Increase in number of functional clothing customers participating in physical fitness activities, increase in health consciousness among young generation, and extensive advantages of active wear fuel the growth of the global functional apparel market. Based on plate type, the sportswear segment held the major share in 2018. By region, on the other hand, North America appeared as the largest shareholder in the same year.

Portland,OR, Sept. 28, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global functional apparel market was estimated at $282.30 billion in 2018 and is expected to hit $505.80 billion by 2026, registering a CAGR of 7.7% from 2019to 2026. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and fluctuating market trends.

Increase in number of functional clothing customers participating in physical fitness activities, increase in health consciousness among young generation, and extensive advantages of active wear fuel the growth of the global functional apparel market. On the other hand, availability of counterfeit brands restrains the growth to some extent. However, the growing trend of premiumization is expected to create lucrative opportunities for the key players in the industry. 

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Covid-19 scenario-

• Although there has been a huge shift in consumer behavior in the wake of Covid-19, rise in the trend of health and wellness has made people expend for athleisure and sports-functional clothing with a full sway.
• However, shortage of raw materials and disruptions in the supply chain has affected the market to some extent.

The global functional apparel market is analyzed across product type, application, distribution channel, and region.By plate type, the sportswear segment contributed to nearly one third of the total market share in 2018 and is expected to lead the trail by the end of 2026. At the same time, the protective clothing segment would grow at the fastest CAGR of 8.7% throughout the forecast period.

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By application, the sports industry segment held nearly two-fifths of the total market revenue in 2018 and is anticipated to rule the roost till 2026. Simultaneously, the healthcare segment is would portray the fastest CAGR of 8.4% during the study period.

By geography, North America garnered the major share in 2018, generating more than one-third of the global market. At the same time, Asia-Pacific would register the fastest CAGR of 8.9% from 2019 to 2026. The other provinces studied in the report include Asia-Pacific and Europe.

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The key market players analyzed in the global functional apparel market report include Under Armour, Adidas, Phillips-Van Heusen Corporation, Nike, Lululemon Athletic, Gap Inc.,  Puma, Columbia Sportswear Company, North Face, and Asics Corporation.These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

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