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Global Functional Apparel Strategic Business Report 2023: Market to Reach $477.1 Billion by 2030 - Functional Apparel to Reap Rich Dividends with Health & Wellness Trend - ResearchAndMarkets.com

The "Functional Apparel - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

Global Functional Apparel Market to Reach $477.1 Billion by 2030

The global market for Functional Apparel estimated at US$294 Billion in the year 2022, is projected to reach a revised size of US$477.1 Billion by 2030, growing at a CAGR of 6.2% over the analysis period 2022-2030. Sportswear, one of the segments analyzed in the report, is projected to record 6.1% CAGR and reach US$155.5 Billion by the end of the analysis period. Growth in the Footwear segment is estimated at 6.8% CAGR for the next 8-year period.

In 2022, the fashion industry experienced a notable shift towards functional apparel due to the impact of COVID-19. Functional apparel offers both style and practicality, aligning with consumers' changing preferences for versatile and comfortable clothing. Functional apparel encompasses a range of designs and manufacturing techniques, focusing on attributes like durability, comfort, and performance. This market showed promise for continued growth in the coming years.

Sportswear emerged as a prominent segment within the functional apparel market, driven by the demand for activewear and athleisure wear. Professional athletes were a significant customer base for such functional apparel. The distribution of functional apparel was primarily through supermarkets and hypermarkets, catering to a wide audience. Developed regions held a strong presence in the market due to their higher consumer base and purchasing power.

Key competitors in the global functional apparel market engaged in fierce competition, offering a variety of products to meet consumer needs. Recent market activity involved product launches, marketing strategies, and innovations to gain a competitive edge.

The U.S. Market is Estimated at $94.1 Billion, While China is Forecast to Grow at 7.8% CAGR

The Functional Apparel market in the U.S. is estimated at US$94.1 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$71.2 Billion by the year 2030 trailing a CAGR of 7.8% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.4% and 5.5% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR.

What`s New?

Key Attributes:

Report Attribute Details
No. of Pages 530
Forecast Period 2022 - 2030
Estimated Market Value (USD) in 2022 $294 Billion
Forecasted Market Value (USD) by 2030 $477.1 Billion
Compound Annual Growth Rate 6.2%
Regions Covered Global


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