Lingerie Market in Asia Pacific: Growth Analysis and Forecast (2023-2030)

The global lingerie market, valued at USD 88.32 billion in 2022, is poised for significant growth, with an expected compound annual growth rate (CAGR) of 6.1% from 2023 to 2030. This steady upward trajectory is driven by a combination of evolving consumer preferences, increased spending power, and innovations in design and fabric. Here’s a detailed look at the factors shaping this market's future:

Key Drivers of Market Growth:

Growing Consumer Awareness and Focus on Fit:

Consumers are becoming more discerning about the importance of a perfect fit when it comes to lingerie. There's a growing awareness that the right fit not only enhances comfort but also boosts confidence. As a result, brands are focusing on producing products that offer a superior fit and provide better support, catering to a wider variety of body types. This shift toward personalized fit has driven the demand for high-quality lingerie.

The Rise of Millennial Consumers and Empowered Women:

Millennials are emerging as the largest consumer demographic, and they have higher spending power compared to previous generations. Women, in particular, are increasingly willing to invest in lingerie that offers both comfort and luxury. Lingerie has become more than just an undergarment—it’s now an integral part of self-care, confidence, and lifestyle. The modern woman is focused on personal expression, and lingerie, with its intricate designs, luxurious fabrics, and functionality, plays a key role in this.

Diverse Product Offerings and Purpose-Driven Lingerie:

The market is no longer limited to just basic undergarments; there is a growing trend toward versatile products designed for different occasions. Consumers now have access to a wide range of lingerie styles for daily wear, sportswear, and bridal wear. For example, sports bras and seamless intimates are gaining traction due to their comfort and functionality. Bridal lingerie, once a niche, is now a significant category in the market, driven by a growing demand for luxury and special occasion items.

Challenges in the Market:

Limited Availability of Plus-Size Lingerie:

Despite the growing demand for inclusive products, the lingerie market still faces challenges in providing adequate options for plus-size consumers. While there is increasing recognition of the need for diverse sizing, many brands have yet to fully address the demand for extended sizes. This gap in the market remains a significant barrier to reaching a larger consumer segment.

High Product Pricing:

Lingerie, especially premium and designer pieces, can be expensive. The cost of manufacturing, particularly with luxurious fabrics, intricate designs, and sophisticated machinery, can drive prices up. This makes high-end lingerie out of reach for budget-conscious consumers, restricting its market penetration. For many, the high cost remains a limiting factor in the widespread adoption of premium lingerie products.

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Detailed Segmentation:

Product Type Insights:

Briefs dominated the global lingerie market, accounting for over 55.0% of the total revenue in 2022. This segment's strong market position is attributed to the comfort and versatility of briefs. Made from comfortable fabrics like cotton and nylon, briefs come in a variety of styles, such as hipster, shorts, and full briefs, which cater to different consumer preferences. Their universal appeal, due to their practicality and ease of wear, makes them a popular choice among a broad spectrum of consumers.

Distribution Channel Insights:

The offline distribution channel accounted for the largest share of over 60.0% in 2022. The popularity of offline stores is attributed to several factors:

In-person experience: Consumers benefit from the ability to physically examine and feel the fabric before purchase, ensuring comfort and quality.
Trial facilities: The ability to try on lingerie before purchasing is a major draw, especially for customers who value a perfect fit, which is crucial in the lingerie industry.
Personalized assistance: Many consumers prefer to seek guidance and personalized recommendations from store attendants, adding to the appeal of offline retail.

While e-commerce is gaining traction, particularly for those seeking privacy and convenience, offline stores remain the preferred shopping method for many.

Regional Insights:

Asia Pacific was the dominant regional market, holding a revenue share of over 40.0% in 2022. This dominance is driven by:

Rising disposable income: As economies in Asia Pacific grow, there’s an increase in consumer spending, especially among the growing middle-class population.
Cultural shifts: There is a rising interest in fashion and personal care products, including lingerie, especially in countries like China, India, and Japan.
Growing young population: With a large, young demographic, the demand for stylish, affordable, and comfortable lingerie is on the rise, further propelling the market growth.

Moreover, the Asia Pacific region is expected to grow at the fastest rate over the forecast period, driven by changing social dynamics, the growing influence of global fashion trends, and an increasing focus on personal well-being and fashion.

Key Companies & Market Share Insights

Key players in the market are adopting various strategies to attract more consumers to the brand and taking steps to increase the global footprint. These strategies include mergers and acquisitions, partnerships, alliances, the launch of new products, global expansion, and others. For instance, the announcement regarding the launch of three retail stores in India was made by Victoria's Secret. In addition, in October 2021, the announcement pertaining to the launch of the brand's first e-commerce store for the lingerie collection was made by ZARA. Some of the initiatives taken are:

In June 2023, Victoria’s Secret and Amazon Fashion collaborated to improve the shopping experience for customers. The collaboration will include over 4,000 fashion items from Victoria's Secret and PINK, including panties, bras, swimwear, loungewear, and sleepwear. Particular bra and apparel styles will also be available on Amazon Prime’s Try Before You Buy program.
In February 2023, HanesBrands Inc. launched the Hanes Originals collection, which encompasses a range of innerwear for women, men, girls, and boys, including bras, underwear, T-shirts, and tanks. The collection is a fusion of vibrant patterns and colors and innovative fabrics. It includes men's boxer briefs and trunks in youthful prints, modern fits, and lower rise, as well as women’s bra-tops, bralettes, boyshorts, bikinis, and thongs in seasonal prints and a soft cotton blend.

Key Players:

Some prominent players in the global lingerie market include: