The global functional apparel market size is expected to grow at a CAGR of 7.4 per cent between 2020 and 2027 to be worth around $550 billion by 2027, says a research report by US-based Acumen Research and Consulting. The report expects suppliers to shift away from China with the intention of reducing potential market costs and growing the cluster in a given country to ease supply chain.
The report says, increased awareness about healthy lifestyle led to a rise in demand for sportswear, which in turn will allow the global market for functional apparel to expand. Moreover, the growth of the target market is driven by a growing number of sports and other recreational events, including trekking, cycling, etc. Growing demand for convenient apparel and accessories, as well as the rising youth participation in various fields of sport, are two of the main factors for the growth of the target market.
Another element expected to boost demand for medical wearing laboratory apparel is increased research and development activities in medical laboratories to propel growth of the world market. Increasing mobile and Internet penetration boosts demand for many functional wear products like activewear, wear safety, etc., which, on the other hand, are projected to drive growth of the global market for functional wear over the anticipated period.
A second aspect projected to impede growth of the target market is the emergence of replication goods at a lower rate.