Undergarments help to evade fouling of outerwear. They are generally of two types: upper body and lower body garments, which cover the chest and waist and legs correspondingly. Innerwear are the clothes worn underneath dresses, subsequent to the skin; it can comprise more than one layer.
Related Projects:- Textile, Apparel, Clothing, Denim wear, Innerwear, Lingerie, Hosiery, Denim Jeans, Readymade Garments and Under Garments Industry.
According to NIIR PROJECT CONSULTANCY SERVICES (NPCS), Indian undergarment market by volume had grown at a compounded annual growth rate (CAGR) of 7% in the last 3 years.
Never ending market: -
Increasing alertness about the best fit, mounting millennial population, and rise in outlay power among womenfolk are likely to drive the market over the forecast period. Cumulative accessibility of a broad range of products in numerous designs for several drives such as sports, bridal wear, and regular wear has also been driving the global market. Growing approval of the global market is also accredited to swelling need among women to emphasize their natural attractiveness. In 2018, brassiere held the major market share of more than 50.0%. Convenience of fabrics and incessant alteration in technology has provided designers to make novel products and preserve their leading position in the market. This section has been gaining grip owing to its benefits such as benefit of perusing the products and trial facility of the merchandise before purchase. Furthermore, presence of a store subordinate who aids them choose the right merchandise influences the buying choice, thereby heightening the segment growth.
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Global market: -
The global men’s underwear market size was esteemed at USD 29.41 billion in 2018 and is anticipated to index a CAGR of 5.3% from 2019 to 2025. The international lingerie market size was treasured at USD 29.9 billion in 2018 and is expected to roll a CAGR of 7.5% from 2019 to 2025.APAC is expected to be the fastest increasing local market with a CAGR of 7.8% over the forecast retro.
Market strategy: -
With maximum of the retail outlets shut and limited suitable room facilities, the sales of underwear’s in physical vent has been affected severely during COVID pandemic. But, the request for more work from homebased comfort outfit, zero feel products through e-commerce has been challenging during the pandemic period with the auctions of non-wired bras and barrettes sales up by around 40 % compared to 2020.
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The key players are boarding on mergers and procurements as one of their key policies to achieve alliance and enhance their offerings. A few universal players have merged with local players to gain ascendency in local markets. Comfort and convenience are progressively becoming significant to customers since of their hectic routines and work schedules. Large prearranged retail stores stock numerous brands and a variety of lingerie wear counting bras, briefs, etc., under one roof, providing more options to consumers. These stores also deal other friendly attire to fulfil the requirements of shoppers.
Related Project:- Undergarments (men & Women)
Indian market: -
India lingerie market erected at around $ 3 billion in 2017 and is likely to cultivate at a robust CAGR of around 14% to reach $ 6.5 billion by 2023, on the back of mounting request for lingerie sets, rising middle class populace and snowballing number of financially sovereign women. Though the womenswear market is relatively less organized and has lower brand diffusion, this is likely to cultivate, at a CAGR of 10 percent, over the next decade to grasp US$ 38.9 billion in 2023 and thus nearly becoming equal to the worth of the menswear segment. The fresh changes brought about by the Government of India, viz. permitting 51 percent foreign direct investment, in multi-brand outlets (MBOs), and 100 percent FDI in exclusive brand openings (EBOs), have provided a lucrative chance for international brands and retailers via which to start their footprint in India.
This will lead to an upsurge in local sourcing by global brands and vendors from India, thus contributing to India’s economy. Indian men have also shown an inclination to purchase innerwear, chief to a violent development in this section.
Conclusion: -
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