Market Overview
The global lingerie market size was valued at USD 95,450.90 million in 2022. It is projected to reach USD 143,075.47 million by 2031, growing at a CAGR of 4.60% during the forecast period (2023-2031).
The apparel worn closest to a woman's body, in between garments and skin, is known as lingerie. Intimacy is one of the emotions that lingerie is associated with. Lingerie's primary purpose is to maintain hygiene. Additionally, lingerie shields clothing from bodily fluids while shielding the body from outerwear composed of less pleasant materials. Manufacturers of lingerie typically use cotton, which is a soft, light, and hygienic fiber. Historically, the first piece of linen to touch a woman's body was used to catch menstrual blood, serving as the forerunner to modern sanitary towels. Linoleum, silk, and relatively light synthetic weavings like cloth, satin, jersey, lawn, muslin, percale, or net are other fabric types that manufacturers utilize to make lingerie, placing them in the luxury category.
Highlights
- The bras segment is the major contributor to the market by product type.
- The economy segment is the major contributor to the market by price range.
- The store-based segment is the major contributor to the market by distribution channel.
- Asia-Pacific is the most significant revenue contributor by region.
Market Dynamics
Global Lingerie Market Drivers
Rising Number of Working Women
Economic progress and female educational awareness highlight the large percentage of women working in business sectors, particularly in emerging economies. Additionally, governments promote female employment, improve female economic empowerment, and reduce the gender participation gap in the labor force. The rising number of working women has boosted consumer disposable income per person, which has altered consumer shopping habits.
Additionally, as customers become more conscious of their cleanliness, appearance, and level of life, they choose comfortable and functional lingerie. Lingerie sales have been rising quickly all across the world as a result of the growing number of working women. Women now have more money to spend, and as a result, they are purchasing more expensive lingerie, fueling industry expansion.
Global Lingerie Market Restraint
Concentration of Unorganized Sector
With many competitors worldwide, the lingerie business could be more cohesive. Companies have fierce competition regarding designs, quality, costs, and supply chains. The predominance of the unorganized sector is the main factor limiting their expansion. Due to their quick accessibility, reduced prices, and simplicity of customization, it has been found that local merchants significantly hinder the sales of the key players. It is challenging for organized companies to establish dominance over the unorganized sector because a sizable portion of the population, particularly in emerging economies, is price sensitive.
Global Lingerie Market Opportunities
Social Media Impact and Creative Marketing Strategies
Due to its ability to connect marketers with customers, social media presents a significant opportunity for product introductions and branding. Social media's rapid growth has changed the business landscape and opened new options for industry participants. The ongoing blogs on social networking sites like Facebook, Instagram, Twitter, and YouTube boost lingerie sales. Manufacturers utilize social media to market their business and develop consumer relationships by providing secret tips and deals. Social media posts about fashion-related attire and intimate apparel are constantly increasing. The demand for lingerie is significantly influenced by social media, particularly among young people who are now actively using social media for information.
As a result, social media blogs that support lingerie significantly impact the market's expansion. The social media platform has also allowed smaller, independent firms to flourish and develop their close-knit communities there, posing a threat to long-standing giants like Victoria's Secret. Consequently, social media is becoming increasingly crucial to expanding the world lingerie business. As it helps customers to develop a relationship with the brand, it is seen as an effective interactive technique. Social media marketing also enables manufacturers to stay on top of the most recent trends by utilizing mobility and cutting-edge technology to attract niche audiences.
Regional Analysis
Asia-Pacific Dominates the Global Market
The global lingerie market is divided into four regions: North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 4.45% during the forecast period. There are many reasons for the lingerie market's expansion. The rising population in Asia-emerging Pacific economies contributes to the market growth for intimate apparel. The rising per capita disposable incomes in Asia-emerging Pacific nations and rapid urbanization are major drivers of the lingerie market's expansion. Additionally, the rising number of working women in Asia-developing Pacific countries is projected to further fuel the market's development during the forecast period. On the other hand, it is expected that the lingerie market will expand during the forecast period due to the escalating growth of the organized retail sector in several Asia-Pacific nations.
North America is expected to grow at a CAGR of 4.65% during the forecast period. The increased number of working women in the US is expected to be one of the critical drivers of the lingerie market's expansion. One of the primary factors influencing the market in this region is the rising lingerie product array of key manufacturers. One of the key elements anticipated to impact the U.S. lingerie market expansion favorably is innovation in lingerie patterns, hues, and materials. Key manufacturers' presence in the US provides consumers with a wide range of products, thus boosting market demand. Additionally, US customers are becoming accepting of online retailing. Consumers choose online channels over store-based ones because of the reduced price and convenience of distribution.
In Europe, several variables influence the demand for lingerie. Expanding the apparel industry across European nations is one of the critical drivers of the lingerie market. One of the key trends gaining ground in the market is product innovation. Major manufacturers are launching new European productsbecause of shifting consumer demands. For instance, Dior debuted its "Dior Chez Moi" loungewear line in November 2020. Over the past few years, sports bra demand has increased dramatically in European nations.
South Africa holds a significant market share. It is predicted that several factors will contribute to the growth of the lingerie market in South America. The evolving consumer lifestyles and new product advancements are two critical drivers of the lingerie market's expansion. Important market participants are also pushing their goods to raise consumer awareness. The demand for lingerie in South America is anticipated to increase due to new releases and rising per capita disposable income. The largest national markets in South America are those of Brazil and Argentina. The Middle East market, however, is anticipated to see the highest CAGR of 5.02% throughout the forecast period.
Segmental Analysis
The global lingerie market is segmented by product type, price range, and distribution channel.
Based on product type, the lingerie market is bifurcated into bras, knickers and panties, shapewear, loungewear, and others.
The bras segment is the major contributor to the market and is estimated to grow at a CAGR of 4.65% during the forecast period. An essential part of every woman's outfit is a bra. Breast health is enhanced, and sagging is prevented with the proper bra fit. Padded bras, non-padded bras, non-wired bras, underwire bras, full coverage bras, sports bras, and t-shirt bras are just a few of the varieties of bras offered. The ideal or suitable bra can be selected depending on the type of apparel. One of the critical elements predicted to significantly influence the demand for the bras segment during the projected period is the rising demand brought on by the availability of products for various types of clothes.
Women's underwear is generally referred to as knickers and panties. Knickers are a frequent term for women's underwear in Ireland, the UK, South Africa, India, Singapore, Malaysia, Australia, and New Zealand. However, it is known as "pants" in the US and Canada. Although they are constructed from various materials, including cotton, latex, lycra, nylon, polyester, satin, and silk, they are typically chosen because they are breathable. Depending on many factors, such as the amount of rear coverage, side width, and height at which they are worn, there are various kinds of knickers and panties. The most popular styles are bikinis, adhesive panties, hipsters, tangas, boy shorts, briefs, high waist, and bridal panties.
Shapewear aids in improving and reshaping the body's shape. It aids in raising sagging and improving posture by concealing love handles, fat, and muffin tops. Shapewear's primary function is to improve someone's appearance, not to change their body type. Shapewear comes in various styles, including body briefs, seamless, control camisoles, long legs, corsets, and body shapers, to name a few. Numerous factors, like an increase in athleisure and fitness activities and a rising number of people who are mindful of their appearance, drive the shapewear industry. The market for shapewear is also driven by the boost of confidence that shapewear offers. Due to a lack of time and work pressure, more women worldwide are turning to shapewear to achieve their aesthetic physique goals and toned attractive features.
Loungewear is relaxed, cozy attire that is appropriate for wearing at home. They come in various fabrics, including wool, silk, and cotton. The demand is anticipated to be driven by several steps manufacturers have taken to grow their business in the loungewear sector. For instance, Forever 21 was purchased by Authentic Brands Group (ABG) in February 2019. Additionally, it is anticipated that the increased demand for loungewear trends when walking, exercising, performing yoga, at the beach, or as a bathing suit would boost the market growth. The growing popularity of loungewear as a fashion trend is due to consumers' preference for comfortable and fashionable apparel at home.
Based on price range, the global lingerie market is bifurcated into the economy, premium.
The economy segment is the major contributor to the market and is estimated to grow at a CAGR of 4.75% during the forecast period. Economy lingerie's price range varies by location and is influenced by several macroeconomic elements, including currency, production rate, demand, trade policies, inflation and recession, and many others. For the product currently on the market, the price range for this category is between USD 0 and USD 20. The lingerie industry is changing due to the accessibility of goods at reasonable prices. The increased demand for affordable goods in developing nations is projected to fuel growth.
The premium pricing range varies among areas and nations depending on the macroeconomic circumstances that also determine the purchasing power of the products, similar to the economic market sector. The segment is expected to rise due to increasing per capita disposable income and expanding access to luxury collections. Additionally, fabrics like satin, silk, luxurious lingerie, and luxury lace lingerie are used to create premium lingerie. In 2018, 33.71% of the world's lingerie market was made up of the premium sector.
Based on distribution channels, the global lingerie market is bifurcated into store-based and non-store-based.
The store-based segment is the major contributor to the market and is estimated to grow at a CAGR of 4.55% during the forecast period. Supermarkets and hypermarkets, convenience stores, and specialty stores comprise the store-based segment. Since lingerie is sold most frequently through these channels, the specialty stores sub-segment is anticipated to be the largest. Strong vendor networks, great product appeal due to attractive packaging, and accessibility contribute to the segment's growth. Consumers visit specialist stores because it is more convenient to shop for many sorts of lingerie in one location. These shops only sell underwear and provide a wide selection at prices ranging from budget-friendly to luxurious. Additionally, specialty shops may only carry a single brand. For instance, Jockey's specialty store solely sells items under that company's name.
E-commerce is one of the non-store-based distribution methods. Lingerie producers sell their items on their websites or through online marketplaces, where they can display a wide choice of goods. Companies are introducing new goods with higher quality and distinctive characteristics, but only sometimes all consumers in all areas can access them. E-commerce platforms speed up this process so producers can access a large customer base. Customers choose non-store-based distribution methods due to the different discounts and offers offered on online shopping sites and features like free delivery. Additionally, this strategy aids businesses in increasing brand recognition on social media sites.
Top Key Players
Yandy LLC
Marks and Spencer plc
Victorias Secret
Group Chantelle
MAS Holdings
Jockey International Inc
Fashion Nova Inc.
Hennes and Mauritz AB
Others
