Increase in acceptance of modern lingerie as a fashionable garment is expected to propel the lingerie industry growth
Wilmington, Delaware, United States, March 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global Lingerie Market is likely to grow at a CAGR of 6.7% between 2023 and 2031. Lingerie is referred to as women’s innerwear, and forms an essential apparel category. Lingerie is also considered an important fashion accessory that comes with added benefits such as additional support and comfort. Currently, consumers are very particular about their intimate hygiene and have personal preferences for certain brands as per their convenience. Presence of a large female population, coupled with their demand for innerwear for specific dresses, is considered a key factor boosting the lingerie business growth.
The global market for intimate apparel has witnessed significant growth in the past few years due to increase in popularity of western clothing in the women’s category. Rise in acceptance of various body types, coupled with the launch of multiple attractive lingerie categories, is anticipated to create new business opportunities in the global lingerie market in the near future.
According to TMR report, the global lingerie market was valued at US$ 96.3 Bn in 2022 and is projected to reach US$ 171.3 Bn by the end of 2031. Increase in availability of various lingerie types across all online and offline stores worldwide is likely to bolster market expansion in the next few years.
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Key Findings of Study
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Increase in Women’s Employment: Rapid economic growth in several parts of the world has propelled the participation of women in multiple businesses, especially in developing countries such as China and India. Governments of various nations are keenly engaged in promoting women’s empowerment and eliminating the gap in unequal pay between genders. Such initiatives are projected to promote women’s employment, thereby creating new demand for lingerie and new business opportunities during the forecast period.
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Rise in Popularity of Multiple Lingerie Types: Increase in penetration of lingerie products on e-commerce websites has resulted in a massive boom in terms of demand. Such factors are likely to help promote industry growth in the near future. Besides the availability of different sizes, shapes, and designs, the variety of material types in lingerie is expected to augment the market in the next few years.