The top players in the global lingerie market for 2015, according to a research report published by Transparency Market Research, were LVMH, L Brands Inc., Hanes International, Jockey International Inc., and PVH Corporation. Powerhouse brands that sell exclusive lingerie products such as PINK by L Brands Inc. and Victoria Secret are also likely to maintain their dominance in certain aspects of the global lingerie market over the coming years. Numerous brands in the global lingerie market are vying to launch physical stores in newer regions in an attempt to magnify their consumer pools for the near future.
As stated in the TMR report, the global lingerie market was valued at US$33.18 bn in 2015 and is estimated to reach US$55.83 bn by the end of 2024. The market is expected to expand at a CAGR of 6.4% within the forecast period from 2016 to 2024.
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Europe to Take Lead by 2024
Regionally speaking, the global lingerie market was dominated by Europe in 2015. It is likely for Europe to remain in the lead over the coming years as well, eventually acquiring a share of 33.64% by 2024. Bras were the leading segment in the global lingerie market in 2015, based on types, and is expected to retain its lead for the report’s forecast period, acquiring a share of 36.0% by 2024. The bra is an essential part of most attires for women, thereby being one of the more demanded items in the global lingerie market.
More Women Take on Athletics, Gyms, and Outdoor Sporting Activities
Women are focusing more and more on the way they carry themselves and how products such as bras and shapewear can help maintain a positive body shape. This is currently the key factor driving the global lingerie market. The market’s growth rate is further augmented by the growing number of women taking part in fitness related activities. “The number of women going to the gym, taking part in marathons, triathlons, and similar, and other physically demanding activities has been on the rise. This is driving up the demand for products such as sports bras, which allow women a greater level of comfort and physical freedom during these activities, as compared to conventional bras,” states a TMR analyst.
Additionally, the growing focus of top lingerie brands on aesthetically appealing athletic innerwear is further propelling the demand for them. This is likely to continue being a top trend in the global lingerie market for the coming years. The wide variety of lingerie products being made available across numerous channels has additionally supporting the growth of the lingerie markets in emerging economies. The market is also being boosted by the growing ecommerce industry. Lingerie can now easily be bought online, a highly attractive feature for nearly all type of consumers, especially those with little to no local access to premium brands and stores.
High Marketing Cost a Key Restraining Point for Newer Entrants
Despite the swiftly increasing popularity of several brands in the global lingerie market, it does possess a few key obstacles, especially for the newer players entering the market. At the top of this list is the high cost of advertising for products, owing to the exorbitant promotional costs which eventually compel players to raise the cost of their products, forcing a large pool of working class consumers to reconsider buying them. The market is also being hampered by the presence of many local players that provide products made of low quality materials that can be uncomfortable to wear or even cause skin problems.
The information presented in this review is based on a Transparency Market Research report, titled, “Lingerie Market (Product – Bra, Knickers & Panties, Loungewear, and Shapewear; Distribution Channel – Online and Storefront) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”