Global Brassieres Market to Experience 2.9% CAGR Growth, Reaching $25B by 2030

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The brassieres market is forecasted to experience a steady increase in consumption, with a projected CAGR of +2.9% in volume and +5.2% in value from 2023 to 2030. This growth is driven by rising global demand for brassieres, leading to an anticipated market volume of 5.7 billion units and a market value of $25 billion by the end of 2030.

Market Forecast

Driven by increasing demand for brassieres worldwide, the market is expected to continue an upward consumption trend over the next seven years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.9% for the period from 2023 to 2030, which is projected to bring the market volume to 5.7B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.2% for the period from 2023 to 2030, which is projected to bring the market value to $25B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Brassieres

After two years of growth, consumption of brassieres decreased by -4.3% to 4.7B units in 2023. The total consumption volume increased at an average annual rate of +1.5% from 2013 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. Global consumption peaked at 5.5B units in 2019; however, from 2020 to 2023, consumption stood at a somewhat lower figure.

The global brassiere market size declined to $17.6B in 2023, with a decrease of -7.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.0% from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. Global consumption peaked at $21.1B in 2019; however, from 2020 to 2023, consumption stood at a somewhat lower figure.

Consumption By Country

China (857M units) constituted the country with the largest volume of brassiere consumption, accounting for 18% of total volume. Moreover, brassiere consumption in China exceeded the figures recorded by the second-largest consumer, the United States (417M units), twofold. The third position in this ranking was taken by India (308M units), with a 6.6% share.

In China, brassiere consumption expanded at an average annual rate of +4.7% over the period from 2013-2023. In the other countries, the average annual rates were as follows: the United States (-3.2% per year) and India (+4.6% per year).

In value terms, the largest brassiere markets worldwide were India ($2.1B), China ($2B) and the United States ($1.6B), with a combined 32% share of the global market.

China, with a CAGR of +4.1%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of brassiere per capita consumption in 2023 were the United States (1,238 units per 1000 persons), the UK (1,174 units per 1000 persons) and Japan (1,086 units per 1000 persons).

From 2013 to 2023, the biggest increases were recorded for China (with a CAGR of +4.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Brassieres

Global brassiere production expanded slightly to 6.1B units in 2023, growing by 1.8% compared with 2022 figures. The total output volume increased at an average annual rate of +3.7% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the production volume increased by 11%. As a result, production attained the peak volume of 6.2B units. From 2022 to 2023, global production growth remained at a somewhat lower figure.

In value terms, brassiere production declined slightly to $20.6B in 2023 estimated in export price. The total output value increased at an average annual rate of +1.9% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 11% against the previous year. Over the period under review, global production reached the maximum level at $23.4B in 2019; however, from 2020 to 2023, production failed to regain momentum.

Production By Country

China (3.4B units) remains the largest brassiere producing country worldwide, comprising approx. 56% of total volume. Moreover, brassiere production in China exceeded the figures recorded by the second-largest producer, India (307M units), more than tenfold. The third position in this ranking was held by Bangladesh (269M units), with a 4.4% share.

In China, brassiere production expanded at an average annual rate of +5.1% over the period from 2013-2023. In the other countries, the average annual rates were as follows: India (+4.0% per year) and Bangladesh (+7.3% per year).

Imports

World Imports of Brassieres

After two years of growth, purchases abroad of brassieres decreased by -15.1% to 2.5B units in 2023. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 24%. Over the period under review, global imports hit record highs at 3B units in 2022, and then shrank dramatically in the following year.

In value terms, brassiere imports reduced to $9.3B in 2023. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 23% against the previous year. Global imports peaked at $10.9B in 2022, and then declined in the following year.

Imports By Country

In 2023, the United States (482M units), distantly followed by Vietnam (140M units) and Germany (126M units) were the major importers of brassieres, together committing 29% of total imports. Japan (93M units), Italy (90M units), Indonesia (90M units), the UK (87M units), France (83M units), Thailand (72M units), the Netherlands (67M units), the United Arab Emirates (67M units), South Korea (57M units) and Russia (56M units) took a minor share of total imports.

From 2013 to 2023, average annual rates of growth with regard to brassiere imports into the United States stood at -2.9%. At the same time, Indonesia (+17.1%), Vietnam (+14.8%), South Korea (+9.7%), Thailand (+5.2%), Italy (+4.7%), Russia (+4.4%) and the Netherlands (+1.2%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in the world, with a CAGR of +17.1% from 2013-2023. Germany experienced a relatively flat trend pattern. By contrast, Japan (-1.8%), France (-2.4%), the United Arab Emirates (-4.2%) and the UK (-6.5%) illustrated a downward trend over the same period. From 2013 to 2023, the share of Vietnam and Indonesia increased by +4.1 and +2.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($1.9B) constitutes the largest market for imported brassieres worldwide, comprising 20% of global imports. The second position in the ranking was held by Germany ($772M), with an 8.3% share of global imports. It was followed by Japan, with a 5.2% share.

In the United States, brassiere imports plunged by an average annual rate of -2.4% over the period from 2013-2023. In the other countries, the average annual rates were as follows: Germany (+2.3% per year) and Japan (-2.1% per year).

Import Prices By Country

In 2023, the average brassiere import price amounted to $3.7 per unit, approximately equating the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 6.2%. Over the period under review, average import prices attained the maximum at $3.8 per unit in 2013; however, from 2014 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($6.1 per unit), while Thailand ($0.9 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (+2.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Brassieres

In 2023, shipments abroad of brassieres decreased by -3.4% to 3.9B units, falling for the second consecutive year after two years of growth. The total export volume increased at an average annual rate of +3.9% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 26% against the previous year. As a result, the exports reached the peak of 4.1B units. From 2022 to 2023, the growth of the global exports remained at a lower figure.

In value terms, brassiere exports shrank modestly to $11.5B in 2023. The total export value increased at an average annual rate of +1.8% over the period from 2013 to 2023; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by 23% against the previous year. Over the period under review, the global exports attained the peak figure at $12B in 2022, and then reduced slightly in the following year.

Exports By Country

China prevails in exports structure, finishing at 2.6B units, which was near 66% of total exports in 2023. Bangladesh (210M units) ranks second in terms of the total exports with a 5.4% share, followed by Vietnam (5.2%). Indonesia (130M units), Sri Lanka (105M units) and the United States (76M units) took a minor share of total exports.

From 2013 to 2023, average annual rates of growth with regard to brassiere exports from China stood at +5.4%. At the same time, Vietnam (+20.5%), Bangladesh (+11.3%), Indonesia (+3.6%) and Sri Lanka (+1.9%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +20.5% from 2013-2023. The United States experienced a relatively flat trend pattern. From 2013 to 2023, the share of China, Vietnam and Bangladesh increased by +8.9, +4 and +2.7 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($4.2B) remains the largest brassiere supplier worldwide, comprising 37% of global exports. The second position in the ranking was taken by Vietnam ($1.2B), with a 10% share of global exports. It was followed by Bangladesh, with a 6.7% share.

From 2013 to 2023, the average annual rate of growth in terms of value in China stood at +2.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+19.7% per year) and Bangladesh (+12.8% per year).

Export Prices By Country

The average brassiere export price stood at $2.9 per unit in 2023, almost unchanged from the previous year. In general, the export price recorded a pronounced decline. The pace of growth was the most pronounced in 2022 when the average export price increased by 4.5% against the previous year. The global export price peaked at $3.6 per unit in 2013; however, from 2014 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Vietnam ($5.9 per unit), while China ($1.6 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by the United States (+2.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform