Home Fashion Industry Financial Influence of COVID-19 on Textile Industry to Disrupt Global Functional Clothing Market by 2027

Influence of COVID-19 on Textile Industry to Disrupt Global Functional Clothing Market by 2027

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Market dynamics

The growing trend towards health and wellness is one of the major demand drivers for various types of functional clothing, especially activewear or activewear. Consumers around the world are taking a serious interest in their fitness activity, participating in a variety of sports and fitness activities. As a result, the fitness industry is heavily promoted to this target industry.

On the other hand, a slew of fitness celebrities have been pushing activewear brands that have sparked the interest of potential buyers. This spawned a cult following of athleisure, with sportswear seen on the trails, in social settings and in gymnasiums. Therefore, rising trends in health and well-being are an important element in forecasting the functional clothing market.

functional clothing market

Disruptions from the pandemic continue to impact the apparel and textile sectors in a variety of regional markets. Because the duration and intensity of the pandemic are unknown in the long term, the fashion industry is struggling to survive. The closing of storefronts had a significant influence on major fashion brands, putting many of them in serious financial difficulty and declaring bankruptcy. As the garment industry suffers massive damage and export contracts are canceled, other Asian countries like India and Bangladesh are also suffering. Store closures and the cancellation of orders have resulted in pay cuts and layoffs of staff, reducing the earnings of garment workers.

Since the majority of clothing products are design and fashion specific, as well as customized to consumer preferences, they are considered perishable and their cancellation will leave them with minimal salvage value over time. With massive cancellations occurring both globally and locally, manufacturers are not ramping up production of new items. Many overseas buyers are postponing or canceling confirmed export orders. However, the current environment presents a unique opportunity for companies to partner with small, local businesses to produce rapid inventory turnover.

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Segmental analysis

Protective clothing, sportswear, laboratory clothing and others are all segmented by product type.

Men and women are the end users of the global market.

Regional overview

The Functional Clothing Market Trend Report analyzes the Functional Clothing Market in North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.

North America dominates the global practical clothing market. A developing fit body pattern and a healthy lifestyle are two of the main growth factors in the North American district. The development of the market has been impacted by the increase in the investments of the born in wellbeing and proactive roles. Thus, the increase in income generated from sports for young Americans and increased investment in sports and wellness training by this population is driving the growth of the market in this field. A growing population that values ​​a healthier lifestyle is driving market growth and more cautious investments in sports and wellness activities. Technological developments in design have resulted in increased comfort and ease of execution, which basically appeals to health and sports enthusiasts. Many young customers follow the trend of sportswear, as evidenced by the vivid characteristics of dynamic wear and the advantages such as odor resistance, wrinkle prevention and excellent comfort. As a result, dynamic wear has become a popular style explanation and expression in North America.

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Competitive dynamics

The major market players are 361 Degrees International Limited, Adidas AG, Amer Sports Oyj, Asics Corporation, Calvin Klein, Columbia Sportswear Company Hanes Brands 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, and Under Armour, Inc.

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NOTE: Our team of researchers is studying Covid19 and its impact on various industry verticals and if necessary we will review Covid19 footprints for better market and industry analysis. Kindly get in touch for more details.

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