June 19, 2020
According to the research report titled, ‘Women’s Lingerie Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; Material; Distribution Channel available with Market Study Report, global women’s lingerie market was valuated at USD 35169.40 million in 2018 and is expected to hit USD 77,894.8 million by 2027. It is expected to record a CAGR of 9.3% during the years 2019 to 2027.
Rapid shift of consumer preferences and increasing inclination for unique and fashionable apparel products is driving the global women’s lingerie market. The development in IT industry and globalization is leading the entire world by giving information about the trends and products in the market. Along with that, the growing influence of social media is leading to changes in customer preferences of apparel products like lingerie items.
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Many customers prefer to buy products online to save their time, hence most of the companies display and sell their products on online platforms to cater to a broader customer base. Even the branded apparel companies are focusing on introducing innovative lingerie items with respect to the changing fashion trends and consumer demands. These factors are positively influencing the global women’s lingerie market.
With respect to the type, the industry is classified into shape wear, knickers or panties, brassiere, and others. The brassiere segment held the largest market share in the year 2018. Different types of brasseries are produced to serve different purposes by using several types of materials such as silk, nylon, satin, and many others. Bras can restrain breast movement during activities such as exercise, overcome breast sagging, enhance the perceived shape of a woman’s breasts, minimize or enlarge the perceived breast size as well as offer several other benefits. Nursing bras are designed for breast feeding mothers. Hence, availability of different types of bras for different purposes is expected to drive the growth of global women’s lingerie market. Based on distribution channel, the market is bifurcated into Mass Merchandizers, Specialized Stores, Online, Others.
Owing to the trend of fancy and fashionable lingerie among female population, the Europe women’s lingerie market held the largest share in the global market. There is a growing demand for comfortable and functional lingerie among the customers especially female working population which is encouraging the manufacturers to make innovations with the fabrics such as lace, sheer, spandex, polyester, satin, cotton, nylon for lingerie manufacturing.
Companies like Gap Inc., HunkemOller International B.V., Hanky Panky, Triumph International, Hanesbrands Inc., L-Brands, MAS Holdings, PVH Corp., Chantelle Group, and Jockey International, Inc. among others are operating in the global women’s lingerie market
Due to the outbreak of COVID-19, the global fashion and apparel industry is facing serious disruptions such as shutdown of malls, shops, retail stores or brand stores, supply chain breaks, shutdown of offices. For example, China is the global hub for manufacturing the largest raw material supplier for several industries, is one of the worst hit countries by the virus. There are delays in the product deliveries which is projected to lead to slump in the future sales of their products. There is imposition of travel bans by various countries in Europe, Asia, and North America which is affecting the business collaborations and partnership opportunities. Hence, the virus outbreak is acting as restraining factor for the growth of this business sphere.