Functional Apparel Market to Expand with Significant CAGR During 2022-2031, TMR Study

The revenue of functional apparel market is prognosticated to reach a value of US$ 638.7 Bn by 2031, as per an assessment by Transparency Market Research (TMR). Furthermore, the study highlights that the market for functional apparel is expected to develop at a CAGR of 5.9% during the forecast period, from 2022 to 2031.

The report by TMR offers in-depth insight on varied factors influencing the growth of the functional apparel market. Thus, it sheds light on many vital aspects including the growth drivers, challenges, opportunities, and recent developments in the market. Moreover, readers gain access to detailed analysis of the recent and historical trends and different end-use industries of functional apparel.

Key Findings:
Leading players in the functional apparel market are investing heavily in R&Ds in order to develop innovative products. Moreover, several enterprises are focusing on the use of recycled and organic fabrics in order to launch green functional apparel. Such efforts are helping companies to expand their product portfolios as well as strengthen their position in the global functional apparel market, state researchers at TMR.
Companies in the functional apparel market are developing products using a combination of organic cotton and recycled polyester in order to launch environmental-friendly performance apparel. Such types of fabrics hold an ability to perform well in highly critical conditions including extremely cold climates and extremely humid and hot climates, note analysts of a TMR assessment on the global functional apparel market.
The popularity of different types of functional apparels is being increasing in the recent years owing to their different advantages including their lightweight, waterproof, breathable, and airtight nature, according to TMR analysts. Moreover, these type of cloths dry quickly. Hence, a rise in the demand for these products owing to above-mentioned features is fueling the sales growth in the global functional apparel market.
The government authorities of several nations are focusing on the promotion of local products. For instance, 'Make in India' is an initiative by the Government of India that promotes the use of locally-produced products. Such factors are anticipated to drive the growth prospects in the functional apparel market during the forecast period.

Growth Boosters:
Increase in the use of high-performance application-specific apparel across varied end-use industries is creating largest opportunity for functional apparel market players
Surge in the number of outdoor activities carried out across many developed and developing nations is leading to increase in the demand for functional apparel across these nations

Regional Analysis:
The functional apparel market players in Europe are prognosticated to gain notable opportunities for growth during the forecast period owing to the presence of huge apparel industry in Germany, rise in the adoption of next-gen technology, easy availability of raw materials, and lower labor cost in Europe
The functional apparel market in North America is expected to maintain its prominent position during the forecast period owing to many factors including the presence of many local brands and rise in the product demand in the region

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Some of the key players profiled in the report are:
Asics Corporation
Adidas AG
Hanes Brands Inc.
Calvin Klein
Jockey International
Head Icebreaker
Nike Inc.
MIZUNO Corporation
Russell Brands, LLC
Puma SE
Umbro
Skechers USA Inc.
Timberland LLC
Under Armour Inc.

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Transparency Market Research Inc.

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About Transparency Market Research

Transparency Market Research is a global market research reports company providing business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

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