The global Functional Apparel market is forecast to reach USD 519.04 Billion by 2027, according to a new report by Reports and Data. The increase in health and wellness trend is one of the main influencing factors that has propelled the demand for explicitly athletic wear or sportswear items of various types of garments. Consumers around the world have been taking their fitness activity seriously into consideration by indulging in multiple sports and fitness activities. Growing numbers of sports and several other outdoor adventures such as hiking, cycling, etc. are driving the growth of the market. Rapid growth for functionality-specific apparel and footwear, along with rising youth population participation rates in various sporting activities, are some of the main factors expected to drive market growth.
Moreover, growing awareness of health among individuals and increasing willingness to execute workout activities that help combat different ailments are anticipated to fuel the growth. The compression innovation is one of the most common technologies implemented in training clothing, shoes, and socks. The application of a controlled surface pressure over different parts of the body accelerates blood flow, increases the supply of oxygen to the muscles being exercised, and improves their efficiency. A balance of these factors allows a person to work out for a longer duration at a higher rate. A big market limiting factor is the high price of apparel due to the use of modern technologies to make the garments lighter in weight and to improve durability. Also, product duplicity, which decreases the original brand’s market demand, is expected to act as a restraining factor on the global market in the years ahead.
The COVID-19 impact:
The outbreak raised concern on the value of hygiene and healthcare. The market has experienced a downturn over the weeks, which may continue over the next few months. This pandemic has affected the Asia Pacific region the most, with China at the center of the outbreak. Most initiatives have come to a temporary halt in multiple countries changed. The production, as well as supply, has been put on hold, causing losses to the manufacturers, dealers as well as consumers. The market might be facing a downside for the period. Still, with a rising health concern, the demand would be hitting the roof as soon as there is a development in the condition.
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Further key findings from the report suggest
In North America, the professional athletic segment accounted for 46.2% of the revenue share in 2019 and is anticipated to grow from USD 46.81 billion in 2019 to USD 80.37 billion. This can be due to their changing lifestyle and increased participation in sports activities.
Athletic footwear is designed to enhance comfort by reducing/eliminating injuries and aid in improving athletic efficiency. The increase in the occurrence of foot allergies and diseases drives the need for advanced features in athletic shoes and socks continuously. Textile industry manufacturers integrate cutting-edge technology into hosiery goods.
The hypermarket/supermarket segment is responsible for a larger market share of functional apparel because most of the products/ services are conveniently available at a low rate in such stores. These stores promote the availability of practical fashion items, both branded and private label
The rising need for eco-friendly products is intended to generate new opportunities for industry growth because of increasing health and environmental issues about many different kinds of fabrics. Technological developments such as anti-bacterial material, sweat-absorbent, and warmer clothing for cold climate are expected to see strong growth over the projected timeframe.
Key participants include Nike Inc., Adidas AG, Asics Corporation, Hanes Brand Inc., Reebok, Jockey International Inc., Russell Brands LLC, PUMA S.E., Hugo Boss AG, and Columbia Sportwear Company, among others.
For the purpose of this report, Reports and Data have segmented into the global Functional Apparel market on the basis of product, application, distribution channel, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Protective Clothing
Application Outlook (Revenue, USD Billion; 2017-2027)
- Professional Athletic
- Armature Athletic
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Convenience Stores
Reports and Data forecast promising developments for increased adoption of functional apparel. The companies are designing new product concepts according to the current customer expectations for fashion and health. According to industry experts, new manufacturers are expected to enter the market, which is likely to change the scenario. New companies entering the industry would focus on innovating and providing through advanced technologies, thereby reducing complexity and lowering the overall total cost of operation. Experts also believe that increase in the healthcare concern and need for application specific garments in emerging nations would be a key development area for the industry.