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



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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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.



Major market players

Puma
Nike
Under Armour
Adidas
Lululemon Athletic
Asics Corporation
Columbia Sportswear Company
Gap Inc.
North Face
Phillips-Van Heusen Corporation



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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.



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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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.