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Functional Apparel - Global Market Trajectory & Analytics

  • ID: 5139999
  • Report
  • January 2021
  • Region: Global
  • 405 Pages
  • Global Industry Analysts, Inc
All Hopes for Normalcy in Fiscal Year 2020 Dashed for Functional Apparel. Market Slumps by -8%.

The global market for functional apparel is expected to slump by -8% in the year 2020 and thereafter recover and grow to reach US$ 393.1 billion by the year 2027, trailing a post COVID-19 CAGR of 5.7%, over the analysis period 2020 through 2027. COVID-19 has disrupted, changed and destroyed everything in its path i.e. industries, markets, societies, communities & everyday human life. The ruins of the global economy are made up of failed, collapsing, choking, struggling and decimated industries & businesses and among the vanquished is the apparel industry. Akin to other consumer industries, global textile industry represents one of the worst affected industries due to the pandemic. Lockdowns, shelter-in-place, work from home, voluntary renunciation of social life, unemployment and loss of household income have together dealt an unprecedented blow, bringing the industry to its knees. The pandemic continues to have a major impact on the textiles industry in terms of logistics interruptions, increased costs, absent workforce and reduced inventory and supply. Because of the lockdowns, investments on textiles, garments, and apparel remain sluggish and the scenario is likely to continue through the end of the current year, pointing towards a negative overall growth for the year 2020. Delays and disruptions in production, exports and imports are also wielding considerable impact on the textile industry. China, which was the epicenter of worldwide Covid-19 outbreak, is the largest producer and exporter of textiles, worldwide. Amid the escalating pandemic spread, demand for textiles is expected to remain under pressure till the year end.

Retail sales in countries such as the UK and US are also expected to register double-digit declines in 2020, with footwear and clothing brands being one of the hardest hit. Even online sales of apparel and accessories slumped considerably in the 1st quarter 2020. The disruptions caused by the pandemic continue to impact garment and textile industries across various regional markets. As the duration and the severity of the pandemic in the long run are unclear, the fashion industry struggles to sustain through the crisis. The closure of stores has impacted leading fashion companies in North America and Europe, sending several of them into severe financial crisis and bankruptcies. With apparel industry severely hit all over the world, and export orders being cancelled, the textiles sector in other Asian countries such as India and Bangladesh is also facing the brunt. Closed stores and cancelling of orders have resulted in wage cuts and staff layoffs, leaving the workers of the garment sectors, income less. As most of the apparel products are design and fashion specific, and customized according to the consumers' choice, they are considered to be perishable, and their cancellation will leave them with little salvage value as time passes. With the widespread cancellations both at global and local levels, the manufacturers are not stepping up production of new items. Many overseas buyers are either postponing or cancelling the confirmed export orders. However, the current situation is offering unique opportunity for companies to associate with small local businesses to generate quick churning of inventory.

The effects of the outbreak are expected to remain for at least another year. If the companies get a chance to resume their operations soon, the materialization of the order execution may take around 2-3 months, owing to the cold response from the foreign buyers. Even if the COVID-19 pandemic subsides, consumers may not be ready to spend on garments in the stores. A non-essential and discretionary product, functional apparel is expected to fall to steepest among all other apparel segments with losses accumulating to US$ 23.3 billion for the year 2020. In the post COVID-19 period, recovery will be led by the growing health and wellness trend. When the economic and employment climate improves, consumers will begin to spend on apparels, mainly sportswear and active wear products. Consumer focus on healthy regime and rising level of health-consciousness will drive demand for apparels for gym sessions, personal training and casual work. Increasing engagement in sports and adventurous activities like cycling and trekking will favor market expansion. In addition, aggressive efforts by fitness influencers to promote active wear and attract consumers will re-ignite the athleisure cult, encouraging people to wear active wear on gyms as well as social gatherings and runways. Market growth will also be propelled by rising adoption of functionality-specific apparels and footwear and technological advancements. The use of engineered fabrics in functional apparel offers protects from extreme cold or heat, chemicals and radiation. These fabrics can absorb sweat and keep users cooler in summer and warm in winters. Some of the latest functional apparels are made using anti-bacterial materials capable of preventing body odor.

Select Competitors (Total 198 Featured):
  • 361 Degrees International Limited
  • Adidas AG
  • Amer Sports Oyj
  • Asics Corporation
  • Calvin Klein
  • Columbia Sportswear Company
  • HanesBrands Inc.
  • Head
  • Hugo Boss AG
  • Icebreaker
  • Jockey International, Inc.
  • Lululemon Athletic Inc
  • MIZUNO Corporation
  • NIKE, Inc.
  • Phillips-Van Heusen Corporation
  • Puma SE
  • Ralph Lauren Corporation
  • Reebok International Ltd.
  • Russell Brands, LLC
  • Skechers USA Inc.
  • The Gap, Inc.
  • The North Face, Inc.
  • Umbro
  • Under Armour, Inc.
Frequently Asked Questions about the Global Market for Functional Apparel

What is the estimated value of the Global Market for Functional Apparel?

The Global Market for Functional Apparel was estimated to be valued at $111.7 Billion in 2020.

What is the growth rate of the Global Market for Functional Apparel?

The growth rate of the Global Market for Functional Apparel is 12.9%, with an estimated value of $261.9 Billion by 2027.

What is the forecasted size of the Global Market for Functional Apparel?

The Global Market for Functional Apparel is estimated to be worth $261.9 Billion by 2027.
Note: Product cover images may vary from those shown
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Impact of COVID-19 Pandemic and Looming Global Recession
  • COVID-19 Marks Shift of Fashion Industry with Buzz for Functional Fashion
  • Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
  • EXHIBIT 1: World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
  • An Introduction to Functional Apparel
  • Functional Apparel Design & Manufacturing
  • Global Market Prospects & Outlook
  • Sportswear Remains Coveted Segment of Functional Apparel Market
  • Professional Athletic: A Major Application of Functional Apparel
  • Supermarkets/Hypermarkets Maintain Position as Primary Distribution Channel
  • Developed Regions Hold Upper Hand in Functional Apparel Market
  • Competition
  • Recent Market Activity
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Functional Apparel to Reap Rich Dividends with Health & Wellness Trend
  • Rising Participation in Sporting Activities & Inclination Towards Workouts Fuel Demand for Sports Functional Apparel
  • EXHIBIT 2: Participation in Sports & Fitness Activities Favors Growth in Functional Apparel Market: Average % of Americans Engaged in Sports & Fitness Activity Each Day for 2010, 2014 and 2019
  • EXHIBIT 3: Sports & Fitness Clothing Market Presents Growth Opportunities for Functional Fitness & Sports Apparel: Global Sports & Fitness Clothing Market Size (in US$ Million) for the Years 2019 and 2025
  • Performance Outdoor Apparel
  • Reactive Fabrics and Materials in Sports Clothing
  • Improving Performance of Athletes in Professional Sports
  • Smart Clothing with Thermal Changes
  • Heated Sports Clothing Picks Up
  • Snow Sports Functional Apparel Gains Strength
  • Consumer Preference for Activewear in Daily Life to Fuel Functional Sportswear Market
  • EXHIBIT 4: Global Activewear Market Size (in US$ Billion) for the Years 2019, 2022 and 2025
  • Technology Trends Revolutionizing Active Wear Market
  • Protective Clothing: A Key Part of Functional Apparel Market
  • Notable Trends in Protective Clothing Market
  • Introduction of Nanotechnology Applications Fuel Growth for Protective Clothing Market
  • Mandatory Regulations Drive Focus onto Protective Textiles
  • Rising Demand for Performance Boosting Apparel Bodes Well for the Functional Apparel Market
  • Functional and Durable Work Apparel Grows in Prominence
  • EXHIBIT 5: Expanding Needs of Workwear Industry to Drive Gains in Functional Work Apparel Market: Global Workwear Market Size (in US$ Million) for the Years 2019 & 2024
  • Rise in Workplace Accidents Fuels Demand for Functional Apparel
  • EXHIBIT 6: High Levels of Workplace Related Accidents Bring Renewed Emphasis on Functional Protective Clothing: Global Annual Work Related Fatalities (In Thousand) by Region
  • COVID-19 Pandemic Disrupts Functional Workwear Apparel Industry
  • Advent of Innovative Technologies Fuel Demand for Functional Workwear Apparel
  • Superior Attributes of Flame-Retardant Workwear over Traditional Workwear Benefit Market
  • Multi-Functional and Lighter Fabric Workwear Grows in Demand in Oil & Gas Industry
  • Functional Medical Clothing Grows in Importance amidst the COVID-19 Pandemic
  • Safety Requirements Drive Need for Medical Textiles
  • Functional Footwear Designed to Improve Comfort & Ensure Safety
  • Rising Concerns over Environmental Degradation Fuel Demand for Natural and Eco-Friendly Fibers
  • Focus on the Use of Natural Fibers in Functional Clothing
  • Multi-Functional Durable Clothing: High Growth Opportunities
  • Groundbreaking Technologies Adding Feather to Functional Apparel’s Cap
  • Technological Advancements Fastrack Adoption of Functional Apparel
  • E-Commerce Platforms Boost Growth in Functional Apparel Market
  • EXHIBIT 7: COVID-19 Driven Rise in E-Commerce Sales Benefit Functional Apparel Market: Global Retail E-Commerce Website Traffic in Average Monthly Visits (in Billions) for Jun-2019 to Jun-2020
  • Demographic Trends Impact Prospects: Urbanization & Middle Class Population Influence Growth
  • EXHIBIT 8: World Urban Population in Thousands: 1950-2050P
  • EXHIBIT 9: Global Middle Class Population (In Million) by Region for the Years 2020, 2025 and 2030
  • EXHIBIT 10: Global Middle Class Spending (US$ Trillion) by Region for the Years 2020, 2025, 2030
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • GEOGRAPHIC MARKET ANALYSIS
  • UNITED STATES
  • The United States: Significant Opportunity for Functional Apparel
  • Popularity of Sports & Fitness Activity Augurs Well for Functional Sports & Activewear Apparel Market
  • Compression Apparel Shoots to Fame in Recent Years
  • Activewear: A Segment with Strong Growth Opportunities for Functional Apparel
  • Market Analytics
  • CANADA
  • JAPAN
  • CHINA
  • China: A Major Producer and Consumer of Functional Apparel Worldwide
  • COVID-19 Pandemic Affects Chinese Fire Resistant Fabrics Market
  • Market Analytics
  • EUROPE
  • FRANCE
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • AUSTRALIA
  • INDIA
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • Functional Apparel Market in Taiwan: An Overview
  • Market Analytics
  • LATIN AMERICA
  • BRAZIL
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • AFRICA
IV. COMPETITION
  • Total Companies Profiled: 269
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