Rising Men’s Fashion Awareness And Growing Demand For Comfortable Innerwear
The U.S. men’s underwear market is estimated to be valued at US$ 3.37 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
Strength: The U.S. men’s underwear market has strong brand awareness and loyalty for brands like Hanes, Jockey and Fruit of the Loom. These brands have been innovating their designs and fabric for over 100 years. Additionally, the rise of private labels from major retailers has improved quality at affordable prices.
Weakness: Changing fashion trends can negatively impact regular selling styles and designs. Additionally, the availability of low-cost alternatives from Asian markets provide tough competition.
Opportunity: The demand for specialized underwear made from natural and breathable fabrics provides opportunities for new brands to emerge. Additionally, the growing online retail business and subscription models help expand the target audience.
Threats: Increased prominence of athleisure clothing limits occasional purchases of underwear. Additionally, international political issues can disrupt global supply chains and import/export of raw materials and finished goods.
Key Takeaways:
The Global U.S. Men’s Underwear Market Growth is expected to witness high, exhibiting CAGR of 5.4% over the forecast period, due to increasing popularity of comfortable fabrics among younger consumers. Subscription and online retail models are also driving the market growth.
Regional analysis:
The United States dominates the men’s underwear market with over 60% value share due to strong presence of domestic brands and private labels. California and Texas are the fastest growing regional markets due to large populations and higher disposable incomes.
Key players:
Key players operating in the U.S. Men’s Underwear market are Hanesbrands, Jockey, Fruit of the Loom, Calvin Klein, Tommy Hilfiger. Hanesbrands is the market leader with over 25% value share due to its wide range of brands like Hanes, Playtex and Champion. Jockey is also a major player focusing on upgraded fabrics and fits.
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