Functional apparel market is expected to reach value of $505.80 billion by the end of 2026 | Industry Analysis by Top Leading Player, Key Regions, Future Demand and Forecast upto 2026

The functional apparel companies have been strategizing on extending its product offerings that cater to specific requirements of target customers.

According to a new report published by Allied Market Research titled, "Functional Apparel Market by Nature and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026," the functional Apparel market size was valued at $282.30 billion in 2018 and is expected to reach $505.80 billion by 2026, registering a CAGR of 7.7% from 2019 to 2026. In 2018, Europe accounted for nearly 30.2% share of the functional apparel market.

Functional apparels are among the main types of technical textiles clothing that are receptive to new product development and technologies. The emergence of functional clothing has been fueled by recent breakthrough and advances of technical fibers and fabrics materials that are being used.

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Millennials tend to take a more holistic approach to health and wellness factor. They are active and always keen to indulge in fitness oriented activities. Fitness has become an integral part of one's daily routine. Considering millennials' perception on fitness, functional apparel manufacturers have successfully built an emotional connect between their products and customer. These customers specifically seek for apparels that promote an active lifestyle. Hence rise in number of millennials turns out to be an influential trend.

The extensive advantages offered by active wear such as water resistance, bi-stretchable function, anti-bacterial fabric, wicking function, and others, and surge in participation of customers in physical and fitness activities act as the key driving factors of the global market. Moreover, female consumer base for active wear is increasing, owing to holistic approach of female customers toward sports and fitness. Likewise, increase in adoption of athleisure wear as work or street wear propels the growth of the overall market. Furthermore, rise in disposable income and increase in fitness concerns significantly contribute toward the functional apparel market growth.

However, volatile cost of raw materials and inflated cost of designing lead to high cost of the final product. This hampers the sales of the product among product type-sensitive customers, thereby restraining the market growth. Moreover, presence of counterfeit brands results in safety issues and inconvenience for consumers, which hamper the growth of the market. Hence volatile raw material cost hampers the market during the functional apparel market forecast.

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The global functional apparel market analysis is segmented into product type, application, distribution channel, and region. Based on product, the market is segmented into sportswear, active wear, protective clothing and others. Based on application, the market is segmented into sports industry, outdoor clothing and healthcare. Based on distribution channel, the market is segmented into offline and online. By region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, Spain, UK, Italy, France, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, and rest of LAMEA).

Key Findings of the Study:

In 2018, based on product type, the sportswear segment accounted for around higher value Functional apparel market share.
In 2018, based on application, the sports industry segment accounted for 38.3% share of the market.
In 2018, based on distribution channel, the offline segment accounted for higher share of the Functional apparel market.
In 2018, based on region, Europe accounted for a prominent market share and is anticipated to grow at a significant rate during the forecast period.

Key players operating in the functional apparel industry include Puma, Nike, Under Armour, Adidas, Lululemon Athletic, Asics Corporation, Columbia Sportswear Company, Gap Inc., North Face, Phillips-Van Heusen Corporation, and others.

Key offering of the Report:-

Key driving factors: An in-depth study of the dynamic factors such as drivers, restraints, challenges, and opportunities
Current market trends & forecasts: A comprehensive study of the the Functional Apparel Market
along with recent market trends and forecasts during the forecast period to help customers make an informed decision and formulate lucrative business strategies
Segmental Analysis: A study of each segment coupled with driving factors and growth rate analysis of every segment
Geographical analysis: An in-depth analysis of the market across several geographical regions that help market players to leverage fruitful market opportunities
Competitive landscape: A study of prime market players that are currently leading the Functional Apparel Market

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Prime Benefits:-

The report includes Porter's Five Forces analysis, SWOT analysis to understand the ability of buyers and suppliers, which enables business investors to devise sound, fruitful business decisions.
The study covers a detailed study of the latest market trends and market size coupled with a forecast of the Functional Apparel Market during the forecast period.
The report offers an analysis of the potential of the market across various geographical regions along with revenue contribution.
The study includes a detailed analysis of the key market players that are active in the market.

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client's insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.

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