Research Nester published a report titled “Functional Apparel Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers a detailed overview of the functional apparel market in terms of market segmentation by product type, by fabric, by finishing, by application, by distribution channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.
Functional apparels are that garments that feature and execute numerous functions along with just their aesthetics and simple protection of the wearer. There are different types of functional apparel obtainable in the market specifically athleisure clothing, sports-functional clothing, medical-functional clothing, among others.
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The functional apparel market is expected to witness a notably high CAGR during the forecast period, i.e., 2020-2028. The market is segmented by product type, fabric finishing, application, distribution channel, and region. Among segmentation by product type, the sportswear segment is expected to account for the significant revenue share of the market owing to increasing awareness concerning a healthy lifestyle. As functional apparels provide certain vital functionality that precisely caters to the requirement of the sports industry, hence driving the segment in terms of value sales.
Regionally, the functional apparel market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The functional apparel market in the North-America region is expected to hold a major market share on account of the growing awareness related to functional apparel particularly among baby boomers, increased spending power, and expansion in online trading. Major demand is expected to be from the U.S. and Canada.
Europe is projected to be the second-largest market for the functional apparel market owing to the rising population, the rising expenditure power, the presence of dominating market players, an extension of e-commerce platforms, and growing awareness related to health and wellness.
The Asia-Pacific region is estimated to witness the fastest growth during the forecast period, especially in the developing nations owing to the growing populace interested in healthy lifestyle and fitness routines, mounting concern for well-being, expanding income levels of individuals, and infiltration of leading players into the market.
Rising awareness related to a healthy lifestyle in order to boost the market sales of overall functional apparel market leading to remarkable growth opportunities
Consumers around the world have been considering their fitness activity by indulging in different sports and fitness activities making the fitness industry highly promotional among these target segments.
Additionally, demand for medical laboratory wear in the healthcare segment, an upsurge in disposable income, growing commercialization of these apparel, online expenditure, a growing number of market players, and alertness about functional apparel is estimated to drive the market growth.
However, the rising availability of imitation products in the market is anticipated to hamper the market growth.
This report also provides the existing competitive scenario of some of the key players of the functional apparel market which includes company profiling of Nike, Inc. (NYSE: NKE), Under Armour®, Inc. (NYSE: UAA), Adidas (ETR: ADS), Lululemon Athletic (NASDAQ: LULU), ASICS America Corporation (TYO: 7936), Columbia Sportswear Company (NASDAQ: COLM), Gap Inc. (NYSE: GPS), THE NORTH FACE, PVH Corp. (NYSE: PVH), PUMA SE (ETR: PUM).
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the functional apparel market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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