According to the US-based Acumen Research and Consulting research report, the global size of the functional apparel market is projected to increase by around $550 billion between 2020 and 2027 with the CAGR of 7.4%. The report expects suppliers to switch away from China with the goal of rising future market costs and increasing the cluster to ease the supply chain in a given region.
The report says, increased awareness about a healthy lifestyle led to a rise in demand for sportswear, which in turn will allow the global market for functional apparel to expand. Moreover, the growth of the target market is driven by a growing number of sports and other recreational events, including trekking, cycling, etc. Growing demand for convenient apparel and accessories, as well as the rising youth participation in various fields of sport, are two of the main factors for the growth of the target market.
Another factor expected to fuel demand for medical laboratory wearing apparel is increased research and development activities in medical laboratories to drive global market growth. Increasing mobile and internet penetration is boosting demand for many functional wear products such as activewear, wear safety, etc., which, on the other hand, are projected to drive global market growth for functional wear over the expected period.
A second aspect that is projected to impede target market growth is the emergence of lower-rate replication goods.