NEW YORK, August 31, 2015 /PRNewswire/ --
According to a new market report published by Persistence Market Research, titled "Men's Underwear Market: BRIC to Witness Highest Growth by 2020", the men's underwear market is projected to account for US$ 8,420.8 Mn by the end of 2015 at a CAGR of 5.8% from 2015 to 2020, to reach US$ 11 Bn by 2020.
There are generally two types of men's undergarments; one type covers the torso and the other covers the waist and legs. For undershirt, we include vest, sleeved vest and muscle vest. For briefs, we include regular briefs, trunk and boxer shorts. Long underwear is preferred to offer extra warmth to wearers during winters.
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Growing disposable income, preference for branded underwear that offer better fit and comfort are major factors fuelling demand for premium underwear, there by driving the growth of the men's underwear market. However, a high degree of competition and unorganized market in developing countries are major factors hampering the growth of the overall men's underwear market. The men's underwear market is anticipated to expand at a CAGR of 5.8 % from 2015 to 2020, to reach US$ 11,167.6 Mn by 2020.
By region, BRIC dominated the market with over 35% market share and is expected to remain dominant throughout the forecast period. Europe was the second dominant region with 17.4% share in 2014. The men's underwear market in Europe and North America is expected to expand at CAGRs of 5.1% and 3.9% respectively during the forecast period.
On the basis of age group, the market has been segmented into 15-25, 26-35, 36-45, 46-55 and 56 and above. The 36-45 segments accounted for 24.2% share of the global men's underwear market in 2014 and are expected to register a CAGR of 5.8% over the forecast period.
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On the basis of distribution channel, the market has been segmented into online sales and offline sales, where offline sales are further sub-segmented into the mass merchant, specialty store, mono-brand store and others. The online sales segment accounted for 7.7% share of the global men's underwear market in 2014 and is expected to register the fastest CAGR of 12.8% over the forecast period. Mass merchant sub-segment accounted for a dominant market share of around 58.5% in 2014.
Key market players covered in this report are Hanesbrands Inc., Philips-Van Heusen Corporation, Ralph Lauren Corporation, Jockey International Inc., American Eagle Outfitter Inc., Iconix Brand Group Inc., J.C. Penny Corporation, Inc. and Berkshire Hathaway Inc. Major players in men's underwear market focus on enhancing their global and regional presence through acquisitions and mergers and operational expansion.
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SOURCE Persistence Market Research Pvt. Ltd.