Functional Apparel Market Size, Share, Growth, Trends, Regional Outlook and Forecast, 2019 to 2025
by Susan Hill Business ConsultantThe global functional apparel market size is expected to
reach USD 438.0 billion by 2025, according to a new report by Grand View
Research, Inc., expanding at a CAGR of 6.4% over the forecast period.
Increasing participation in fitness and sports activities and growing demand
for performance boosting apparels, apparels for specific workforce, along with
new active wear designs based on the latest fashion trends, are expected to
increase the demand for functional wear products in the coming years. In
addition, increase in disposable income and changing lifestyle of the people in
emerging economies including China and India are anticipated to increase the
market demand.
Usage of functional athletic wear products is
increasing in North America and Europe on account of continuous product
innovation and technological advancement to meet the customer behavior and
preferences. In addition, inducement of workout routine and inclination towards
adventure and outdoor sports in the developing countries including, India,
China, Bangladesh, and Thailand are expected to create new avenues for the
global market. Functional apparels are made up materials that are
anti-flammable, water resistant, sweat resistant, and durable in nature.
Therefore, this evolution of wearing active wear in
daily life to create an individual style statement is also a significant factor
increasing the demand of functional wear. The young population is anticipated
to significantly influence the demand of the global market in the future on
account of growing trend of protective wear, along with active wear. Online
distribution channel is expected to expand at the fastest CAGR of 6.8% from
2019 to 2025, as the online sector is not completely penetrated. New companies
like Limeroad.com and Koovs.com are coming up with new offers for the
customers.
High price of the apparels is a major restraining
factor for the global market. This is on account of the use of different
materials in functional apparels including cotton, spandex, polyester, nylon,
bamboo, and wool. However, continuous development of new products by companies
such as Nike, Adidas, Jockey and Umbro is expected to influence the buying
preferences of the younger population across the globe.
Nike has come with new apparels designed for spring
weather to penetrate the global market and new designs according to the fashion
trends in London in order to gain a larger share in the U.K. market. PUMA is
investing in new Bio Evolution shoes for creating new and technologically
advanced shoes in order to prevent foot pain and feet sweat. The market leaders
are focusing on developing new products according to latest designs and
technology in order to gain a larger market share.
Further
key findings from the study suggest:
- By product, active wear is projected to ascend at a CAGR of 7.2%
over the forecast period on account of its increasing preference in daily
life
- Professional athletic wear dominated the market with a share of
43.2% in 2018 due to inclination towards outdoor and adventure sports
among the young population
- The offline distribution channel dominated the functional apparel
market with a share of over 75.0% in 2018, as most of the products are
purchased through supermarkets/hypermarkets and convenience stores to get
the proper fit and material
- Asia Pacific dominated the market in 2018 with 34.5% share of the
total revenue due to high adaptation of western culture and western
fashion trends. This trend is projected to continue over the next few
years
- The industry is highly competitive with the key players such as
Nike, Under Armor, Adidas, PVH Corp., Gap, 361Aprt, PUMA, S.E., Reebok,
Ralph Lauren, Asics Corporation, Amer Sports, Jockey International, Hugo
Boss, Umbro, and Russell Brands, LLC.
Access
full research report on global functional apparel market:
www.grandviewresearch.com/industry-analysis/functional-apparel-market
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Created on Oct 10th 2019 07:24. Viewed 377 times.