Innerwear industry in India, for a long time, has largely been dominated by big layers like Amul, Lux, Rupa and Dollar, among others, whose presence is now more in the Tier-III & IV cities. As a segment, the Indian innerwear market was associated with basic needs with little to no innovation in terms of design, as opposed to innerwear markets in the West. But, the new India, which religiously follows the global fashion market, is what brings in major changes in the way the segment in perceived. This industry is now on a faster growth trajectory.
According to data in a 2021 report by The Machine Maker, the innerwear segment was estimated to be worth Rs32,000 crore, which accounted for 9 per cent of the total domestic fashion market. The women's innerwear segment is projected to grow at a rate of 12.5 per cent over the next decade to reach Rs68,000 crore by 2028, whereas men's innerwear, currently valued around Rs11,000 crore, is expected to grow at a CAGR of 7 per cent over the next decade to reach Rs21,800 crore by 2028.
Rising disposable income as a result of more and more people joining the workforce has made it easier for consumers to move on to other brands. Now, the general population, especially in Tier-I cities and somewhat also in Tier-II cities, is looking for innovative designs, styles and comfortable fits. Demand for innerwear with innovative fabrics like antibacterial, fragrant innerwear and even period panties, is seeing an all-time high.
In keeping with this growing demand, there is also an upsurge in innovative manufacturing to keep up with the latest fabrication technology.
Changing Landscape
Existing players are not only facing competition from unorganised players that cater to 60-65 per cent of the total demand, but also from new and upcoming brands, especially in the D2C space.
This story is from the September 2022 edition of Business Of Fashion.
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This story is from the September 2022 edition of Business Of Fashion.
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