The global Functional
Apparel Market is forecast to reach USD 519.04
Billion by 2027, according to a new report by Reports and Data. The increase in
health and wellness trend is one of the main influencing factors that has
propelled the demand for explicitly athletic wear or sportswear items of
various types of garments. Consumers around the world have been taking their
fitness activity seriously into consideration by indulging in multiple sports
and fitness activities. Growing numbers of sports and several other outdoor
adventures such as hiking, cycling, etc. are driving the growth of the market.
Furthermore, the report
discusses the business strategies undertaken by the companies to gain market
share and a larger consumer base. It further provides details on the strategic
initiatives taken by the companies to expand their business, such as mergers
and acquisitions, joint ventures, collaborations, product launches,
partnerships & agreements, recent deals, government deals, and advancements
in technologies and products.
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Key participants
include Nike Inc., Adidas AG, Asics Corporation, Hanes Brand Inc., Reebok,
Jockey International Inc., Russell Brands LLC, PUMA S.E., Hugo Boss AG, and
Columbia Sportwear Company, among others.
Further key findings
from the report suggest
- In North America, the professional
athletic segment accounted for 46.2% of the revenue share in 2019 and is
anticipated to grow from USD 46.81 billion in 2019 to USD 80.37 billion.
This can be due to their changing lifestyle and increased participation in
sports activities.
- Athletic footwear is designed to
enhance comfort by reducing/eliminating injuries and aid in improving
athletic efficiency. The increase in the occurrence of foot allergies and
diseases drives the need for advanced features in athletic shoes and socks
continuously. Textile industry manufacturers integrate cutting-edge
technology into hosiery goods.
- The hypermarket/supermarket segment
is responsible for a larger market share of functional apparel because
most of the products/ services are conveniently available at a low rate in
such stores. These stores promote the availability of practical fashion
items, both branded and private label
- The rising need for eco-friendly
products is intended to generate new opportunities for industry growth
because of increasing health and environmental issues about many different
kinds of fabrics. Technological developments such as anti-bacterial
material, sweat-absorbent, and warmer clothing for cold climate are
expected to see strong growth over the projected timeframe.
For the purpose of this
report, Reports and Data have segmented into the global Functional Apparel
market on the basis of product, application, distribution channel, and region:
Product Outlook (Revenue, USD Billion;
2017-2027)
- Sportswear
- Activewear
- Protective
Clothing
- Footwear
- Others
Application Outlook (Revenue, USD
Billion; 2017-2027)
- Professional
Athletic
- Armature
Athletic
- Others
Distribution Channel Outlook (Revenue,
USD Billion; 2017-2027)
- Supermarkets
- Convenience
Stores
- Online
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Regional Outlook (Revenue, USD Billion;
2017-2027)
- North
America
- U.S
- Europe
- U.K
- France
- Asia
Pacific
- China
- India
- Japan
- MEA
- Latin
America
- Brazil
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Identifying the basic business
drivers, challenges, and tactics adopted:
·
The report
provides intrinsic details and fluctuating aspects that influence the
commercial dynamics of the Functional Apparels market along with integral
factors of the rise in the demand for the product have been mapped across vital
geographical regions.
·
An overview of
the multifarious applications, business areas and the latest trends observed in
the industry has been laid out by this study.
·
Various
challenges overlooking the business and the numerous strategies employed by the
industry players for successful marketing of the product have also been
illustrated.
·
The research
inspects the sales channels (indirect, direct, marketing) that companies have
chosen for the primary product distributors and the superior clientele of the
market.
Thank
you for reading this article. You can also get chapter-wise sections or
region-wise report coverage for North America, Europe, Asia Pacific, Latin
America, and Middle East & Africa.
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