The global functional apparel market size is expected to expand at a notable pace owing to the increasing demand of these garments in medical field to safeguard from patients having transmissible diseases, observes Fortune Business Insights™ in its report, titled “Functional Apparel Market, 2023-2030”.
The pandemic has increased demand for these protective garments even more. Apart from medical personnel, common people are investing to protect themselves from deadly viruses. Therefore its dramatic increase has led companies to increase its production. For instance, in 2020, Loyal Textiles collaborated with Reliance Industries and HeiQ to launch its new line of Personal Protective Equipment.
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Market Segmentation:
Based on product type, the market is divided into sportswear, protective wear and active wear. On the basis of its application it is segmented into sports and fitness, hospitality and hazardous workplace. By its sales, the market is divided into supermarket/ hypermarket, specialty stores and online stores. Finally, based on region, the market is categorized into North America, Europe, Asia-Pacific, South America and the Middle East & Africa.
What does the Report Provide?
The global market for functional apparel report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market’s growth.
List of the Key Players Profiled in the Global Market for Functional Apparel
Nike Inc.
Under Armour Inc.
Adidas AG
Reebok International Limited
Ansell Limited
Honeywell International Inc.
Lakeland Industries
Driving Factor
Rising Inclination towards Fitness & Sports Amongst Millennial to Drive the Market
The rising demand of these garments in fitness, different types of sports and by fire fighters is driving the functional apparel market growth. According to a report by International Health Racquet & SportsClub Association, the health and fitness industry generated revenue of USD 94 million in 2019. Millennials contributed to 33% of the market share since 70% of millennials exercise at least once a week, says The Global Health & Fitness Association. Moreover, the pandemic has led people to invest more in such protective apparels to save themselves from the deadly virus.
On the other hand, availability of low counterfeits is the major factor that is obstructing market growth.
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Regional Insights
North America to Remain at Forefront Backed by Growing Chemical Industry
North America is expected to remain dominant during the forecast period. This is ascribable to the rising chemical industry in the region. According to a report by American Chemical Council data, in 2019, the U.S. exported USD 140 billion of chemical and USD 553 billion of chemical shipments. Thus it’s huge market has increased demand for protective garments for personal working in these chemical industries.
Asia Pacific is also anticipated to hold major functional apparel market share owing to increasing manufacturing of these garments in the region. Additionally, increased demand for life jackets and other active wear in touristic hotspots such as Thailand, Malaysia and Singapore is promoting the regional market.
Competitive Landscape
Key Players to Focus on Establishing Partnerships to Intensify Competition
The market is consolidated by the presence of major companies that are striving to maintain their position by focusing on building new products and introducing new alternatives to traditional methods. Moreover, other key players are adopting proactive strategies such as new product launches, mergers, and facility expansion to favor the market's growth in the forthcoming years.
Industry Development
June 2020: United States based Husqvarna Motorcycles announced launch of its new protective sportswear for off-road 2020. The line apparel line includes premium quality gear and protective garments for kids and adults.
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