Men’s Innerwear Market: A Thorough Assessment
A THOROUGH ASSESSMENT
An increased awareness amongst consumers is influencing the growth in the demand of men’s innerwear. IMAGES BoF takes a look at the current dynamics.
Men’s innerwear is no longer treated as just an undergarment but is worn as a fashionable form of clothing to be flaunted around in. An increased awareness amongst the consumers about health, fitness and hygiene is further influencing the growth in demand of men’s innerwear. IMAGES BoF takes a look at the current dynamics.
Modern consumers, especially the youth, do not hesitate to spend on a comfortable set of innerwear without giving a second thought to its price. The increase in disposable incomes across households and improved standards of living and lifestyle are further fuelling the growth of the men’s innerwear market in India.
According to this issue’s study done by Technopak, the men’s innerwear market has been currently valued at 9,477 crore and it is expected to grow at a CAGR of 7 percent over the next decade. and is expected to reach
17,894 crore by 2027. The men’s innerwear market today contributes 7 percent of the total men’s apparel market.
Traditionally the market was dominated by a large number of small-scale players making ~60-65 percent of the market fragmented and unorganised. The market segment is evolving gradually and moving towards organised retail.
There are now a growing number of players in this category offering a large variety of products in varied designs, fabrics and styles. Thereby, giving the consumer a wider choice of innerwear. Various new brands are successfully entering the category as many men in the urban India have started preferring branded innerwear. The consumers are mostly seen purchasing branded vests, briefs and boxers, offered by most of the leading innerwear brands.
Today, Indian men have become more fashion conscious and are willing to spend more on their looks, grooming, comfort and as well as on their intimate wear needs. Elaborating on the growth of men’s innerwear, Srikanth Ram, Business Head, Park Avenue Innerwear and Accessories, shares, “The medium segment is around 25 percent of the total men’s innerwear market size. So medium and premium put together is `3170 crores of total business. Premium segment in India is expected to grow at around 21 percent CAGR in next 3 years”. Yogesh Tiwari, CEO, VIP, adds, “Innerwear has come out of its dark closet. From being just a fundamental wear to becoming a fashion quotient, innerwear has brilliantly created a niche for itself in this contemporary market”.
The innerwear industry for men is now flooded with choices. Brands are introducing innovative product lines that offer optimum functionality and comfort to the newage customer. Apprising on the types of categories emerging in men’s innerwear, Srikanth feels that the boxers and fashion innerwear are quite popular. Yogesh avers that sleepwear, loungewear and fitness related – gym vests are much in demand.
Men’s innerwear has also now become more stylish, attractive and sexy.
Not only women, even men want to feel fashionable inside out. They look for not only comfort but for a variety in designs and elements, and innovative styles, while choosing their innerwear. Srikanth Ram, observes that pop colours, prints, and innovative finishes for better comfort is the current trend. According to Yogesh, “The Indian market is adapting to what the western world has already adopted and using. Today the lines between innerwear and outerwear are getting thinner. Innerwear can function as an outerwear. Whereas, the elements of outerwear are also being used in innerwear. For instance, the boxer briefs, has become this generations’ Frenchie. It’s becoming more important to match innerwear with the outerwear”.
Comfort is a fundamental necessity, when it comes to innerwear and it is related to perfect size, apt weather and the right fabric used. With the changing preferences of the consumer and various technological advancements, there have been a lot of innovations in terms of fabric in the men’s innerwear industry. There are a plethora of options in this category. Some of the fabrics mostly used are cotton; nylon, modal, rayon, polyester, and silk. These are blended with spandex in the right proportion to ensure quality, comfort, and durability along with ample flexibility. Innerwear made from cotton, cotton blends, modal, modal blends are high on comfort and functionality.
According to Srikanth Ram, new polyester polyamide elastane are the new preferred fabrics for innerwear, whereas functional finishes also play a pivotal role. Sharing his view Yogesh says, “Cotton and cotton blends are the most common fabrics used in innerwear. Elastane is also used as a blend for better fit and comfort. In sportswear, polymide and polyester are
used for their functional benefits”. When it comes to other popular fabrics besides cotton, Yogesh feels, “Modal and modal blends are alternative fabrics used for innerwear. Being a natural yarn, modal lends a super cooling effect just like cotton but is also softer to touch and lighter in weight”.
Top Selling Product Categories
Shape and fit are the most important aspects, considered by the consumers while buying innerwear. Men’s innerwear consists of products like briefs, vests, boxers, basic t-shirts, shorts, pyjamas, sleepwear and activewear. According to Srikanth briefs and vests are the highest selling categories for men’s innerwear and have received mass acceptance for their performance, comfort, fit and style.As far as popular elements or embellishments used in men’s innerwear, Srikanth feels that men’s innerwear is more about finishes than embellishments. While Yogesh lays emphasis on the outer elastic for superior comfort and durability.
Men’s innerwear category is primarily driven by vests and briefs only while the other categories like shorts, pajamas, sleepwear, etc. form a very small fraction and are in the nascent stage. Talking about what will trend in future in innerwear for men, Yogesh feels that boxer briefs as a product are still in a nascent stage. Going forward, this will be adopted by the younger audience, who follow youth icons.
Highlighting the advancements in technology and styles, Srikanth shares, “Innovations in innerwear are always subject to offering better comfort and hygiene by virtue of fabric content and product finishes being used”. According to Yogesh “There have been vast innovations in fabrics. The ‘18 hours jersey fabric’ is one such case in point”. Modern consumers, especially the youth, do not hesitate to spend on a comfortable set of innerwear without giving a second thought to its price. Also, increase in disposable incomes across households and improved standards of living and lifestyle are further fuelling the growth of the men’s innerwear market in India.
“Briefs and vests are the highestselling categories for men’s innerwear and have received mass acceptance for their performance,comfort, fit and style.”
– Srikanth Ram, Business Head, Innerwear and AccessoriesPark Avenue
“The Indian market is adapting to what the western world has already adopted and using. Today the lines between innerwearand outerwear are getting thinner. Innerwear can function as an outerwear. Whereas, the elements of outerwear are alsobeing used in innerwear. For instance, the boxer briefs, has become this generations’ Frenchie. It’s becoming more important to match innerwear with theouterwear”– Yogesh Tiwari,CEO, VIP