India’s lingerie market predicted to grow at CAGR of 14% by 2023
India’s lingerie market is expected to grow at a compound annual growth rate (CAGR) of 14 percent by the year 2023 fuelled by a growing demographic of middle-class women, said a recent report by Research and Markets.
The latest Research and Markets report, "India Lingerie Market By Product Type, By Distribution Channel, Competition Forecast & Opportunities, 2013-2023", has a positive outlook on the market for the next five years. The lingerie market is set to expand alongside the increasing number of financially independent, middle-class women in the country.
The report stated that, alongside a growing customer base for lingerie, technical advancements in manufacturing will also drive growth, predicting that an increasing number of manufacturers will use more “luxurious” fabrics such as lace and mesh. As well as more luxurious fabrics, lingerie sets are also expected to rise in popularity.
In the coming years, there is also expected to be a higher demand for premium brands in the sector mirroring an organisation of the market. Brands mentioned in the report as major players in the market moving forward include Page Industries Ltd., Lovable Lingerie Ltd., Lux Industries Ltd., Genesis Colors Ltd., and Zivame among others.
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