Functional Apparel Market is Predicted to Cross $623.2 Billion by 2032

Allied Market Research published a report, titled, "Functional Apparel Market by Product Type (Sportswear, Activewear, Protective Clothing, Others), Application (Sports Industry, Outdoor Clothing, Healthcare, Others), and Distribution Channel (Offline, Online)". According to the report, the global functional apparel market was valued at $345.6 billion in 2022, and is projected to reach $623.2 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032.

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Prime determinants of growth

Advancements in fabric technologies lead to more innovative and functional apparels, such as moisture-wicking, temperature-regulating, and odor-resistant fabrics, enhancing comfort and performance for consumers, thus driving market demand. The emergence of technologies such as membrane and nano spinning, which allow manufacturers to produce garments by reducing waste during production processes, delivers more sustainable products. Companies have increased investment in the smart textile industry, which has further introduced opportunities to develop more advanced functional clothing.

The sportswear segment to maintain its leadership status throughout the forecast period

By product type, the sportswear segment held the highest market share in 2022, accounting for more the one-third of the global Functional Apparel Market revenue and is estimated to maintain its leadership status throughout the forecast period. Advanced materials and technologies aimed at boosting athletic performance, such as moisture-wicking fabrics and compression garments, are taking center stage. However, the protective clothing segment is projected to manifest the highest CAGR of 6.9% from 2023 to 2032. In the functional apparel market for protective clothing, manufacturers are adopting advanced materials like nano fabrics and smart textiles for enhanced protection.

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The sports industry segment to maintain its leadership status throughout the forecast period

By application, the sports industry segment held the highest market share in 2022, accounting for more than one-third of the global Functional Apparel Market revenue and is estimated to maintain its leadership status throughout the forecast period. Functional sports clothing features a high-level of breathability and moisture/vapor transfer combined with heat insulation and/or wind-proofing, waterproofing, and UV protection. However, the healthcare segment is projected to manifest the highest CAGR of 6.8% from 2023 to 2032. The growing emphasis on infection control and hygiene, antimicrobial and fluid-resistant textiles surge the demand for the healthcare segment in the functional apparel market.

The offline segment to maintain its leadership status throughout the forecast period

By distribution channel, the offline segment held the highest market share in 2022, accounting for more than three-fifths of the global Functional Apparel Market revenue and is estimated to maintain its leadership status throughout the forecast period. In the functional apparel market, offline stores are adapting to changing consumer preferences. They offer personalized shopping experiences, expert guidance, and in-store events to engage customers. However, the online segment is projected to manifest the highest CAGR of 6.7% from 2023 to 2032. E-commerce continues to expand, offering consumers convenience and an extensive product range.

North America to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global Functional Apparel Market revenue, in this region, Increasing participation of baby boomers in fitness and physical activities has positively impacted the market growth. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.3% from 2023 to 2032. In Asia-Pacific, the functional apparel market has witnessed several notable trends. With rise in emphasis on health and wellness, there is a surge in demand for activewear and athleisure.

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Leading Market Players: -
Puma SE
Adidas AG
PVH Corp.
Under Armour, Inc.
Columbia Sportswear Company
VF Corporation
Nike, Inc.
ASICS Corporation
lululemon athletica inc.
The Gap, Inc.

Key findings of the study
Based on produc type, the sportswear segment held the major share in the market.
Based on application, the sports industry held the major share in the market.
Based on distribution channel offline segment held the major share in the market.
North America held the major share in the market.

Recent Developments in the Functional Apparel Market

In 2023, Nike, Inc. launched the EK Umoja Collection that contains running footwear and apparel such as Nike Alphafly 2 and Windrunner jacket to increase consumer base.
In 2023,Nike, Inc. inaugurated Jordan World of Flight Shibuya, a retail store in Japan featuring Jordan Brand products that contain footwear and apparel products for men's, women's, and kids.
In 2023, Puma SE collaborated with absorbent apparel brand, Modibodi to launch a new collection of active period underwear range that allows women to focus on sports during their period.
In 2023, Puma SE collaborated with lemlem, the ready to wear and swimwear brand made in Africa to combine collection of lemlem signature aesthetics with Puma.
In 2022, Adidas AG and Foot Locker, Inc. , the New York-based specialty athletic retailer announced partnership to establish Foot Locker as the lead partner for development and expansion of key franchises across women's, kids, and apparel.

Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the functional apparel market analysis from 2022 to 2032 to identify the prevailing functional apparel market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the functional apparel market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global functional apparel market trends, key players, market segments, application areas, and market growth strategies.

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