Functional Apparel Market Trends

Growth Drivers

Rising awareness regarding a healthy lifestyle: To attain a healthy regime, consumers are investing significantly in the functional apparel market. An increasing rate of sports and other adventurous activities such as trekking, cycling, and others is boosting the target market growth. Additionally, the budding demand for functionality-specific apparel and footwear together with the collective participation rate of the young populace in several sports activities are also estimated to contribute towards the growth of the target market. Moreover, growing R&D undertakings in medical laboratories is an additional factor enhancing the demand for medical laboratory wear apparel, which, in return, has led to overall market growth.

Further, a rise in disposable income, increasing commercialization of these apparel, online spending, an increasing number of market players, and awareness about functional apparel is estimated to drive the market.

Challenges

There is an abundance of counterfeit products available in the market at a lower cost which is a significant factor anticipated to hamper the growth of the target market.

Functional Apparel Market: Key Insights

Base Year	2023
Forecast Year	2024-2036
CAGR	6.3%
Base Year Market Size (2023)	USD 365.98 billion
Forecast Year Market Size (2036)	USD 809.82 billion
Regional Scope	North America (U.S., and Canada) Asia Pacific (Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific) Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Latin America (Mexico, Argentina, Brazil, Rest of Latin America) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of functional apparel is assessed at USD 384.43 billion.

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.

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 major players in the market are PUMA SE, Nike, Inc., Under ArmourÂ®, Inc., adidas, Lululemon Athletic, ASICS America Corporation, Columbia Sportswear Company, Gap Inc., THE NORTH FACE, PVH Corp., and others.

Functional Apparel Market Trends