BEYOND THE BASICS Inside the Transformation of India's $20 Billion Innerwear Industry

The Indian innerwear market presents a compelling growth narrative, projected to expand by nearly 11% from approximately $8.52 billion in FY 2024 to $9.43 billion in FY 2025.

- Madhulika Tiwari, Partner & Parmesh Chopra

The Indian innerwear retail experience has undergone a revolution. What was once a hushed, often awkward transaction conducted in the back of a small shop has transformed into a confident, informed, and expressive act of personal choice. Today, a consumer in a Tier-2 city can browse an endless digital aisle on their smartphone, consult a sophisticated online fit-calculator, and make a purchase guided not by a reticent shopkeeper, but by a trusted social media influencer discussing comfort, style, and body positivity in a candid Instagram Reel. This seismic shift from a hidden necessity to a celebrated lifestyle category is the engine behind one of the most dynamic segments in Indian apparel.

From A Hidden Necessity To A High-Growth Powerhouse

The Indian innerwear market presents a compelling growth narrative, projected to expand by nearly 11% from approximately $8.52 billion in FY 2024 to $9.43 billion in FY 2025 (The Knowledge Company estimates). A strategic analysis of the market segments reveals that this growth is not uniform; instead, it is overwhelmingly dictated by the women's innerwear category. The women's segment is not just the largest but the market's primary anchor, valued at $5.39 billion for FY 2025 and accounting for a commanding 57% of the entire industry.

While the men's segment provides a stable and significant contribution, growing from $2.38 billion to $2.62 billion, its scale is less than half that of its female counterpart.