As people are adopting exercise, health, sports and fitness, the demand for sportswear apparel and footwear with sweat-free, antimicrobial, and anti-odor features is anticipated to be on the rise in the region, according to a recent survey report.
According to an estimate, researched and reported by ‘Transparency Market Research’, the Global functional apparel market would touch US$244.61 billion value by 2025. The report states that the global market for functional apparels is expected to touch an impressive 13.5% CAGR during the forecast period between 2017 and 2025.
The growth drivers for functional apparels is the rising demand for high-performance, application-specific apparels and footwear coupled with the rising participation in sports and fitness activities. These include: sportswear, outdoor clothing, innerwear, athletic innerwear, non-athletic, footwear, athletic footwear, non-athletic, socks, athletic socks, non-athletic socks, etc. The report says that, the footwear segment is expected to register faster growth rate.
Functional apparels are said to be manufactured using advanced technology. These are usually made of polyester fabric or microfiber that absorbs sweat from the body on the fabric’s surface, from where it is evaporated. These apparels thus help athletes to stay dry and comfortable, as mentioned in the said research report.
The report says that established players would strive to introduce new products to expand their brand value. Prominent names in the global functional apparel market include Adidas, Columbia, MIZUNO Corporation, New Balance Inc., Icebreaker, Wacoal, Calvon Klein, Hanesbr and Inc., and French Connection among others, as listed in the Report.
According to the Report, these players are investing substantially in innovative technology to introduce novel products that offer flexibility, durability, and comfort. They will invest on R&D to introduce eco-friendly fabric to meet the demand for eco-friendly performance clothing.
The Report noted that North America is expected to the lead the regional market for functional apparel during 2017 to 2025. The other potential growth markets are: Europe, Asia Pacific, Middle East and Africa, South America.
In addition to the rising interest in sports and fitness activities over the past couple of years, the other growth factors for the functional apparel market, are: Changing fashion trends and rise in the number of working women; Individuals are becoming selective about apparels they wear for gym sessions, personal training, and even casual work.