Lingerie Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Lingerie Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Lingerie Market was valued at USD 76,170.1 million and is projected to register a CAGR of 8.02% during the forecast period (2022-2027).

In 2020, the combined effect of outlet closures, and frugality resulting from the rapidly deteriorating economic situation, the discretionary character of lingerie made it one of the most seriously hit businesses by the COVID-19 pandemic during the initial phase. Furthermore, the manufacturing hubs around the world faced a double impact. Due to the pandemic, the operations came to a standstill, followed by the rising number of order cancellations from overseas clients unable to sell or stockpile merchandise.

Moreover, the work-from-home scenario and limited mobility standards brought down the usage of lingerie among the consumer, resulting in a decline in the purchase of the product. According to La Fédération de la Maille & de la Lingerie’s reports, between January and July 2020, the French fashion and textile market lost more than 21% of its value compared to the same period the previous year, wherein women’s lingerie lost more than 18% of its value.

Over the medium term, the change in outlook toward underwear and lingerie from being a necessity to fashion products to complement a toned body has been a major factor driving the demand for fashionable lingerie. The increasing availability of a broad range of products in multiple designs for various purposes, such as sports, bridal wear, and regular wear, has also been driving the global market.

Key Market TrendsThe Increased Penetration of Organized Retail is Driving the Lingerie Demand

The evolving retail industry is marked by the emergence of many stores in hypermarkets/supermarkets, specialty formats, and online lingerie retail stores. Comfort and convenience are increasingly becoming important to customers because of their hectic lifestyles and work schedules. Large organized retail stores stock various brands and a variety of lingerie wear, including bras, briefs, etc., under one roof, providing more options to consumers. These stores also offer other intimate apparel to fulfill the requirements of shoppers. With the increase in preference for branded products among consumers, the importance of organized retailers carrying branded lingerie wear has also increased.

Moreover, lingerie brands like Adore Me and Brayola are taking advantage of advancements in technology to provide unparalleled shopping experiences with artificial intelligence to get deeper insights into consumer behavior and provide personalized experiences to shoppers. Thus, the penetration of organized retail will enable consumers to seek information about various brands and compare prices and quality, which results in a better purchase decision.

Largest Consumer Base for Lingerie is in Asia-Pacific

Asia-Pacific is the largest lingerie market due to the presence of a large number of end-users in the region which is augmented by the expanding popularity of e-commerce, rising disposable incomes, and changing consumer preferences. Additionally, lingerie designers and popular lingerie brands like Berrymelon, Victoria’s Secret, La Perla, Agent Provocateur, and Neiwai, among others, have been enticing consumers with the usage of lace, embroidery, luxurious fabrics, and lighter hues in their lingerie, which is further expected to boost the demand for lingerie during the forecast period. Lingerie manufacturers have been introducing gender-fluid, body-inclusive, and vegan variants for sustainability-conscious consumers, especially millennials and the growing generation Z population. For instance, Brisbane’s NICO Underwear offers undergarments ethically made in Australia, India, and Bangladesh using sustainable and soft fabrics, including "LenzingModal", recycled cotton, and recycled nylon for the necessary stretch. Further, it offers a range of wire-free, full-cup bras, triangle cup bras, and bralettes in soft, sustainable fabrics, along with a wide selection of underwire bras.

Competitive Landscape

The global lingerie market is highly fragmented and intensely competitive, with the presence of numerous local and international players competing for a leading position in the market. Hansbrands Inc., L Brands Inc., and PVH Corp. are some major players, followed by Triumph International, Jockey International, Wacoal Holdings, and Zivame among others. The key industry participants operate across various geographies through wide-ranging product lines to gain a competitive advantage. Leading companies are focused on new product launches by directing their investment in new materials and design technology to cater to evolving consumer needs.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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