The global functional apparel market size is projected to reach around US$ 550 Bn by 2027 and is anticipated to grow at a CAGR of around 7.4% in terms of revenue during the forecast period 2020 – 2027.
Functional apparel consists of a wide variety of fabrics, preferably designed to provide the end users with specific features such as free plunge, simple action, fast drying etc. This apparel is used to guard from harsh weather temperatures during outdoor events such as camping. It defends against risks in the workplace, for example in a scientific laboratory where specific diagnostic experiments are conducted.
The report provides analysis of global functional apparel market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
The worldwide demand for functional apparel is projected to witness substantial growth qwing to the rising engagement in exercise and sports events due to enhanced health consciousness of the global population. These clothes can help athletes keep their sweat dry. In fact, the rise in available wages and increasing habits along with augmented urbanization lead greatly to the functional clothing industry. However, due to their light weight and reliability, the high costs of this apparel can to some degree restrict this demand. The functional clothing industry has significant opportunities to produce higher quality goods and more efficiently meet customer’s demands with major technical advancements.
North America held significant market share in 2019. Major driving factors of development in the North American region are a growing movement towards a fit body and healthier lifestyle. The rise of the market has an impact on expanded baby boomer’s involvement in health and physical activity. The rise in American young people's interest in athletics and their greater commitment in athletics and health programs are also driving demand development in the country. Moreover, an increasing number of people who choose to lead a healthy lifestyle and engage in sports and wellness programs support the business growth. Technological advancement in design has contributed to improved exercise and sports enthusiast’s convenience and performance. A large number of young consumers follow functional apparel fashion, owing to the trendy features of fitness wear and the benefits such as resistance to smell, wrinkle resistance, and comfort. Active wear has therefore established in North America as a dominant style statement and pattern. Europe is predictable to witness considerable growth in the global practical apparel market due to improved understanding of health and fitness.
The market research study on “Functional Apparel Market (Functional Apparel Market By Type: Active wear, Sportswear, Protective Clothing; Functional Apparel Market By Application: Outdoor Clothing, Sports Industry, Healthcare; Functional Apparel Market By Sales Channel: Online, Convenience store, Supermarkets/Hypermarkets) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Functional Apparel market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Functional Apparel market size, and segment markets by type, application, sales channel, and geography along with the information on companies operating in the market. The Functional Apparel market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Functional Apparel market is segmented as below:
Functional Apparel Market By Type
Functional Apparel Market By Application
Functional Apparel Market By Sales Channel
Functional Apparel Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such Adidas, Calvin Klein, Asics Corporation, HanesBrands Inc., Icebreaker, Head, Jockey International, Nike Inc., MIZUNO Corporation, and Others.
In order to gain a greater market share, businesses are designing new goods according to the current customer expectations for fashion and health.
Functional apparel consists of a wide variety of fabrics, preferably designed to provide the end users with specific features such as free plunge, simple action, fast drying etc.
The increasing attentiveness towards healthy lifestyle is a key driver of the market.
The growth of the global market is impeded by the availability of counterfeit products at lower cost.
The market value of Functional Apparel is anticipated to be around US$ 550 Bn in 2027.
Functional apparel market is anticipated to grow around 7.4% CAGR amid the forecast period 2020-2027.
North America held maximum share in 2019 for functional apparel market.
Asia Pacific is projected to grow at a fast pace during forecast period 2020-2027 in functional apparel market.