The global intimate apparel market is on course to expand at a compound annual growth rate of more than 4% over the next five years as increasing emphasis on trends such as bra customisation bolster sales.
According to data published by analyst firm Research and Markets, worldwide lingerie sales are set to experience a CAGR of 4.3% between 2017 and 2021.
In a snapshot of the report, which covers the market landscape and its growth prospects over the coming years, the company said the ongoing crossover between fashion and sportswear would remain a major driver of sales.
“The latest trend gaining momentum in the market is consumers’ shift to athletic wear,” said the report. “Athleisure is a fashion trend in which clothing designed for athletic activities or workouts can be worn at work places and for social or casual occasions.
“Over the years, intimate apparel has evolved from just a necessary garment to a fashion garment, which attracts a large number of consumers, especially women around the world. Key manufacturers take this evolution as an opportunity to expand their businesses from traditional lingerie to versatile and fashionable innerwear. Sports bras are one such example,” it added.
Research and Markets predicts that one of the major drivers for the lingerie market is more emphasis on customisation of bras, which in turn will increase the size of the consumer base. This trend has been driven by customers increasingly coming to view intimate apparel as a fashion product as opposed to simply an ‘essential’ purchase.
The report identified AEO Management, Fruit of the Loom, Hanesbrands, Jockey International, L Brands, and PVH as the key players in the global intimate apparel market.
It also named other prominent vendors in the market including Aimer, Chantelle, Embry Holdings, Hanky Panky, jcp Media, Lingerie-Factory, Lise Charmel, Stella McCartney, Triumph International, Urban Outfitters, and Wacoal.
The report went on to review the factors hindering growth, citing the entry of designer lingerie outlets and private labels as one challenge.
It said that people consider intimate apparel to be fashionable and are looking for the latest trends and designs along with comfort. As a result consumers are shifting from premium to designer intimate apparel brands.