Increase in participation of consumers in physical fitness activities, fitness conscious among young generation, and extensive advantages of active wear have augmented the growth of the global functional apparel market
PORTLAND, Oregon, April 1, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Functional Apparel Market by Product Type (Sportswear, Active Wear, Protective Clothing, and Others), Application (Sports Industry, Outdoor Clothing, and Healthcare) and Distribution Channel (Offline and Online): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global functional apparel industry was pegged at $282.30 billion in 2018, and is projected to garner $505.80 billion by 2026, growing at a CAGR of 7.7% from 2019 to 2026.
Major market drivers
Rise in participation of consumers in physical fitness activities, fitness conscious among young generation, and extensive advantages of active wear have boosted the growth of the global functional apparel market. Moreover, the shift in trend towards athleisure wear had fueled the market growth. However, availability of counterfeit brands hampers the market growth. On the contrary, premiumization trend would further propel the market growth.
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The sportswear segment dominated the market
Based on plate type, the sportswear segment held the largest share in 2018, accounting for nearly one third of the global functional apparel market. As the products such as sneakers, sweatshirts and tracksuits have been gaining higher level of traction among the customers, which drives the growth of the segment. On the other hand, the protective clothing segment is expected to reach 8.7% from 2019 to 2026, owing to rise in demand for different types of protective clothing specifically from healthcare, sports industry segment.
The sports industry held the largest market share
Based on application, the sports industry segment dominated the global functional apparel market in 2018, accounting for nearly two-fifths of the market. As functional apparels offer certain key functionality which specifically caters to the requirement of sports industry, therefore driving the segment in terms of value sales. On the other hand, the healthcare segment is expected to manifest the largest CAGR of 8.4% during the forecast period. This is due to surge in advancement in medical segment that has facilitated continuous improvement in clothing.
North America held the lion's share
Based on geography, the market across North America held the largest share in 2018, contributing to more than one-third of the total revenue, owing to the ongoing trend of having a fit body and healthy lifestyle, increasing participation of baby boomers in fitness, and physical activities have propelled the growth in the region. However, the global functional apparel market across Asia-Pacific is anticipated to manifest the fastest CAGR of 8.9% during the study period, due to growing disposable income, changing lifestyles, and mounting urbanization in various countries of this region.
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Major market players
- Under Armour
- Lululemon Athletic
- Asics Corporation
- Columbia Sportswear Company
- Gap Inc.
- North Face
- Phillips-Van Heusen Corporation
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