Functional Apparel Market to Reach $623.2 Billion, Globally, by 2032 at 6.1% CAGR: Allied Market Research

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Nov 23, 2023, 01:20 ET

Athleisure wear, which is one of the fast-growing categories, has become highly popular due to mass social media influence. Athleisure, which combines the term athletic and leisure, is one of the highly preferred choices among the young generation. This has resulted due to the surge in importance about a fitness-conscious lifestyle. Numerous fitness influencers have been promoting active wear brands that have caught the attention of target customers. This has brought an athleisure cult, with active wear being worn on runways, social gatherings, as well as gyms.

WILMINGTON, Del., Nov. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Functional Apparel Market by Product Type (Sportswear, Activewear, Protective Clothing, Others), Application (Sports Industry, Outdoor Clothing, Healthcare, Others), and Distribution Channel (Offline, Online)". According to the report, the global functional apparel market was valued at $345.6 billion in 2022, and is projected to reach $623.2 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032.

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Prime determinants of growth

Advancements in fabric technologies lead to more innovative and functional apparels, such as moisture-wicking, temperature-regulating, and odor-resistant fabrics, enhancing comfort and performance for consumers, thus driving market demand. The emergence of technologies such as membrane and nano spinning, which allow manufacturers to produce garments by reducing waste during production processes, delivers more sustainable products. Companies have increased investment in the smart textile industry, which has further introduced opportunities to develop more advanced functional clothing.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$345.6 billion
Market Size in 2032	$623.2 billion
CAGR	6.1 %
No. of Pages in Report	300
Segments Covered	Product Type, Application, Distribution Channel, and region
Drivers	Increasing trend toward comfort clothing Rising trend toward fitness
Restraints	Increasing challenges in supply chain Sustainability concerns in production processes
Opportunities	Sustainability concerns in production processes

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The sportswear segment to maintain its leadership status throughout the forecast period

By product type, the sportswear segment held the highest market share in 2022, accounting for more the one-third of the global Functional Apparel Market revenue and is estimated to maintain its leadership status throughout the forecast period. Advanced materials and technologies aimed at boosting athletic performance, such as moisture-wicking fabrics and compression garments, are taking center stage. However, the protective clothing segment is projected to manifest the highest CAGR of 6.9% from 2023 to 2032. In the functional apparel market for protective clothing, manufacturers are adopting advanced materials like nano fabrics and smart textiles for enhanced protection

The sports industry segment to maintain its leadership status throughout the forecast period

By application, the sports industry segment held the highest market share in 2022, accounting for more than one-third of the global Functional Apparel Market revenue and is estimated to maintain its leadership status throughout the forecast period. Functional sports clothing features a high-level of breathability and moisture/vapor transfer combined with heat insulation and/or wind-proofing, waterproofing, and UV protection. However, the healthcare segment is projected to manifest the highest CAGR of 6.8% from 2023 to 2032. The growing emphasis on infection control and hygiene, antimicrobial and fluid-resistant textiles surge the demand for the healthcare segment in the functional apparel market.

The offline segment to maintain its leadership status throughout the forecast period

By distribution channel, the offline segment held the highest market share in 2022, accounting for more than three-fifths of the global Functional Apparel Market revenue and is estimated to maintain its leadership status throughout the forecast period. In the functional apparel market, offline stores are adapting to changing consumer preferences. They offer personalized shopping experiences, expert guidance, and in-store events to engage customers. However, the online segment is projected to manifest the highest CAGR of 6.7% from 2023 to 2032. E-commerce continues to expand, offering consumers convenience and an extensive product range.

North America to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global Functional Apparel Market revenue, in this region, Increasing participation of baby boomers in fitness and physical activities has positively impacted the market growth. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.3% from 2023 to 2032. In Asia-Pacific, the functional apparel market has witnessed several notable trends. With rise in emphasis on health and wellness, there is a surge in demand for activewear and athleisure.

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Leading Market Players: -

Puma SE
Adidas AG
PVH Corp.
Under Armour, Inc.
Columbia Sportswear Company
VF Corporation
Nike, Inc.
ASICS Corporation
lululemon athletica inc.
The Gap, Inc.

The report provides a detailed analysis of these key players in the global Functional Apparel Market. These players have adopted different strategies such as collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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