ALBANY, New York, Feb. 26, 2019
ALBANY, New York, Feb. 26, 2019 /PRNewswire/ -- The global bra market bears a highly fragmented vendor landscape, says Transparency Market Research (TMR) in a recently published report. This can be attributed to the presence of a large number of small- and large-scale companies in the bra market. Hanesbrands Inc., Berkshire Hathaway, Triumph International, Jockey International, and Wolf Lingerie Ltd., are the dominant players operating in the global bra market.
A key strategy adopted by players in the global bra market to outshine their rivals is constant product development along with expanding manufacturing capacity for satisfying consumer preferences. The competition among players are getting intensified due to the entry of several local players who are concentrating on strong marketing and promotional activities. They are focusing hard on product innovations coupled with technological advancements to steal a march over competitors. Regulating costs along with delivering quality bras is a key strategy of most businesses present in the global bra market.
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According to experts from TMR, the global bra market is expected to gain revenue worth US$34,914.7 Mn by the end of 2026. Experts project this growth to occur at a promising CAGR of 4.1% during the forecast period from 2018 to 2026.
Among the various products, growing demand for padded bras is expected to boost the global bra market. This is because wearing padded bra helps in maintaining breast's shape. Increasing popularity of padded bra and high standard of living also is advantageous to the market's expansion. Region wise, Asia Pacific is expected to account for a leading share in the global bra market in the coming years. This is attributed to rising use of different types of bras coupled with increasing number of manufacturers in the region.
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Increasing Number of Working Women Stokes Demand in Bra Market
Women worldwide are changing their attitude towards choosing innerwear. Women are selecting innerwear which can match their attire. Purchasing different types of bras are highly dependent on different occasions. However, growing numbers of working women, increasing demand for different types of bras such as padded and non-padded, and rising sophistication of younger women are major factors driving the global bra market.
Women belonging up upper middle and upper class are increasing their purchasing power, mainly owing to their ability to differentiate between various brands. There are several types of bras available in the market such as nursing bra, sports bra, adhesive/stick-on bra, and multi-way bra. Such bras provide support to the breasts and prevent the breast from sagging. Furthermore, rising demand for comfort, increasing need for better performance during sports activities, and growing number of sports enthusiast and athletes are fueling the demand for padded bras, which in turn is also boosting the global bra market.
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High Production Cost of Bra Hinders Market Growth
A few challenges hindering the growth of the global bra market are high manufacturing costs of bra, low availability of good quality bras, and high price of fabrics or raw materials required for bra production. Nonetheless, a persistent demand for elastic bras and strapless bras, and growing adoption of padded bras are believed to help overcome these challenges in the near future.
This review is based on Transparency Market Research's report, titled "Bra Market (Product Type - Padded Bra (Sports Bra, Nursing Bra, Convertible and Multi-Way Bra, Adhesive and Stick-On Bra), Non Padded Bra (Sports Bra, Nursing Bra, Convertible and Multi-Way Bra, Adhesive and Stick-On Bra)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026".
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The segmentation of global Bra Market is based on:
o The U.S.
o Rest of North America
o The U.K.
o Rest of Europe
o Rest of Asia Pacific
o GCC Countries
o South Africa
o Rest of Middle East & Africa
o Rest of South America
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