to reach a valuation of US$3.5 billion by 2022, exhibiting a robust CAGR of 6.1% from 2019 to 2027. This significant growth can be attributed to the increasing demand for men’s underwear, driven by factors such as changing fashion trends, rising disposable incomes, and evolving consumer preferences. With a wide range of products available, including briefs, boxers, trunks, and boxer briefs, the market offers various options in terms of design, fabric, and functionality. As more men become conscious about comfort, style, and quality, the demand for premium and branded underwear is on the rise.
B) Market Dynamics:
1. Increasing Awareness and Focus on Comfort:
Men’s underwear has evolved significantly over the years, with emphasis now placed on comfort and fit. Consumers are increasingly opting for underwear made from breathable fabrics such as cotton, spandex, and modal, which provide better moisture absorption and improved breathability. Growing focus on health and fitness has spurred demand for underwear that offers support and flexibility during physical activities.
2. Growing Influence of Fashion and Lifestyle Trends:
Fashion-conscious consumers are now seeking stylish and trendy underwear that complements their outfits and reflects their personal style. Innovative designs, patterns, and colors are becoming popular among younger demographics who value uniqueness and individuality. Additionally, the influence of social media platforms and celebrity endorsements drives awareness and inspires men to experiment with different styles of underwear.
C) 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 increased awareness about environmental issues, consumers are opting for products that minimize their ecological footprint. Brands offering organic and ethically sourced materials, as well as those employing eco-friendly manufacturing processes, are gaining traction in the market. For example, bamboo-based underwear has gained popularity due to its sustainability and natural antibacterial properties.
D) SWOT Analysis:
Strength:
The U.S. men’s underwear market benefits from a strong demand base and a consumer preference for premium and branded products. The market offers a wide range of options in terms of design, fabric, and functionality.
Weakness:
One of the challenges faced by the market is the intense competition among established brands, making it difficult for new entrants to gain market share.
Opportunity:
Advances in technology, such as the integration of smart features and wearable technology into underwear, present an opportunity for market growth. Additionally, expanding distribution channels and targeting niche demographics can further drive sales.
Threats:
Counterfeit products and the presence of unorganized small-scale manufacturers pose a threat to the market. In addition, fluctuations in raw material prices and geopolitical factors affecting trade can impact the cost and availability of materials.
E) Key Takeaways:
The U.S. men’s underwear market is poised for substantial growth with promising opportunities for key players. With a rising demand for comfort, style, and environmentally friendly products, brands need to adapt and innovate to stay competitive. Key players such as Hanes Brands Inc., Philips-Van Heusen Corporation, American Eagle Outfitter Inc., Ralph Lauren Corporation, Jockey International Inc., and Gildan Activewear Inc. play a significant role in shaping the market’s dynamics and are likely to maintain their dominance in the industry by leveraging their brand reputation, innovation capabilities, and expansive distribution networks.
In conclusion, the U.S. men’s underwear market is expected to experience steady growth in the coming years driven by changing consumer preferences, fashion trends, and increasing disposable incomes. Brands that focus on comfort, style, sustainability, and technological advancements will have a competitive edge in this lucrative market.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.