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Global Functional Apparel Market Analysis, Growth Drivers, and Future Forecast till 2025
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The global functional apparel market is treading a growth path on the back of rising demand for high-performance, application-specific apparel and footwear along with rising participation in sports and fitness activities. Further, the rising awareness of importance of health and fitness is likely to stoke demand for sportswear and footwear in the upcoming years.
Apart from this, lifestyle disorders and work-related stress has aroused health awareness among individuals across the world. This is encouraging them to get involved in gym or personal training so as to remain healthy and active in daily life. Therefore, the demand for sportswear and footwear is likely to witness rise in the upcoming years.
The employment of scientific principles for the manufacture of functional apparel that helps improve athletic performance and helps reduce injuries is also acting in favor of functional apparel market.
As per projections of a market study by Market Research Reports Search Engine, the global functional apparel market is likely to register an impressive 13.5% CAGR for the forecast period from 2017 to 2025. Progressing at this rate, the demand in the market will attract a revenue of US$244.61 bn by the end of 2025.
Sportswear to Emerge Significant through 2025
The report studies the global functional apparel market on the basis of type and region. By type, the various segments that divide this market are sportswear, outdoor apparel, footwear, socks, and innerwear. Of them, the footwear segment is likely to display significant growth rate during the forecast period. The segment is anticipated to be followed by sportswear and reach a valuation of US$84.76 bn by the end of 2025.
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Strong Presence of Functional Apparel Manufacturers Make North America Leader
Among the key regional markets, North America is likely to emerge dominant in the functional apparel market over the forecast period from 2017 to 2025. The increasing inclusion of physical activity in the daily life is leading to the demand for sportswear and footwear with specific product claims such as anti-odor, sweat free, antimicrobial, and others. The strong presence of key players in the apparel segment in the region is also benefiting the North America functional apparel market.
Europe trails North America in terms of growth in the functional apparel market. Changing fashion trends and rising number of working women is supporting the growth of non-athletic footwear segment in Europe. Moreover, with rising awareness about the importance of health and fitness the demand for sportswear and footwear is likely to expand in this region.
Asia Pacific is anticipated to emerge as a key market for functional apparel during the forecast period. This is attributed to the presence of production units of local and regional brands in the region. The large population pool in China between the ages of 18 to 35 years interested in running marathons, gym activities is benefitting the growth of Asia Pacific functional apparel market.
Leading names in the global functional apparel market include Addidas, Columbia, MIZUNO Corporation, New Balance Inc., Patagonia Inc., Icebreaker, Wacoal, Pink (L Brands), Tommy Hilfiger, Hanesbrand Inc., Hugo Boss, Umbro, Nike Inc., Under Armour Inc., Skechers USA Inc., Puma, Head, Asics Corporation, Victoria Secret, Calvin Klein, True & Co., Jockey International, Russell Brands LLC, Jack Wolfskin Retail GmbH, Montane RHONE, Geox, RY International, Red Wing Shoe Company, Triumph International, Mountain Equipmnet, THORLO Inc., Admiral Sportswear Ltd., Bata Corporation, Clarus Corporation, Fenix Outdoor International AG, Kappa, French Connection, Gainup Industries India Pvt Ltd., Merrell, VF Corporation, Berghaus Limited, Polar Stuff, Playboy Enterprises, Thai Sock Co. Ltd., PENFIELD, 2(x)ist Inc., Wilson Sporting Goods, Brooks Sports Inc., Cole and parker Co., Fila Inc., and Fruit of the Loom.
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