The global lingerie market will be worth $55.83 billion (£44.9 billion) by the end of 2024, analysts are predicting.
Annual sales of lingerie worldwide currently total $33.18 billion (£26.7 billion) but, according to Transparency Market Research, the market is set to see a compound annual growth rate of 6.4% over the next seven years.
It said the market was on course to “surge”, with leading brands such as L Brands Inc., LVMH, Jockey International, Hanes International and PVH Corporation tipped to be among the biggest beneficiaries.
“Powerful branding such as Victoria’s Secret and PINK by L Brands Inc. are expected keep these players in the lead in the coming years. Several players in the global market will also try to open stores in varying geographical locations to expand their consumer bases in the near future,” the research house said.
The bra segment currently dominates the global lingerie market and is forecast to account for 36% of sales by the end of 2024.
Europe holds the leading share in the global market and is anticipated to dominate proceedings in the coming years as well. The report states that the Europe lingerie market will account for around 34% of sales within the next eight years.
“The increasing focus on women on the way they carry themselves has is the primary growth driver for the lingerie market,” the research firm said. “The changing attitude towards self-presentation is making most women spend on good pieces of lingerie that complement their attire. Furthermore, the growing inclination of women to spend on lingerie on the basis of occasion and usage has also augmented the demand for good quality of lingerie in the global market.”
It noted that the increasing participation of women in sporting activities, which has propelled the sale of sports bra in recent years, was a classic example of how the industry has adapted to the needs of the market.
Additionally, innovation in design, material and fit is also expected to favour the market’s growth in the coming years.