Lingerie market expected to reach $55 bn by 2024

The lingerie market in 2015 was worth $33 billion and is expected to grow to $55 billion by 2024, said a top official from apparel manufacturer Bodyline, quoting Transparency Market Research. He also said that the demand for lingerie is increasing every year.

“Intimate products were used as an essential innerwear by women in the past, but now they are more of an outerwear item that incorporates more aesthetic designs and fashion. Online marketers like Amazon, Zalando, Asos and other e-commerce brands are focusing on lingerie and that will improve the global demand through social media,” said Dilshan Mohamed, director of supply chain management, Bodyline.

He added that the increase in the online ordering of clothing can be attributed to factors like accurate measurement tables, attractive return policies and cheaper options.

When asked about the drivers in the lingerie market, Mohamed said, “The top three drivers are new brands and functional products with good aesthetics entering the market at more affordable prices; influence of social media and online sales; and the demand for new product categories because of fitness and lifestyle concerns.”

The Sri Lanka-based company plans to be a global player, offering lingerie manufacturing solutions and novelty to both start-ups and large brands, in the near future.