- Briefs are a type of short, snug underwear and swimwear, as opposed to styles where material extends down the thighs.
- Online stores will contribute with just over 10% value share as a distribution channel.
- Northeast States are likely to account for nearly 40% of the US market’s gross revenue.
Bigger waist sizes and selective preference for boxers, boxer briefs, and regular briefs will continue to shape up the growth in revenue of the men’s underwear market in the US. According to a latest study by Future Market Insights, sales of XXXL size men’s underwear in the US will surpass $590 million in 2016. The L and XL sizes will account for an impressive 21.7% and 21.4% value share respectively of the $3.3 billion market. Future Market Insights projects the US mens underwear market to grow at 5.8% CAGR through 2026.
Popularity of regular briefs and boxer briefs is evidently impacting the US men’s underwear market growth. The country’s urban life demands a proactive lifestyle, compelling men to hustle through their daily tasks at a quicker pace. Such a lifestyle trend defines the type of underwear worn by men in the US. The comparatively low cost of making regular briefs enables apparel manufacturers in the US to expand their production capacity, increasing the gross volume production of men’s regular briefs. By 2026, sales of men’s regular briefs and boxer briefs will collectively surpass 500 million units.
Top Research Findings in Future Market Insights’ Report on the US Men’s Underwear Market
- More than 80% men in the US buy their own underwear, inducing higher importance on personalised shopping outlets
- Northeast States are likely to account for nearly 40% of the US market’s gross revenue over the forecast period
- Availability of all underwear brands at flexible prices to increase US men’s underwear sales through mass merchandisers, while online stores will contribute with just over 10% value share as a distribution channel
- Products offered by Hanesbrand Inc. and Calvin Klein Inc. have gained nationwide prominence in the US, while companies such as Jockey International, Phillips-Van Heusen Corporation, Ralph Lauren Corporation, and American Eagle Outfitters Inc. among others, are intensifying their measures for a strategic expansion of their market shares.
Competitive Pricing – The Key to Success
Design styles, fabric materials, and type of underwear are likely to be secondary factors influencing buying behaviour. Availing inner comfort at a reasonable price remains an important buyer consideration. Manufacturers must consider the fact that men in the US own over a dozen of underwear pairs in a year, and still continue to buy a couple or more according to their usage. The average annual spend on underwear in the men’s segment is pegged at $80, making mid-price range underwear a lucrative segment for end users. In 2016, mid-priced men’s underwear will garner over 42% share in the US market – nearly 12% more than the market share of the premium priced segment.
At an average price of $30 or above, the US men’s underwear sales are projected to reach 130 million units by 2026. Underwear sold in the $20-29 price range will continue to dominate the market, accounting for over $1 billion market value in 2016.
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In the report, titled “Men’s Underwear Market: US Industry Analysis & Opportunity Assessment, 2016-2026,” Future Market Insights’ prognostic approach in evaluating the market’s growth has resulted in determination of several key insights as listed above.