A recent report published by
Infinium Global Research on functional apparel market provides in-depth
analysis of segments and sub-segments in the global as well as regional
functional apparel market. The study also highlights the impact of drivers,
restraints, and macro indicators on the global and regional functional apparel
market over the short term as well as long term. The report is a comprehensive
presentation of trends, forecasts, and dollar values of the global functional apparel
market. According to the report, the global functional apparel market is
projected to grow at a healthy CAGR over the forecast period of 2020-2026.
Functional apparel is incorporated
with functions of controlling or regulating according to its application.
Functional apparel comprises all types of apparel or assemblies that are
precisely designed to provide a pre-defined function to consumers, over its
normal or usual functions. This contains protection under severe environmental
conditions during work or sporting activities and protection against extreme
hazards and surroundings. However, the current concern over the spread of
coronavirus is expected to have a negative impact on the sales of functional
apparel.
The COVID-19 epidemic has led to a
sudden pause to manufacturing activities across the world, affecting the demand
for apparel and also production & processing of them. Furthermore, the
clothing industry is anticipated to witness less growth throughout 2020, as a
result of the unprecedented supply chain disruptions due to the COVID-19
outbreak internationally. The projected decline in the global sales of clothing
is attributable to massive supply chain disruptions across substantial export
markets, counting China and India. Nevertheless, the industry is likely to
recover over the forecast period, given the increasing popularity of online or
e-commerce sales.
Nevertheless, over the long term,
the growing health awareness among individuals and mounting inclination towards
performing workout activities, which help to fight against numerous diseases,
are anticipated to boost the market growth. An upsurge in the trend of health
and wellness is one of the key influential factors that have been pouring the
demand for different types of functional apparel precisely activewear or
sportswear products. Consumers around the world have been extremely considering
their fitness activity by indulging in several sports and fitness activities. Functional
apparels are intended to perform particular functions according to different
consumer requirements. These requirements may be safeguarding protection
against heat and water while engaging in certain sporting activities. These apparels
have gained popularity in current times, owing to the comfort they provide. Therefore,
the fitness industry is highly being promoted among these target segments.
Conversely, various fitness influencers have been promoting activewear brand
that has caught the devotion of target customers. Moreover, the rise in health
and wellness trend is a significant factor for the functional apparel market
during the forecast period. In addition, product duplicity, which diminishes
the market demand of the original brand, is anticipated to act as a restraining
factor in the global market in the upcoming years.
Among the geographies, the North
America region is expected to hold the largest share in the global functional
apparel market as countries such as the U.S. and Canada are adopting a workout
culture for living a healthy life. Consequently, it can boost the demand for
professional and other functional apparel products in the North American
region. Furthermore, the Asia Pacific region is anticipated to witness high
growth during the forecast period. Functional apparel products are mostly
consumed by the population of the Asia Pacific region on account of increasing
disposable income, coupled with advanced lifestyle in countries including
China, and India.
The report on the global functional
apparel market covers segments such as product type, application, and
distribution channel. On the basis of product type, the sub-markets include
sportswear, activewear, and protective clothing. On the basis of application,
the sub-markets include the sports industry, outdoor clothing, and healthcare. On
the basis of the distribution channel, the sub-markets include online and offline.
The report provides profiles of
the companies in the market such as Puma, Nike, Under Armour, Adidas, Lululemon
Athletic, Asics Corporation, Columbia Sportswear Company, Gap Inc., North Face,
and Phillips-Van Heusen Corporation.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of functional apparel market. Moreover, the study highlights current
market trends and provides forecast from 2020-2026. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.
Please Choose One of them.