The global functional apparel market is projected to reach USD 438.0 billion by the year 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 6.4% over the forecasted years, 2019 to 2025. Rising participation of people in workout activities for maintaining fitness and good health is the major driving force for the market growth. Manufacturers are designing the apparel according to the current fashion trends that drives the demand for the product. There is a high demand for sportswear, active wear, apparel for the workforce and performance-enhancing apparel in developing nations like India and China, which proliferates the market growth.
The active wear segment is specially designed to make them more fashionable and stylish considering the current trends emerging in the fashion industry. This factor is expected to accelerate the demand for this segment. The online distribution channel segment is projected to grow at a CAGR of about 6.8% during the forecasted period. An increase in the number of online retail shops and ease of browsing different varieties of products just by sitting at home has driven the growth of the segment. New online retail stores such as Koovs.com and Limeroad.com are attracting customers by giving them huge discounts and interesting offers.
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For designing apparel that is lightweight and durable, manufacturers are adopting new technologies that increase the overall product price. Moreover, several different materials such as cotton, wool, nylon, bamboo, polyester, and spandex are used to design the apparel. This also has contributed to the increase in the price of the product. These factors are estimated to hinder the growth of the functional apparel market in the upcoming years.
Youngsters are attracted to the new products that are launched by some of the leading brands such as Adidas, Umbro, PUMA, Jockey, and Nike. Their preferences for buying apparel are influenced by such initiatives. In order to gain a competitive advantage in the market, Nike in the U.K. has launched an innovative design of apparel suited for the spring season based on the latest fashion trends in London. Recently, PUMA has invested in a project for developing Bio Evolution shoes that will help in reducing foot pain and avoid sweating. The leading brands in the market are putting their efforts to develop innovative products based on the technological trends to acquire a large customer base and a large share in the market.
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Further key findings from the report suggest:
• The active wear segment is projected to grow at a CAGR of about 7.2% during the forecasted period owing to an increase in its preference among the consumers
• The market share of the professional athletic application segment is projected to be 43.2% in the year 2018 owing to an increase in the demand for the product from youngsters that are indulged in several outdoor sports and adventure activities.
• In 2018, the segment of offline distribution channel had a market share of 75% ruled the market because the customers can touch and feel the product and get the perfect fit.
• The regional market share of Asia Pacific was 34.5% and was estimated to be the highest because the people from this region are highly influenced by the western culture and the emerging fashion trends.
• There is neck-to-neck competition among the crucial players including Adidas, Under Armor, Gap, Nike, PUMA, S.E., Reebok, Asics Corporation, 361Aprt, Amer Sports, Ralph Lauren, Jockey International, PVH Corp., Hugo Boss, Russell Brands, LLC, and Umbro.
Million Insights has segmented the global functional apparel market based on product, application, distribution channel and region:
Functional Apparel Product Outlook (Revenue, USD Million, 2015 – 2025)
• Active Wear
• Protective clothing
Functional Apparel Application Outlook (Revenue, USD Million, 2015 – 2025)
• Professional Athletic
• Armature Athletic
Functional Apparel Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
• Convenience stores
Functional Apparel Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
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