Functional Apparel Market: Global Industry Analysis And Forecast (2023-2029)

Functional Apparel Market was valued at 148.07 Bn. in 2022. Functional Apparel Market size is expected to reach 244.53 Bn. with a CAGR of 7.43% during the forecast period.
Functional Apparel Market Overview:
Functional apparel is referred to as clothing, which has improved aesthetic, comfort, and protection features. Athleisure, seamless wear, sports-functional, and medical-functional clothing are all examples of functional clothes, which are widely available in the market. They are typically made of synthetic materials like nylon, viscose, and polyester, which are temperature-regulating, water- and oil-resistant, anti-static, quick-drying, and performance-enhancing. These garments shield the user from the elements, including strong winds, extreme temperatures, chemicals, germs, and ultraviolet (UV) radiation. They can also help improve blood flow and reduce muscular fatigue and cramping by boosting fabric breathability, wicking, grip, and stretchability. As a result, geotextiles, personal protective equipment, and medical, military, sports, and leisure garments are all made with them.

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Functional Apparel Market Dynamics:
The growing trend of health and wellness is one of the primary influencing elements driving demand for different forms of functional apparel, especially activewear or sportswear products. Consumers across the globe have been taking their fitness seriously by participating in numerous sports and fitness activities. As a result, the fitness industry is heavily marketed within this target group. Numerous fitness influencers, on the other hand, have been supporting activewear brands that have piqued the interest of target buyers. This has produced an athleisure craze, with activewear seen on runways, at social gatherings, and gyms. As a result, the rise in the health and wellness trend is expected to have a positive impact on the functional apparel market throughout the forecast period.

Growing awareness of the need of leading a healthy and active lifestyle has increased demand for sportswear, which has aided the functional apparel market growth across the globe. In addition, an increase in the number of sporting and other adventurous and outdoor activities like trekking, cycling, and hiking is fueling the market growth. The increased demand for functional apparel and footwear, along with the rising engagement rate of young and middle-aged people in various sports and outdoor activities, is expected to boost the functional apparel market growth over the forecast period.

The rising population and increased urbanization along with growing disposable income are also driving the functional apparel market growth across the globe. In addition, a rise in R&D activities to develop new and better products is also fueling demand for functional apparel market growth. Modern technology is used in these items, along with the easy-to-handle and other unique qualities, which are driving the product demand.

The high price of the apparel due to the introduction of new technologies to make the apparel lighter in weight and more durable are expected to hamper the market growth throughout the forecast period. In addition, the growing concerns regarding product duplication are expected to function as a restraining factor in the market growth as it diminishes market demand for the original brand.
Functional Apparel Market Segment Analysis:
Based on the Type, the Functional Apparel Market is segmented into Sports Wear, Active Wear, Protective Clothing, and Others. The Sports Wear segment held the largest market share, accounting for 34.21% in 2022. Growing individuals' choice for sportswear in regular morning workouts is driving the functional apparel market growth for this segment.

Sneakers, sweaters, and tracksuits have been growing in popularity among target clients. Customers in this industry are known to pursue a healthy lifestyle or participate in various forms of health enhancement activities. Technological developments in design have resulted in increased comfort and performance, which has attracted a large number of fitness and sports aficionados. In addition, the growing demand for the product by professional sportsmen and sports events in schools and colleges are driving the functional apparel market growth for this segment.

The Protective Clothing segment is expected to witness significant growth at a CAGR of 6.8% during the forecast period. Protective clothing is designed to shield the wearer from dangers encountered at work or in other surroundings. Protective apparel also includes high-visibility garments. Fire and heat protection, nuclear, chemical, and biological hazard protection, protection from sharp objects such as stab wounds, cuts, and abrasions, protection from extreme cold, and protection from static electricity and high voltage are applications for protective garments.

Based on the Application, the Functional Apparel Market is segmented into Sports Industry, Outdoor Clothing, and Healthcare. The Sports Industry segment held the largest market share, accounting for 59.2% in 2022. The segment growth is attributed to growing concerns about the importance of maintaining good physical health among people across the globe. In addition, increasing preference for sportswear in daily life among the working and young population are expected to boost the market growth for this segment.
Functional Apparel Market Regional Insights:
The North America region held the largest market share accounted for 41% in 2022. The increase in baby boomer participation in fitness and physical activities has had a beneficial impact on market growth in the region. An increase in the interest of American youth in sports along with their increased participation in sports and fitness activities are driving the product demand. A growing percentage of the population prefers to live a better lifestyle and engage in more sports and fitness activities, which is also expected to fuel the market growth throughout forecast period.

Asia Pacific region is expected to witness significant growth at a CAGR of 7.81% during the forecast period. The growing youth participation in sports such as marathons, swimming, trekking, and other activities is boosting demand for sportswear, which is driving the functional apparel market growth in the region. In addition, the significant economic growth, along with rising population is expected to fuel the region’s market growth.

The objective of the report is to present a comprehensive analysis of the global Functional Apparel Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Functional Apparel Market dynamic, structure by analyzing the market segments and projecting the Functional Apparel Market size. Clear representation of competitive analysis of key players by Technology, price, financial position, product portfolio, growth strategies, and regional presence in the Functional Apparel Market make the report investor’s guide.
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Functional Apparel Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 137.83 Bn.


Forecast Period 2023 to 2029 CAGR:
7.43%
Market Size in 2029:
US $ 244.54 Bn.


 Segments Covered:
by Type
Sports Wear
Active Wear
Protective Clothing
Others


by Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Online Stores
Others


by Application
Sports Industry
Outdoor Clothing
Healthcare



Functional Apparel Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Functional Apparel Market Key Players
1. Nike
2. Asics Corporation
3. Calvin Klein
4. Adidas
5. Jockey International
6. Russell Brands
7. Under Armour
8. MIZUNO Corporation
9. Umbro
10.Hanes Brand Inc.
11.Reebok
12.PUMA S.E.
13.Hugo Boss AG
14.Columbia Sportwear Company
15.Gap Inc.
16.Phillips-Van Heusen Corporation
17.Lululemon Athletica

Frequently Asked Questions:

1] What segments are covered in the Functional Apparel Market report?
Ans. The segments covered in the Functional Apparel Market report are based on Type, Distribution Channel, and Application.

2] Which region is expected to hold the highest share in the Functional Apparel Market?
Ans. The North America region is expected to hold the highest share in the Functional Apparel Market.

3] What is the market size volume of the Functional Apparel Market by 2029?
Ans. The market size of the Functional Apparel Market by 2029 is US$ 244.54 Bn.

4] What is the forecast period for the Functional Apparel Market?
Ans. The forecast period for the Functional Apparel Market is 2023-2029.

5] What was the market size volume of the Functional Apparel Market in 2022?
Ans. The market size of the Functional Apparel Market in 2022 was US$ 148.07 Bn.