Global Bra Market – An Overview
As per Transparency Market Research, the global bra market is anticipated to chart a notable and sturdy growth curve over the assessment period of 2018 to 2026. This will not only help the market gain a higher valuation over the period but also line up the market landscape with advantageous opportunities. Besides, it is worth noting that the two regions that will hold the attention of global players are North America and Asia Pacific (APAC). As per analysts, the growth that the market is set to chart is a result of a number of factors.
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Prominent factors that are laying the foundation of growth for the global bra market over the forecast period are detailed out below:
- Online retail stores and a preference for online shopping is pushing the global bra market on a high growth trajectory over the forecast period. An increase in disposable income also plays a crucial role here. It makes premium products affordable and as an increasing number of women are now earning for a living, these are set to see an increase in demand over the coming few years. It is noteworthy here that robust logistics and high income is making products from the best of brands available at the convenience of a click.
- As fashion and beauty influencers run a fashions show every day on their respective handles and accounts on social media, more and more women are lured towards high-end and beautiful products. Brand awareness is at an all time high. Additionally, it is worth noting that a number of smaller brands are now operating in the market with the best quality products – comfortable and stylish – at affordable prices. This again would lead to higher competition and better growth in the global bra market over the forecast period.
Global Bra Market – Snapshot
The bra market has grown significantly since the time of its evolution. Bra is innerwear designed to support women’s breasts. The bra market has shown significant rise in recent years since it is considered an essential necessity to every women. The bra market is fragmented, due to strong presence of several players. The competition is expected to intensify in the coming years due to entry of several local players. However, international players such as Fruit of the Loom, Jockey International, Inc., Wacoal, Group Chantelle, and The Phillips-Van Heusen Corporation are expected to cater to the masses by appealing to their needs at affordable pricing. Strong marketing and promotion activities are also anticipated to accelerate the bra market across the world.
Rising number of working women has resulted in rise in demand for different types of padded bras. Younger women are getting increasingly sophisticated with increased purchasing power and are able to differentiate various brand attributes. Furthermore, women are changing their attitude toward innerwear and take time to choose and make a purchase. Outer wear of women has undergone dramatic change, and hence women prefer selecting inner wear, especially bra, that can match their attire. Bra purchase depends on the occasion. For instance, there is special sportswear bra for gymnasium purpose. This changing attitude of women toward innerwear isdriving the bra market. However, the cost of production of bra is very high. The high cost is due to the rise in price of raw materials required for production.This factor is majorly hindering the growth of the market and the impact of the same is likely to be medium throughout the forecast period.
The global bra market is segmented on the basis ofproduct type and geography. Based on product type, the market has been segmented into padded bra and non-padded bra. Padded bra and non-padded bra segment is further sub segmented into sports bra, nursing bra, convertible/multi-way bra, adhesive/stick-on bra, and others. As compared to non-padded bra, padded bra provides good support. Apart from having sponge-pads, a padded bra usually has an under-wire as well. This provides support to the breasts from sagging. These features of padded bra increases the number of production units for padded bra across the world. Moreover, growing emphasis on comfort and performance during sports activities has resulted in more athletes and sports enthusiasts choosing to purchase functional sports intimate wear, such as padded sports bra. These will continue encouraging bra manufacturers to increase their production capacity during the forecast period.
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Asia Pacific is expected to show the fastest growth rate during the forecast period due to the rising number of premium brands and strong product innovation among manufacturers. Moreover, easy availability of raw material such as natural & synthetic fabric, button, elastic, straps, equipment & machinery, and others is expected to drive the production of bra in this region. Many international brands are planning to open or set up manufacturing facility in unexplored markets to increase bra production in the near future. North America is estimated to contribute major share tothe overall bra market. Women in North America are experimenting with latest trends. Thus, changing attitude of women toward innerwear isdriving the bra market in North America.
The bra market consists of a large number of public and private players. The industry players focus on developing new products to satisfy the changing consumer preferences. Product innovation, technological advancements, and acquisitions are the key competitive strategies adopted by the top players in the bra market. L Brands Inc., Hanesbrands Inc., the Phillips-Van Heusen Corporation, Berkshire Hathaway Inc. (Fruit of the Loom), Wacoal, Jockey International, Inc., group Chantelle, Triumph International, and Wolf Lingerie Limited are the key companies profiled in the research report. The report also offers competitive landscape of the key players in the bra market.