According to a new report released by Allied Market Research titled, “Functional Clothing Market by Nature and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026”, Functional Clothing Market size was valued at USD 282.30 Billion in 2018 and is projected to reach USD 505.80 Billion by 2026, registering a CAGR of 7.7% from 2019 to 2026. In 2018, the Europe accounted for nearly 30.2% of the functional clothing market.
Functional clothing is one of the main types of technical textile clothing receptive to the development of new products and technologies. The emergence of functional clothing has been fueled by recent breakthroughs and advancements in the technical fibers and textile materials used.
Millennials tend to take a more holistic approach to health and wellness. They are active and always eager to engage in fitness-oriented activities. Physical fitness has become an integral part of the daily routine. Given millennials’ perception of fitness, functional apparel manufacturers have managed to establish an emotional connection between their products and their customers. These customers are specifically looking for clothes that support an active lifestyle. Therefore, the increase in the number of millennials turns out to be an influential trend.
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The many advantages offered by sportswear such as water resistance, bi-stretch function, antibacterial fabric, wicking function and others, and the large increase in customer participation in physical and fitness activities fit act as the major driving factors of the global market. Additionally, the female activewear customer base is growing, due to the holistic approach of female customers to sports and fitness. Likewise, the increase in the adoption of sportswear as work or street wear is propelling the growth of the overall market. Also, increasing disposable income and increasing fitness issues are contributing significantly to the growth of the functional clothing market.
However, the volatile cost of raw materials and the inflated cost of the design lead to a high cost of the final product. This hampers the sales of the product to the product-type sensitive customers, thereby restraining the growth of the market. Additionally, the presence of counterfeit brands leads to safety issues and consumer inconvenience, which hampers the growth of the market. Hence, volatile raw material cost hampers the market during functional clothing market forecast.
The global functional clothing market analysis is segmented into product type, application, distribution channel, and region.
- On the basis of product, the market is segmented into athletic apparel, activewear, protective apparel, and others.
- Based on application, the market is segmented into sports industry, outdoor apparel, and healthcare.
- Based on distribution channel, the market is segmented into offline and online.
- By region, it is analyzed in North America (United States, Canada and Mexico), Europe (Germany, Spain, United Kingdom, 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, United Arab Emirates and rest of LAMEA).
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Main results of the study:
- In 2018, based on product type, the sportswear segment accounted for approximately higher value functional clothing market share.
- In 2018, based on applications, the sports industry segment accounted for 38.3% market share.
- In 2018, based on the distribution channel, the offline segment accounted for a higher share of the functional clothing market.
- In 2018, depending on the region, Europe accounted for a large market share and is expected to grow at a significant rate over the forecast period.
Major players operating in the functional clothing industry include:-
- ADIDAS SA (ADIDAS)
- ASICS COMPANY
- COLUMBIA SPORTSWEAR COMPANY
- LULULEMON ATHLETICA INC.
- NIKE, INC. (NIKE)
- PVH CORP.
- PUMA SE
- GAP, INC.
- THE NORTH FACE (VF CORPORATION (VFC))
- UNDER ARMOR, INC.
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