Market Highlights
The global thermal underwear market is projected to be valued at USD 9,827.0 million by 2028, recording a CAGR of 3.61% during the forecast period.
The significant reasons for the growth of the global the rmal underwear market are extreme climatic conditions and the strong performance of the retail sector. Moreover, the influence of social media and innovative marketing strategies followed by product innovations are expected to be prime opportunities for market players. However, the prevalence of the unorganized sector and low product awareness in developing nations are expected to hamper the growth of the global thermal underwear market in the years to come.
The rapid proliferation of the COVID-19 pandemic has resulted in a global crisis. Impacting over 195 countries, the pandemic has already created an economic downfall worldwide. The global pandemic is deemed to create a chaotic environment, resulting in a global recession. With the rapidly increasing number of cases, the global thermal underwear market is getting affected in many ways. As the global economy copes with the pandemic, its impact on the global trade and supply chain is growing owing to the rapidly weakening global investment flows. Strict containment measures imposed by the governments of various countries and preventive measures to control the impact of the outbreak have led to significant restrictions in transportations, driving a knock-on effect globally. Transportation is crucial in the supply chain of any market, as it is responsible for transferring the raw materials to manufacturers and then distribute the final product from the manufacturers to the retail market. The pandemic had brought the transportation of goods to a near halt across the globe to stop the spread of the virus. The supply chain of thermal underwear products mainly includes hypermarkets and supermarkets, specialty stores, and e-commerce linked logistic suppliers. In these unprecedented times, low working efficiency and lockdown in various regions have witnessed product delivery delays. Many logistics companies were operating at low efficiency with very few working staff, which led to the disruption of the supply chain. The low efficiency of e-commerce websites and logistics companies' delivery systems and disruptions in international and modern trade has severely impacted the supply chain of the thermal underwear market.
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Segmental Analysis
The global thermal underwear market has been segmented based on product type, material type, end user, distribution channel, and region.
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 of 46.04% 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 of 3.75% during the forecast period.The tops segment is expected to be the leading segment of the global thermal underwear market.
Based on material type, the global thermal underwear market has been segmented into cotton, synthetic, wool, and blends. The blends segment reported the largest market share of 34.23% in 2020 and is projected to register the highest CAGR of 3.70% during the forecast period. The synthetic segment captures the second-largest market valued at USD 2,292.5 million in 2020. Two different types of fabrics are blended to improve the fabric's feel, performance, and durabilityto formblended fabrics. It is mostly the blend of a natural fabric like cotton or wool with a synthetic fabric such as polyester or lycra. Some of the common blends used in thermals include cotton polyester blend, wool polyester blend, nylon wool blend, wool-cotton blend, and cotton lycra blend.
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 of 46.43% 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 of 3.69% during the forecast period. Interest in fitness has led to the high adoption of men's thermal wear specially designed for sports, jogging, and gym purposes. The indulgence in such activities reflects the evolving consumer.
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 ahigher CAGR of 3.76% during the forecast period. The store-based segment has been divided into supermarkets & hypermarkets, specialty stores, and others. The specialty stores subsegment is expected to be the largest, as these channels account for the maximum sale of thermal underwear. The segment is growing due to strong vendor networks, high product appeal due to lucrative packaging, and ease of availability.
Regional Analysis
On the basis of region, the global thermal underwear market has been categorized as North America,Europe, Asia-Pacific,South America, and the Middle East & Africa. As per MRFR analysis, North America constituted a dominant share of the thermal underwear market in 2020. The increasing working women population in the US is anticipated to act as one of the significant factors driving 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 growth of the thermal underwear market in the US. Several factors drive the demand for thermal underwear in Europe. One of the significant factors propelling the thermal underwear market is the growth of the apparel industry across European countries. Product innovation is one of the major trends gaining traction in the market.Rapid urbanization in the emerging economies in Asia-Pacific and the rising per capita disposable incomes are significant factors for the growth of the thermal underwear market. Moreover, the increasing working women population in the developing nations of Asia-Pacific is further anticipated to propel the market growth during the forecast period. The market in South America is estimated to be dominant and be valued at USD 570.0 million by 2028 registering a moderate growth rate of 3.66%. The growth of the thermal underwear market is anticipated to be driven by several factors. One of the significant factors for the rising growth of the thermal underwear market is the changing lifestyles of the consumers along with new product developments. Extreme cold temperatures in the countries such as Paraguay, Uruguay, and Argentina have further propelled the growth of thermal underwear in the region.
Key Findings of the Study:
The global thermal underwear market is projected to register a growth rate of 3.61%from 2021 to 2028.
The tops segment accounted for the largest market share of 46.04% in 2020. However, the sets segment is expected to register the highest CAGR of 3.75% during the forecast period.
The blends segment held the largest market share of 34.23% in 2020 and is projected to register the highest CAGR of 3.70% during the forecast period.
The men segment accounted for the largest market share of 46.43% in 2020.
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 a higher CAGR of 3.76% during the forecast period.
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