Thermal Underwear Market Research Report—Global Forecast till 2028

Thermal Underwear Market: Information by Product Type (Tops, Bottoms, and Sets), by Material Type (Cotton, Synthetic, Wool, and Blends), by End User (Men, Women, and Kids), by Distribution Channel (Store-Based and Non-Store Based) and by Region (North America, Europe,Asia-Pacific, Rest of the World)—Forecast till 2028

ID: MRFR/CR/2624-CR | August 2021 | Region: Global | 99 pages         

Thermal Underwear Market

The thermal underwear market is projected to register a CAGR of 3.61% and reach a value of USD 9.82 million by 2028.

Segmentation

By Product Type Tops Bottoms Sets
By Material Type Cotton Synthetic Wool Blends
By End User Men Women Kids
By Distribution Channel Store-Based Non-Store Based

Key Players

  • PVH Corp. (US)
  • HanesBrands Inc (US)
  • Marks and Spencer plc (UK)
  • Jockey International
  • Inc (US)
  • Under Armour
  • Inc. (US)
  • Smartwool LLC (US)
  • L.L.Bean Inc. (US)
  • Fruit of the Loom
  • Inc. (US)
  • BodTek (US)
  • Thermajohn (US).

Drivers

  • Growing disposable income of consumers
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Thermal Underwear Market Overview


The thermal underwear market is projected to register a CAGR of 3.61% and reach a value of USD 9.82 million by 2028. Thermal underwear, also known as long underwear, or long johns, is a base layer worn under the outer layers to keep warm. These types of innerwear trap the body heat and do not let it escape. There are different types of thermal underwear available in the market, such as nightwear, sports and leisurewear, leggings, and socks. Thermal underwear is available for men, women, as well as for kids. However, to create a consumer base, manufacturers are offering unisex products. The raw materials used by market players to produce thermal underwear are mainly blends of different fabrics such as cotton-polyester blend fabric or cotton with box weave texture. With high investment in R&D and constant innovations in this industry, market players are launching new varieties of thermals made of polyesters, such as Capilene fabric, 100% wool, or wool-blends.The increasing demand for thermal underwear owing to extreme climatic conditions among consumers is driving the growth of the global thermal underwear market. Moreover, the strong performance of the retail sector in the market is also expected to contribute to its growth.


COVID-19 Impact Analysis


As a measure to limit the spread of the coronavirus, various governments across the world are restricted the gathering of more than ten people in a closed space, and many manufacturers were ordered to shut down their production facilities. Procurement of the raw materials became a cause of concern for the manufacturers owing to the urgent measures taken across the globe to control the spread of the COVID-19, impacting the logistics. The outbreak of the COVID-19 pandemic and subsequent adoption of lockdown strategies in many countries restricted the availability of labor to carry out the production process. Thus, there were some urgent measures taken by the government of various countries, such as physical distancing and limitation of transportation to fight surge ability. The worldwide lockdown has certainly affected the production of thermal underwear. Following state and regional guidelines, manufacturers have implemented extensive measures to protect the health and safety of their employees. Many global manufacturers have temporarily closed their operations or limited the production capacity of their products. This scenario has also affected the manufacturers financially, and they are strategizing their operations to survive the pandemic with minimal losses.


Market Dynamics


The global thermal underwear market is expected to register a CAGR of 3.61% during the forecast period. Various factors are driving the growth of the market. The high demand for thermal underwear due to extreme climatic conditions among consumers is majorly driving the growth of the global thermal underwear market. The strong performance of the retail sector in the market is also expected to contribute to the market growth. Moreover, the influence of social media, innovative marketing strategies, and product launches are creating an opportunistic market for the players to grow and expand. However, the prevalence of the unorganized sector and higher prices of thermal underwear in the market are expected to restrict the growth of the market. Furthermore, low awareness of the product in developing nations creates a challenging situation for the players in the thermal underwear market.


Drivers:


  • Extreme Climatic Conditions


Due to extreme cold climatic conditions in several regions, there is a high demand for thermal underwear among consumers. In the US, many states are struck by cold storms and harsh snowfalls. To cope with the extremely harsh cold weather conditions, consumers adopt various methods to stay insulated. Warm clothing items such as jackets and sweaters do not suffice the needs of the consumers, and extra layers are required. Consumers have now started using thermal innerwear to retain the body heat and stay protected from frostbite. Thermal innerwear helps in regulating the body temperature and keeps the body warm and dry. In addition, these are bacteriaresistant, lightweight,  protect the body from the outer environment, and do not feel bulky when worn, thus making them perfect for extremely cold temperatures.



  • Strong Performance of The Retail Sector


Asia-Pacific is the key regional market for thermal underwear globally as it offers excellent growth prospects for players operating in the market. Rapid economic growth, a rising mid-income population, and high migration rates from rural to urban areas have led to an influx of international retailers in Asia-Pacific. This has encouraged the expansion of existing retail outlets in countries such as India and China, driving the growth of the regional thermal underwear market. Strong cross-boundary trades of thermal innerwear have attracted large consumers to the product line due to the easy availability of the desired product. With the strong performance of the retail sector, the sale of thermal innerwear has been experiencing a surge. Consumers prefer thermal innerwear from departmental and specialty stores, mainly due to consumers' convenience based on a one-stop shopping experience. In addition, due to technological advancements, consumers have moved towards a digital lifestyle, leading to increased sales of the product through e-commerce. A wide range of online product offerings has attracted mass consumers' attention due to a one-click shopping experience. All these factors contribute to the growth of the global thermal innerwear market.


Restraint:



  • Prevalence Of Unorganized Sector


The thermal underwear market is moderately fragmented, with a large number of players across the globe. There is stiff competition among the players in terms of design, quality, prices, and supply chain. However, the primaryfactor affecting their growth is the prevalence of the unorganized sector. The sales of the key players are majorly hampered by the local vendors, owing to their easy availability, lower price, and ease of customization. A significantshare of the population is price sensitive, especially in the emerging economies; this makes it difficult for organized brands to establish their dominance over the unorganized sector. This is expected to be a major restraint for the market during the forecast period.


Opportunities:



  • Influence of Social Media and Innovative Marketing Strategies


Social media provides a potential opportunity for product launches and branding to bridge the gap between marketers and consumers. The explosion of social media has transformed the business environment, creating new opportunities for the market players. There are continuous blogs on social media websites such as Facebook, Instagram, Twitter, and YouTube that boost thermal underwear sales. Manufacturers use social media to promote their brand and build relationships with customers by offering exclusive advice and offers. There is a continuous rise in social media content dedicated to thermal underwear under extreme cold climatic conditions. Thermal underwear has recently gained popularity due to changing fashion trends and effectiveness in cold and extreme climatic conditions. Product promotions play a very crucial role in attracting consumers toward the product range. Product promotion through popular celebrities results in strong product reorganization among the consumers leading to a positive impact on the sale. In addition, promotion through media channels has also influenced the positive growth in the thermal underwear market share. Increased promotion and spreading fashion awareness about ongoing clothing trends via vitalmeans, including magazines, newspapers, and electronic media, will direct towards solidmarketing of the product and can be seen as a potential opportunity for increased sales. Thus, social media is playing a vital role in the growth of the global thermal underwear market. It is considered an effective interactive strategy as it enables consumers to build a relationship with the brand. Marketing through social media also helps manufacturers to boost the sales of thermal underwear among consumers.


Segment Overview


By Product Type


Based on product type, the global thermal underwear market has been segmented into tops, bottoms, and sets. The tops segment accounted for the largest market share in 2020 and is projected to register a decent CAGR of 3.65% during the forecast period. However, the sets segment is expected to register the highest CAGR during the forecast period.


By Material Type


Based on material type, the global thermal underwear market has been segmented into cotton, synthetic, wool, and blends. The blends segment accounted for the largest market share in 2020 and is projected to register the highest CAGR of 3.70% during the forecast period. The synthetic segment capturedthe second-largest market in 2020.


By End User


Based on end user, the global thermal underwear market has been segmented into men, women, and kids. The men segment accounted for the largest market share in 2020 and is projected to register a decent CAGR of 3.54% during the forecast period. However, the women segment is expected to register the highest CAGR during the forecast period.


By Distribution Channel


Based on distribution channel, the global thermal underwear market has been segmented into store-based and non-store-based. The store-based sub-segment is further classified as supermarkets & hypermarkets, specialty stores, and others. The store-based segment accounted for a larger market share of 69.12% in 2020. However, the non-store-based segment is expected to register the higher CAGR of 3.76% during the forecast period.


Global Thermal Underwear Market Share, by Region, 2020 (%)
Thermal Underwear Market Share by Region 2020
Source: MRFR Analysis


Regional Analysis


By region, the global thermal underwear market has been divided into North America, Europe, Asia-Pacific, and Rest of the World.North America accounted for the largest market share of 32.50% in 2020, with a market value of USD 2,407.7 million; the market is expected to register a CAGR of 3.52%. Europe was the second-largest market in 2020, valued at USD 2,286.9 million; the market is projected to exhibit a CAGR of 3.59%. However, the market in Asia-Pacific is expected to register the highest CAGR of 3.73% during the forecast period.


North America


North America accounted for the largest share of 32.50% in the global thermal underwear market in 2020 and is projected to expand at a 3.52% CAGR during the forecast period. The growth of the North American market is anticipated to be driven by several factors. The increasing working women population in the US is anticipated to act as one of the significant factors for the rising growth of the thermal underwear market. Moreover, the expanding thermal underwear product portfolio of key manufacturers is one of the most significant factors driving the market in this region. Innovations in the designs, colors, and materials in thermal underwear are one of the main factors expected to positively impact the thermal underwear market in the US.


Asia-Pacific


Asia-Pacific is one of the most lucrative regions among the manufacturers of thermal underwear. It accounted for a 28.07% market proportion in the global thermal underwear market. The market in the region is projected to expand at a CAGR of 3.73% during the forecast period. The growth of the thermal underwear market in Asia-Pacific can be attributed to the increasing population in emerging economies of Asia-Pacific. Rapid urbanization in the emerging economies in Asia-Pacific and the rising per capita disposable incomes act as a significant factor for the growth of the thermal underwear market.


Competitive Landscape


The key players operating in the global thermal underwear market include PVH Corp. (US), HanesBrands Inc (US), Marks and Spencer plc (UK), Jockey International, Inc (US), Under Armour, Inc. (US), Smartwool LLC (US), L.L.Bean Inc. (US), Fruit of the Loom, Inc. (US), BodTek (US), and Thermajohn (US). The market comprises tier-1 players along with some local players with diverse product portfolios. Companies such as PVH Corp. (US), HanesBrandsis Inc (US), Marks and Spencer plc (UK), Jockey International, Inc. (US), and Under Armour, Inc. (US) dominate the market due to brand reputation, product differentiation, financial stability, and strong distribution network. The players are focused on lowering their environmental footprint and investing in research and development along with strategic growth initiatives such as acquisitions and product launches to strengthen their market position and capture a large consumer base.


Recent Developments


Few developments occurred in recent times, influencing the market growth of the thermal underwear market are listed below:



  • In March 2021, Marks & Spencer has expanded its global footprint by launching around 50 new websites in new overseas markets.

  • In October 2020,L.L. Bean Incopened four stores in Canada in Toronto to aggressively expand the brand throughout the country.

  • In December 2019, Hanesbrands Inc.expanded its footprint in South Korea, with LF Corp. as a distribution partner. LF Corp. is a leading operator of apparel retail stores and e-commerce platforms, directly operating more than 1,400 brand stores in South Korea.


Scope of the Report


Global Thermal Underwear Market, by Product Type



  • Tops

  • Bottoms

  • Sets


Global Thermal Underwear Market, by Material Type



  • Cotton

  • Synthetic

  • Wool

  • Blends


Global Thermal Underwear Market, by End User



  • Men

  • Women

  • Kids


Global Thermal Underwear Market, by Distribution Channel



  • Store-Based

    • Supermarkets & Hypermarkets

    • Specialty Stores

    • Others



  • Non-Store-Based


Global Thermal Underwear Market, by Region



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific



  • Rest of the World

    • South America

    • Middle East

    • Africa




Intended Audience



  • Thermal UnderwearManufacturers

  • Raw Material Suppliers

  • Distributors

  • Governments, Associations, and Industrial Bodies

  • Investors and Trade Experts



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Frequently Asked Questions (FAQ) :

thermal underwear market is expected to reach USD 9.82 billion by 2028.

thermal underwear market is expected to exhibit a strong 6.2% CAGR over the forecast period from 2020 to 2027.

The growing disposable income of consumers is the major driver for the thermal underwear market.

North America is the dominant regional market for thermal underwear.

Leading players in the thermal underwear market include Komar Brands, Gildan Activewear, and Sub Zero Technology, among others.