Lingerie Market Growth & Trends
The global lingerie market size is expected to reach USD 141.81 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.7% from 2022 to 2030. The increasing economically independent women population, the rising focus on style quotient and luxury, and the swelling popularity of loungewear, shapewear, knickers, and panties are the factors that drive the market. Additionally, the growing number of women participating in fitness-related activities including marathons, gym, and other sports is further anticipated to surge the demand for products such as sports bras, thus fuelling the growth of the market. The high cost of raw materials and design may hamper the growth of the market.
The COVID-19 pandemic has had a negative impact on the market. In 2020, the collective effect of outlet closings, stinginess resulting from the quickly declining economic situation, and the discretionary character of lingerie made it one of the worse hit apparel categories due to the COVID-19 pandemic. Additionally, the manufacturing hubs operating globally faced a double impact. Due to the COVID-19 pandemic, manufacturing operations came to a halt, followed by an increasing number of order cancellations from foreign clients unable to sell or stock merchandise.
The briefs segment accounted for the largest share of over 55.0% in 2021. This can be attributed to the availability of several products made of comfortable fabric including cotton and nylon, designed with different styles such as hipster, shorts, and full briefs. Moreover, various key players offer special kinds of knickers with jacquard and lace designs, no VPL lace trim, and high waist control to provide comfort and other benefits, which drive the demand for the segment.
North America held the second-largest revenue share in 2021. This is attributed to the presence of a large number of lingerie companies, consumers’ inclination toward premium lingerie brands, and the growing adoption of clean and comfortable lingerie in this region. Most of the manufacturers operating in the region launched various lingerie products to cater to a large number of customers. For instance, in 2018, Victoria’s Secret launched a new line of lingerie in Miami to expand its brand’s product portfolio.
Major companies are focused on launching innovative lingerie products as per the changing fashion trend and consumer demands. Various companies are mostly utilizing e-commerce platforms to offer premium-quality branded lingerie to consumers with increased convenience. In April 2021, Calvin Klein, a PVH Corporation brand, launched its new, sustainable underwear and dual-gender loungewear range produced using sustainably sourced materials, which contributed to the round textile economy through recycled materials.
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Lingerie Market Report
Lingerie Market Report Scope Report Attribute Details Market size value in 2022 — USD 88.32 billion Revenue forecast in 2030 — USD 141.81 billion Growth rate — CAGR of 5.7% from 2022 to 2030 Base year for estimation — 2021 Historical data — 2017–2020 Forecast period -2022–2030
Lingerie Market Report Highlights
Asia Pacific is expected to expand at the fastest CAGR over the forecast period. This is attributed to the presence of a large number of end-users in the region, which is increasing by the expanding popularity of e-commerce, growing disposable incomes, and changing consumer preferences
The shapewear product type segment is likely to expand at the fastest CAGR over the forecast period. This is attributed to the influence made by the philosophy of body positivity, thus encouraging buyers to purchase products. Furthermore, the growing demand for intimates with the flexibility to appear more attractive and comfortable is expected to drive the segment over the forecast period
The online distribution channel segment is likely to expand at the fastest CAGR from 2022 to 2030. This is attributed to the growing popularity of branded as well as exclusive products. Additionally, online stores and websites offer all types of lingerie products, thus fueling the segment growth
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