Lingerie market has been growing at a steady rate over the past few years as lingerie is considered to be a necessity to every woman across the globe. The dependency on lingerie for functional as we as for fashion purposes has been propelling the growth of the market in recent years. Owing to these reasons, the report states that the global lingerie market was valued at US$33.18 bn in 2015 and is expected to be worth US$55.83 bn by the end of 2024. The global market is estimated to rise at a CAGR of 6.4% during the forecast period of 2016 and 2024 due to various growth drivers that have been carefully studied in this research report.
Availability of Broad Product Range to Fuel Growth of Lingerie Market
The global lingerie market is expected to grow at a steady pace due to the wide availability of these products. Today, lingerie can be bought online as well as through retail stores. With the help of accurate size charts and description lingerie can be purchased through online shopping with the option of exchanging or returning it if it does not fit. Thus, the convenience of shopping has also boosted the growth of the global market. Analysts state that the broad product range that suits every budget has also lured in bigger consumer base in the global lingerie market. Furthermore, continuous efforts to improve the materials used for making various types of lingerie, research and development, and strong branding have all favored the growth of the global market in recent years.
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On the basis of product types, the global lingerie market is segmented into bra, knickers and panties, loungewear, shape wear and others. The report indicates that the bra segment holds the biggest share in the global market due to its indispensable usage. The knickers and panties segment too is expected to make a significant contribution to the overall market as these are considered essential items of an attire as well.
Online Stores Take over Global Market as they Offer Convenience of Shopping
On the basis of distribution channel, the market is segmented into channel into online stores and storefront. Online stores dominated the global lingerie market in 2015 as they offer convenience, varieties, wide range of discounts, offers, and coupons. Online stores are gaining importance due to penetration of internet that provides a strong platform to the customers to make easy purchases. Further, the due to the rapid penetration of premium range of smart phones among the young population is expected to drive the e-commerce segment thereby promoting online retail.
Store front refer to shopping within supermarkets and hypermarkets and departmental and convenience stores. The emergence of online shopping and e-commerce is going to weigh down on this segment in both developing as well as developed countries. However, the adult female population that is not yet familiar with using technology for making purchases is expected to drive this segment in the coming years. A strong presence of a fashion-conscious female population is expected to drive this regional market in the near future.
Europe to Lead Global Market with Presence of Fashion-conscious Consumers
In terms of geography, the global lingerie market sprawls over regions such as Europe, North America, the Middle East and Africa, Latin America, and Asia Pacific. Analysts project that Europe is expected to lead the global lingerie market in the coming few years.
The key players operating in the global lingerie market are Jockey International Inc., Wisconsin, Hanes, Groupe Chantelle, LVMH, L Brands Inc., MAS Holdings Limited, Ann Summers, Marks and Spencer, and PVH Corporation among others.
Lingerie Market: Overview
Lingerie refers to women undergarments, which include knickers and panties, bra, shape wear, and loungewear. These cloths are manufactured using various fabrics including polyester, satin, lace, sheer, nylon, silk, Lycra, and cotton. The availability of a wide range of products is generating promising sales opportunities in the global lingerie market.
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In recent period, the disposable income of major worldwide population is improved. This factor is expected to work in favor of rapid growth of the global lingerie market in the upcoming years. However, consumers today are more selective while purchasing their cloths including lingerie. As a result, the companies engaged in the global lingerie market are growing efforts toward making innovation in the fabric, style, and color of their products. Apart from this, several lingerie producers are focused toward designing products with embroidery, lace, brighter hues, and luxurious materials.
Enterprises in the lingerie market are rolling out trendy lingerie intended for different activities. In addition to this, many players are focusing on research and development activities to improve the quality of their products. Owing to this factor, the global lingerie market is likely to expand at moderate pace in the forthcoming years.
With the occurrence of recent COVID-19 pandemic, the customer base from all across the globe is giving preference toward buying their products through the online platforms. While shopping their products through online platforms, customers can use the reference given in size charts provided by the lingerie manufacturers. This factor encourages consumers to opt online platforms. Apart from this, the enterprises in the global lingerie market are focused on aggressive promotional activities to attract and encourage their customers to shop their products online. This scenario indicates that the global lingerie market will recover through the loss occurred due to COVID-19 and show growth at moderate pace in the years ahead.
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