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Functional Apparel Market size was valued at USD 365.98 billion in 2023 and is expected to reach USD 809.82 billion by 2036, expanding at around 6.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of functional apparel is assessed at USD 384.43 billion.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.3% |
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Base Year Market Size (2023) |
USD 365.98 billion |
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Forecast Year Market Size (2036) |
USD 809.82 billion |
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Regional Scope |
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The functional apparel market is segmented by product type, fabric finishing, application, distribution channel and region. Among segmentation by product type, the sportswear segment is expected to capture significant revenue share in the market owing to increasing awareness concerning a healthy lifestyle, which is encouraging consumers to actively consider sports and other fitness activities that required functional apparels. The sportswear segment includes functional apparels for different types of sports, such as cycling apparels, swimwear, gymnastics wear gym wear and others. The healthcare segment is projected to witness the largest share during the forecast period owing to a rush in the medical advancement segment that has enabled a continuous enhancement in clothing.
Our in-depth analysis of the global market includes the following segments
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By Product Type |
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By Fabric |
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By Finishing |
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By Application |
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By Distribution Channel |
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Geographically, the functional apparel market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America industry is predicted to dominate majority revenue share by 2036, attributed to increasing participation of baby boomers in fitness, and physical activities, and easy accessibility to the functional apparel in specialized and online stores.
The European region is anticipated to hold the second-largest market share in the functional apparel market. Expansion of e-commerce, rising spending power, growing population, presence of dominant market players, and rising awareness related to fitness activities are the key factors that have augmented the growth of the target market in this region.
Asia-Pacific is estimated to grow at the fastest rate during the forecast period led by the developing countries. Factors such as the growing awareness regarding functional apparel for fitness regimes, along with the rising purchasing power of the consumers, and infiltration of leading players, growing population, have been fueling the demand for the functional apparel market in this region.
June 05, 2020: Reacting to the trending hashtag “#blacklivesmatter" after the death of George Floyd in police custody on May 25, 2020, Converse committed to working with Nike and Jordan to pledge $40 million over the next four years to support the Black communities by focussing on organizations promoting social justice, boosting education and battling racial inequality.
May 27, 2020: Under Armour tweeted how proud they are to support the LGBTQ+ diversity in sport year-round and launched its newest collection called UA Pride collection.
Author Credits: Parul Atri
Copyright © 2024 Research Nester. All Rights Reserved
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