The 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.
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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.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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