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2020
Functional Apparel Market

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
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A06084
Pages: 245
Mar 2020 | 7631 Views
Author(s) : Roshan Deshmukh/Abel Thomas
Tables: 134
Charts: 73
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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

Functional apparels are those garments that feature and perform multiple functions apart from just their aesthetics and basic protection of the wearer. There are different types of functional apparels available in the market namely athleisure clothing, sports-functional clothing, medical-functional clothing, and others. Most of the consumers find active wear comfortable and flexible, which is attributed to the kind of material used to design such apparels or footwear. Synthetic fabrics such as polyester and nylon, are the most commonly used materials in such athleisure apparels, which altogether tend to provide the best combination of the required properties. As per the CBI-Ministry of Foreign Affairs report, the global sports and fitness clothing market is expected to be valued at $231 billion by 2024. Though performance sportswear accounts for a higher value functional apparel market share, the athleisure segment is expected to witness growth at a significant rate in terms of value sales.

Functional Apparel Market

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Rise in trend of health and wellness is one of the key influential factors that has been driving the demand for different types of functional apparels specifically active wear or sportswear products. Consumers around the globe have been seriously considering their fitness activity by indulging in various sports and fitness activities. Thus, the fitness industry is highly being promoted among these target segment. On the other hand, numerous fitness influencers have been promoting active wear brand that has caught the attention of target customers. This has bought an athleisure cult, with active wear being worn on runways, social gathering as well as gyms. Hence rise in health and wellness trend is an influential factor during the functional apparel market forecast.

The global functional apparel market size 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).

Functional Apparel Market
By Product Type

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Protective Clothing segment would exhibit the highest CAGR of 8.70% during 2019-2026.

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Based on product type, the functional apparel market is segmented into sportswear, active wear, protective clothing, and others. Sportswear is considered to be the most valuable and coveted segment in the global apparels market. Products such as sneakers, sweatshirts, and tracksuits, have been gaining higher level of traction among the target customers. Customers who adopt healthy lifestyle or indulge in various types of health enhancement activities are known to be the target customers in this segment. Over the years, sportswear manufacturers have been initiating effective promotional activities that help in bringing awareness about its product offerings among the target customers. For instance, in 2017, Under Armour Inc., one of the key players in the segment, witnessed increase in demand for its sportswear products in the global market, post the aggressive promotional activities that were carried out in that year. Hence, some of the key promotional activities carried out by sportswear manufacturers have been one of the key factors that help drive the growth of the sportswear segment in terms of value sales.

Functional Apparel Market
By Application

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Healthcare segment would exhibit the highest CAGR of 8.70% during 2019-2026.


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Based on application, the functional apparel market analysis is segmented into sports industry, outdoor clothing, and healthcare sector. Sports industry incurs higher level of demand for functional apparels. Sports functional apparels differ from casual clothing. These kind of apparels are a necessity for sports personnel who indulge in various sports activities to protect their body from external environmental hazards and at the same time enhance their performance. As a result, sports functional clothing features a high-level of breathability and moisture/vapor transfer combined with heat insulation and/or wind-proofing, waterproofing, and UV protection. There are functional apparels that help in enhancing the performance of sports personnel.  Some specialist sportswear [especially using infrared-emitting fabric] can increase blood circulation, particularly to the muscles that are being worked the hardest. This increased blood flow can decrease muscle fatigue and reduce the risk of muscle cramp. For example, wearing compression socks when running will help hold the muscle to reduce friction damage as well as maintaining blood flow and reducing swelling. Hence, some of the key features and specifications specifically designed to enhance performance of sports personnel help drive the growth of the segment in terms of value sales.    

Functional Apparel Market
By Distribution Channel

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Online segment would exhibit the highest CAGR of 8.90% during 2019-2026.

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Based on distribution channel, the functional apparel market is segmented into hypermarket/supermarket, specialty store, online store, and others. The hypermarket/supermarket segment accounts for a higher functional apparel market share since most of the grooming products are easily available in such stores at affordable rates. Such stores facilitate the availability of both branded as well as private label functional apparel products. As a result, the customer base in the supermarket is higher as compared to any other stores. Walmart, Target are some of the key supermarket brands in the segment.

Functional Apparel Market
By Region

2026
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 8.90% during 2019-2026.

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Based on region, the functional apparel industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America dominates the global functional apparel market. Ongoing trend of having a fit body and healthy lifestyle are some of the major factors driving the growth of the North American region. Increase in participation of baby boomers in fitness and physical activities has positively impacted the market growth. Thus, rise in interest of the American youth in sports and stronger participation of this population in sports and fitness activities drives the market growth in this region. The market development is supplemented by a growing portion of the population who prefer to live a healthier lifestyle and stronger participation in sports and fitness activities. Technological advancements in designs have led to enhanced comfort and boosted performance, which significantly attract fitness and sport enthusiasts. The trend of athleisure clothing is followed by a substantial number of youth customers, owing to stylish attributes of activewear and advantages such as odor resistance, wrinkle resistance, high comfort among others. Thus, activewear has evolved as a prevalent style statement and fashion trend in North America.

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

Key Benefits for Stakeholders:

  • The report provides an extensive functional apparel market of the current and emerging market trends and opportunities.
  • The report provides detailed qualitative and quantitative analysis of the current functional apparel market trends and future estimations that help evaluate the prevailing functional apparel market opportunity.
  • A comprehensive analysis of the factors that drive and restrict the functional apparel market growth.
  • An extensive analysis of the functional apparel market is conducted by following key product positioning and monitoring the top competitors within the market framework.
  • The report provides extensive qualitative insights on the potential segments or regions exhibiting favorable growth.

Key Market Segments

  • By Product Type
    • Sportswear
    • Activewear
    • Protective Clothing
    • Others
  • By Application
    • Sports Industry
    • Outdoor Clothing
    • Healthcare sector
  • By Distribution Channel
    • Offline Store
    • Online Store
  • By Region
    • NORTH AMERICA
      • US
      • CANADA
      • MEXICO
    • EUROPE
      • UK
      • GERMANY
      • BENELUX
      • ITALY
      • SPAIN
      • REST OF EUROPE
    • ASIA-PACIFIC
      • CHINA
      • INDIA
      • JAPAN
      • SOUTH KOREA
      • REST OF ASIA-PACIFIC
    • LAMEA
      • LATIN AMERICA
      • MIDDLE EAST
      • AFRICA


Key Market Players

  • ADIDAS AG (ADIDAS)
  • ASICS CORPORATION
  • COLUMBIA SPORTSWEAR COMPANY
  • LULULEMON ATHLETICA INC.
  • NIKE, INC. (NIKE)
  • PVH CORP.
  • PUMA SE
  • THE GAP, INC.
  • THE NORTH FACE (VF CORPORATION (VFC))
  • UNDER ARMOUR, INC.
 

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According to the insights of the CXOs of leading companies, the rise in health and wellness trend around the globe, is one of the key factors in driving the demand for the global functional apparel market.

With the rise in demand for various functional apparel products incurring from the target segments, companies have been initiating several key mergers and acquisitions in the view of generating revenue from the athleisure segment. For instance, in 2018, JD Sports announced acquisition of the U.S. retailer Finish Line for $558 billion. Finish Line is one the largest retailers of premium multi-branded athletic footwear, apparel, and accessories in the U.S. Apart from merger and acquisition, companies have also been strategizing on expanding their operations in the view of catering to the surging demand for athleisure products. For instance, high-end athleisure company Hylete has agreed to acquire rival Gracedbygrit in an all-stock transaction.

The rise in rate of internet penetration around the major parts of the world makes way for manufacturers to initiate several key online marketing programs as online platforms are one of the easiest ways to create awareness about the specifications and features of the athleisure products among the target customers.

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FREQUENTLY ASKED QUESTIONS?

A. The forecast period for Global functional apparel market in the report is from 2019 to 2026.

A. The global functional apparel market was valued at US$282.30 Billion in 2018.

A. Puma, Nike, Under Armour, ASIC Corporation and Lululemon Athletic are some of the key players in global functional apparel market.

A. The functional apparel market report illustrates value chain analysis in detailed manner.

A. The rise in number of health conscious customers has been considered as an influential trend in the global functional apparel market.

A. Asia-Pacific region has been considered as one of the emerging regions in the global functional apparel market registering a CAGR of 8.9%.

A. North America holds the maximum market share in the global functional apparel market.

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