Dublin, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The "Functional Apparel - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Functional Apparel Market to Reach $477.1 Billion by 2030
The global market for Functional Apparel estimated at US$294 Billion in the year 2022, is projected to reach a revised size of US$477.1 Billion by 2030, growing at a CAGR of 6.2% over the analysis period 2022-2030. Sportswear, one of the segments analyzed in the report, is projected to record 6.1% CAGR and reach US$155.5 Billion by the end of the analysis period. Growth in the Footwear segment is estimated at 6.8% CAGR for the next 8-year period.
In 2022, the fashion industry experienced a notable shift towards functional apparel due to the impact of COVID-19. Functional apparel offers both style and practicality, aligning with consumers' changing preferences for versatile and comfortable clothing. Functional apparel encompasses a range of designs and manufacturing techniques, focusing on attributes like durability, comfort, and performance. This market showed promise for continued growth in the coming years.
Sportswear emerged as a prominent segment within the functional apparel market, driven by the demand for activewear and athleisure wear. Professional athletes were a significant customer base for such functional apparel. The distribution of functional apparel was primarily through supermarkets and hypermarkets, catering to a wide audience. Developed regions held a strong presence in the market due to their higher consumer base and purchasing power.
Key competitors in the global functional apparel market engaged in fierce competition, offering a variety of products to meet consumer needs. Recent market activity involved product launches, marketing strategies, and innovations to gain a competitive edge.
The U.S. Market is Estimated at $94.1 Billion, While China is Forecast to Grow at 7.8% CAGR
The Functional Apparel market in the U.S. is estimated at US$94.1 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$71.2 Billion by the year 2030 trailing a CAGR of 7.8% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.4% and 5.5% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR.
What`s New?
- Special discussions on the global economic climate and market sentiment
- Coverage on global competitiveness and key competitor percentage market shares
- Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and trademarked research platform
- Complimentary updates for one year
- Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 530 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $294 Billion |
| Forecasted Market Value (USD) by 2030 | $477.1 Billion |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
MARKET TRENDS & DRIVERS
- Functional Apparel to Reap Rich Dividends with Health & Wellness Trend
- Rising Participation in Sporting Activities & Inclination Towards Workouts Fuel Demand for Sports Functional Apparel
- Participation in Sports & Fitness Activities Favors Growth in Functional Apparel Market: Average % of Americans Engaged in Sports & Fitness Activity Each Day for 2010, 2014 and 2019
- Sports & Fitness Clothing Market Presents Growth Opportunities for Functional Fitness & Sports Apparel: Global Sports & Fitness Clothing Market Size (in US$ Million) for the Years 2019 and 2025
- Performance Outdoor Apparel
- Reactive Fabrics and Materials in Sports Clothing
- Improving Performance of Athletes in Professional Sports
- Smart Clothing with Thermal Changes
- Heated Sports Clothing Picks Up
- Snow Sports Functional Apparel Gains Strength
- Consumer Preference for Activewear in Daily Life to Fuel Functional Sportswear Market
- Global Activewear Market Size (in US$ Billion) for the Years 2019, 2022 and 2025
- Technology Trends Revolutionizing Active Wear Market
- Protective Clothing: A Key Part of Functional Apparel Market
- Notable Trends in Protective Clothing Market
- Introduction of Nanotechnology Applications Fuel Growth for Protective Clothing Market
- Mandatory Regulations Drive Focus onto Protective Textiles
- Rising Demand for Performance Boosting Apparel Bodes Well for the Functional Apparel Market
- Functional and Durable Work Apparel Grows in Prominence
- Expanding Needs of Workwear Industry to Drive Gains in Functional Work Apparel Market: Global Workwear Market Size (in US$ Million) for the Years 2019 & 2024
- Rise in Workplace Accidents Fuels Demand for Functional Apparel
- High Levels of Workplace Related Accidents Bring Renewed Emphasis on Functional Protective Clothing: Global Annual Work Related Fatalities (In Thousand) by Region
- COVID-19 Pandemic Disrupts Functional Workwear Apparel Industry
- Advent of Innovative Technologies Fuel Demand for Functional Workwear Apparel
- Superior Attributes of Flame-Retardant Workwear over Traditional Workwear Benefit Market
- Multi-Functional and Lighter Fabric Workwear Grows in Demand in Oil & Gas Industry
- Functional Medical Clothing Grows in Importance amidst the COVID-19 Pandemic
- Safety Requirements Drive Need for Medical Textiles
- Functional Footwear Designed to Improve Comfort & Ensure Safety
- Rising Concerns over Environmental Degradation Fuel Demand for Natural and Eco-Friendly Fibers
- Focus on the Use of Natural Fibers in Functional Clothing
- Multi-Functional Durable Clothing: High Growth Opportunities
- Groundbreaking Technologies Adding Feather to Functional Apparel's Cap
- Technological Advancements Fastrack Adoption of Functional Apparels
- E-Commerce Platforms Boost Growth in Functional Apparel Market
- COVID-19 Driven Rise in E-Commerce Sales Benefit Functional Apparel Market: Global Retail E-Commerce Website Traffic in Average Monthly Visits (in Billions) for Jun-2019 to Jun-2020
- Demographic Trends Impact Prospects: Urbanization & Middle Class Population Influence Growth
- World Urban Population in Thousands: 1950-2050P
- Global Middle Class Population (In Million) by Region for the Years 2020, 2025 and 2030
- Global Middle Class Spending (US$ Trillion) by Region for the Years 2020, 2025, 2030
FOCUS ON SELECT PLAYERS(Total 198 Featured)
- Amer Sports Corporation
- Carhartt, Inc.
- Aramark Corporation
- Columbia Sportswear Company
- ASICS Corporation
- Aditya Birla Fashion and Retail Ltd. (ABFRL)
- Bunzl PLC
- Amoena Medizin-Orthopadie-Technik GmbH
- Bragard SA
- Confezioni Tutal Srl
- Clarus Corporation
- Admiral Sportswear Ltd.
- ANTA Sports Products Ltd.
- Brooks Sports, Inc.
- Dainese SpA
For more information about this report visit https://www.researchandmarkets.com/r/w3xzph
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