Bra Market to Rise at CAGR of 5.6% During Forecast Period, Observes TMR Study
- Firms are spending on R&D to develop an exclusive bra line. In order to accommodate rising demand for bras, makers are broadening their product portfolio.
- Online retail outlets and propensity toward online shopping are likely to boost the global bra market. Rise in disposable income is also an important growth factor for the market.
ALBANY, N.Y., April 19, 2022 /PRNewswire/ -- Transparency Market Research: The value of global bra market stood at more than US$ 26.7 Bn in 2020. The global market is projected to expand at a CAGR of 5.6% during the forecast period, from 2021 to 2031. The global bra market is anticipated to cross valuation of US$ 45.8 Bn by 2031. As market participants adapt to the changing post-pandemic normal, the global bra market is poised for strong development in the years to come. Though stick-on bras are becoming more popular among women who like to wear backless clothes, they have drawbacks such as sliding off, owing to gravity and skin irritation due to the adhesive. As a result, businesses are raising awareness about the importance of choosing stick-on bras that fit the form and size of a woman's breasts in order to prevent the bra from falling off.
Over the forecast period, Internet retail outlets and inclination toward online shopping are likely to boost the global bra market. Rise in disposable income is also important in this case. It makes high-end products more affordable to a growing number of working women. In the next few years, this trend is expected to become popular. It is worth noting that high income and strong logistics have resulted in the availability of items from the leading brands with just one click.
As an increasing number of fashion and beauty influencers post updates on fashion shows on their respective social media accounts and handles, a growing number of women are drawn to beautiful, premium products. The level of brand recognition has never been higher. Furthermore, a lot of small firms that cater to convenience, elegance, and affordability are now operating in the global bra market with high quality items. This will result in fierce rivalry and a faster pace of expansion in the global bra market in the years to come.
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Key Findings of Market Report
- The global bra market has been divided into padded and non-padded bras based on style. Padded bras are predicted to lead the global market. The most popular and favored form of bra among women is padded bra. Padded bras help to contour the breasts and increase their size. Padded bras are becoming more popular as a result of all of these features.
- The offline segment is likely to lead the bra market in terms of distribution channel, whilst the online category is expected to grow at a faster rate. The proliferation of hypermarket chains as well as specialty stores run by major brands has been fueled by economic progress. Due to COVID-19 lockdown and social distancing rules imposed by governments across the world, online sales improved in 2020. Leading brands are increasingly turning to online portals for cross-border bra sales and distribution. Moreover, the industry is likely to be driven by comfort and supply of products via online portals throughout the forecast period.
- Many organizations are emphasizing on innovation and better capital metrics to expand their product portfolio across categories. Robust marketing and promotion efforts are also expected to propel the global bra market in the near future. Companies are concentrating on the material aspect of the product, creating bras from satin, chiffon, cotton, and silk to meet demand from consumers.
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Global Bra Market: Growth Drivers
- With increasing focus on performance and comfort during athletic activities, more female athletes and sports fans are opting for practical sports intimate wear such as padded sports bras. This factor is likely to create profitable prospects for bra makers.
- Asia Pacific is likely to dominate the global bra market during the forecast period, Europe and North America are anticipated to follow. The making of bras in this region is likely to be driven by increasing presence of premium products, significant product innovation by producers, and also ready supply of raw materials such as straps, natural and synthetic fabric, elastic, buttons, and machinery & equipment.
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Global Bra Market: Key Competitors
- Wolf Lingerie Limited
- Victoria's Secret & Co.
- Jockey International, Inc.
- Hanesbrands Inc.
- Groupe Chantelle
- Wacoal Holdings
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Global Bra Market: Segmentation
Product Type
- Sports Bra
- Nursing Bra
- Convertible/Multi-way Bra
- Adhesive/Stick-on Bra
- Others
Style
- Padded
- Non-padded
Price
- Low
- Medium
- High
Distribution Channel
- Online
- Offline
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