Propelled by growing health and wellness trend, the global functional apparel market is forecast to reach $519.04 billion by 2027. A new report by Reports and Data indicates, rise in the number of people engaging in fitness activities and outdoor adventures like hiking, cycling etc, works as a growth driver for global functional apparel market. Future growth is also likely to be driven by rising youth participation in various sporting activities.
Health consciousness to fuel market growth
Growth will also be fuelled by growing health consciousness amongst individuals and their willingness to engage in sporting activities to combat ailments. Functional apparels are mainly produced using compression technologies. As per a Textile Value Chain report, this helps application of a controlled surface pressure across body parts, thus accelerating blood flow, increasing oxygen supply to muscles and improving their efficiency. A person can work out for a longer duration by achieving a balance of these factors.
A factor restricting market growth is the high prices of these garments. As manufacturers use modern technologies to make these garments lighter and more durable, they tend to be more expensive than other apparels. Also, growing number of duplicates of these garments at lower prices, is expected to restrict future growth.
COVID-recovery to boost demand
The pandemic led to a major downturn in the functional apparel market that is expected to continue over the next few years. Asia Pacific market was the most affected by the outbreak, with China emerging as the epicenter of the crisis. It led to the temporary halting of initiatives introduced by the industry in many countries. It also halted production and supply in many countries, causing huge losses to manufacturers, dealers and consumers. Currently, even though the market might be facing downhill, improvement in the COVID situation could cause demand to hit the roof soon.
Accounting for $46.81 billion in 2019, the professional athletic apparel market in North America is anticipated to grow to $80.37 billion. Growth can be attributed to changing lifestyles of athletes and increased participation in sports.
Designed to enhance comfort, athletic footwear helps eliminate injuries and improve athlete’s efficiency. The market is driven by rising foot allergies and diseases amongst sportsperson who are demanding athletic shoes and socks with advanced features. Textile industry manufacturers are launching hosiery goods by incorporating new cutting-edge technologies into their processes.
Growing hypermarket culture
The global functional apparel market growth is also being driven by increasing hyper-super/supermarket culture which enables buyers to purchase at competitive rates. Supermarket stores are also known to make practical fashion items, both branded and private labels for consumers.
Future market growth is likely to be driven by growing demand for eco-friendly products. Rising health and environmental consciousness is leading to new and innovative fabrics being launched. Brands are launching fabrics with technical features including anti-bacterial material and sweat-absorbent properties. Innovations are being done by big brands like Nike, Adidas, Asics, Hanes Brand, Reebok, Jockey, Russell Brands etc.