Industry Outlook
Lingerie refer to the apparels that serve as a fashionable item and has its functional benefits. The global lingerie market expected to grow at a CAGR of 4.5% from 2021 to 2029. Latest trends shows women are keen on selecting the correct lingerie that are suitable for their outerwear. This is mainly because lingerie has become more of cultural and psychosocial satisfaction among women.
Lingerie is one of the high growth categories among other apparel segments, and promises innovation and growth in the coming years. Rise in the income of the consumers along with the increase in discretionary spending towards fashionable clothing has resulted in the rise of demand for lingerie. Several companies adopt visual merchandising as a strategic move to gather more number of customers. Inclusion of colorful backgrounds in the retail shops and displaying the products with the help of mannequins grabs more customer attention.
The penetration of online channel is expected to boost the market growth in the coming years. In order to strengthen the online channel companies take help from the digital agencies that helps for better display of the products. For instance, Intimatology, a digital agency in U.S. helps in rebranding, web designing, packaging, photography, copy writing and developing sales collateral of lingerie. In addition to this, the company also recommends incorporation of videos and interactive contents to engage more number of customers in the websites.
Women participating in sporting activities has resulted in the rise of the demand for correct lingerie such as sports bra. Exercises induces breast motion and the breast pain associated with it. In order to minimize such problems sports bra were introduced that provides women athletes comfort and better performance during sporting activities.
However, high cost associated with advertisements and promotion of the products is a major restrain for the global market. The advertisements of lingerie through different media involves hiring of models and thus these results to increase in the cost of production, which is a major setback for the new entrants of the market.
Major players in the lingerie market include Adore Me, L Brands, Philips Van Heusen, Jockey International, American Eagle Outfitters, Triumph International, Wacoal, Hanesbrand, Groupe Chantelle, Fruit of the Loom among others
"Bra Dominated the Global Lingerie Market in 2020"
Based on different product types, the market segmented into bra, knickers & panties, shapewear and loungewear among others. Bra dominated the market in 2020 and expected to retain market dominance throughout the forecast period. Bras are further categorized into padded bra and non-padded bra. Non-padded bras are preferred by the women as they can use it on regular basis and has soft fabrics that provides comfort. Additionally, versatility, enhanced support and low price of non-padded bras gain more customer attention. On the flip side, change in preferences towards different outer wear has resulted in the purchase of padded bra and thus this segment is expected to show a rapid growth rate during the forecast period. Victoria’s Secret is known for manufacturing heavily padded bras. However, in 2020, the sales of Victoria’s Secret faced a major setback due to the rising demand for bralettes and sports bra.
"Online Distribution Channel is the Fastest Growing Segment for Lingerie"
Traditionally women purchased lingerie from salespersons who had little knowledge regarding the product. Preferences towards privacy among conservative women due to the fear of judgment created a major setback of the lingerie industry. However, modern offline retail chains such as Macy’s, Victoria’s Secret among others reduced such problem, but were limited by their reach. These channels also had limited shelf space, preferred brands and sizes.
E-commerce websites gained more attention among some sections of women as it features product details, questionnaire regarding the sizes, wider selection of different brands and broader array of designs and colors. The return policy in the online channels also plays an important role in triggering the growth rate of the online segment at present. Third party e-retailers like Amazon introduced private label lingerie brand in 2020. The company has approximately 63 million registered prime members, consumer intelligence retail partners that continuously monitors market performance. The prices offered by amazon are also low compared to the brands such as Victoria’s Secret. For instance Amazon offered bra costing US$8 while Victoria’s Secret offered the same at US$ 40.
However, there are people, who are still skeptical regarding fitting, material and thus prefer purchasing lingerie from physical stores. Thus, this possess a major challenge for the online channel to gain dominance over hypermarkets and specialty stores.
"Europe Dominated the Global Lingerie Market in 2020"
Europe accounted for the largest market share in 2020. North America and Asia Pacific followed Europe in terms of volume and value consumption. France is the largest market for lingerie in Europe followed by Germany in 2020. The French market is highly consolidated and consists of high-end brands such as Chantelle, Eres among others. Women in France are involved in discretionary spending and spends approximately 20% of their income on lingerie.
Asia Pacific expected to witness the fastest growth during the forecast period. China dominated the market in Asia Pacific among other countries in 2020. The change in mindset towards purchasing different types of lingerie creating opportunity in the Asia Pacific region. Additionally, low priced products exported from countries such as China, Turkey is a major competition for the European brands. China accounted for more than 40% of the export of lingerie in 2020. On the other hand, shifting preference towards colored lingerie is one of the key factors fuelling the demand for lingerie in Turkey. In 2020, The Turkish Lingerie Association had a turnover of US$ 8 million from the sales of red colored lingerie. Earlier in 2016, the profit generated from the Turkish lingerie industry was US$ 6 million from where $3.5 million revenue were generated from the colored lingerie segment.
"New Product Launch, is one of the Key Strategies Adopted by Key Players in Lingerie Market"
The popularity of bralettes and sports bra has resulted in new product launches by the major manufacturers. Companies such as Amazon are involved in shopper survey and gathers regular feedbacks of the products. Shoppers has the opportunity to chat with the experts regarding the sizes and the quality of the products through online platforms. Amazon launched new lingerie brands under Mae and Arabelle in 2017. The new competition from Amazon resulted in declining sales of famous brands such as Victoria’s Secret. Revenue of Victoria’s Secret witnessed a decline of 8 percent in February 2018 compared to 2017.
Sports bra grabbed more attention from women in recent years. Women prefer sports bras that would provide them with more comfort during exercises or sporting activities. In 2017, Nike launched a new sports bra called FE/NOM FlyKnit bra for the female athletes. The bra designed is soft and provides more support during sporting activities.
Improvement in the product portfolio through strategic acquisition is one of the strategies adopted by the key players in recent years. In 2018, Hanesbrand acquired Bra N Things, an Australian based lingerie brand that has more than 172 retail stores in New Zealand, Australia and South Africa. The acquisition helped the company in geographical expansion and improvement in the product portfolio of swimwear, shapewear and loungewear among others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Lingerie market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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Distribution Channel
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
