The global men’s night and underwear market size is expected to reach USD 42.15 billion by 2028, registering a CAGR of 5.2% over the forecast period, according to a new report by Million Insights. The rising popularity of night and underwear due to growing consciousness about personal hygiene and health is driving the market growth. Factors such as the growing middle-class population and the rising consumer spending on men’s apparel across the developing and developed economies are further propelling the market growth. Moreover, rising disposable income and urbanization across the globe and the changing consumer lifestyles and preferences are expected to accelerate market growth in the upcoming years.
Manufacturers are investing to produce innovative products and attractive design patterns in the context of fashion, fabric, style, print, and color which in turn is expected to propel the market growth over the forecast period. The positive demographic trends along with changing consumer preferences coupled with fashion trends are expected to accelerate the market growth. The increasing organized retail, which surges availability of the men’s night & underwear apparel coupled with a rise in ready-to-wear (RTW) products are accelerating the market growth.
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The COVID-19 pandemic had suspended the transportation services of men’s night and underwear for a short duration in many countries. Closure of the manufacturing sector, retail shops, and commercial activities, and several restrictions on the movement of the people have disrupted or stopped the supply chain of non-essential products by measures arising from COVID-19 restrictions. Moreover, logistics and external trade of the products is disturbed due to the pandemic affecting the entire value chain in several countries.
The nightwear segment is expected to register the fastest CAGR of 5.7% from 2021 to 2028. The increasing usage of men’s nightwear due to rising fashion trends from developed and developing economies is propelling the growth of the market. Moreover, factors such as the rising consumer expenditure on nightwear and growing retail penetration are propelling the growth of this segment.
The online segment is expected to register the fastest CAGR of 6.0% from 2021 to 2028. Increasing internet and smartphone penetration across the globe is accelerating the growth of this segment. Moreover, an upsurge in product sales through various company-owned websites and e-commerce platforms is expected to propel the growth of the online distribution channel segment during the forecast period.
Asia Pacific made the largest contribution to the global market with a revenue share of over 35% in 2020 due to changing lifestyles, rising urbanization, and growing disposable income of consumers. The evolving fashion trends coupled with the changing consumer preferences in this region are anticipated to propel market growth in the forthcoming years. Furthermore, the presence of a huge customer base in countries like China and India is expected to further fuel the demand for men’s night and underwear products.
Men’s Night & Underwear Market Report Highlights
• Asia Pacific held the largest revenue share of more than 35% in 2020 owing to the changing consumer preferences
• Nightwear is expected to foresee the fastest CAGR of 5.7% from 2021 to 2028 due to the increasing consumer expenditure
• The offline distribution channel segment held the largest revenue share in 2020, contributing to more than 75% of the total revenue due to well-established distribution network across the globe
• North America is expected to witness the fastest CAGR of 5.8% from 2021 to 2028 owing to rising demand for luxury and premium quality night and underwear products
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