Resumption of Textile Production amid COVID-19 Outbreak to Bode Well for Functional Workwear Apparel
Health authorities around the world have considered linen, uniform and facility service sectors as essential sectors during the Covid-19 outbreak. This bodes well for the global Functional Workwear Apparel market. The Chinese Chamber of Commerce for Textiles and Apparel notes a strong development in the resumption of textile and apparel operations post containment of COVID-19 in Hubei. Logistics and services at important textile ports are improving.
A recent study by Fact.MR foretells the global Functional Workwear Apparel market to record an expansion rate of over 7% during the forecast period of 2020 – 2030. Major Functional Workwear Apparel manufacturing countries like India, Bangladesh, Turkey, and Portugal are running at full capacity. However, the flow of Functional Workwear Apparel from one channel to another continues to be limited due to vehicle shortages, lack of manpower and numerous state laws curbing the global pandemic. Determining the impact of Covid-19 on the outlook for demand for Functional Workwear Apparel will be premature. The global pandemic, however, has put up some roadblocks for stable growth of the global functional workwear apparel market.
With online functional workwear retailers seeking to entice buyers and firms with different sales schemes and offline retailers hoping to win-back consumers, organizations are reluctant to invest more on workwear in the present situation. As brands and retailers close shops and struggle to keep their businesses afloat, there has been a decline in the number of workers on the other end of the supply chain.
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Functional Workwear with Protective Properties to Witness High Adoption
The global Functional Workwear Apparel market is playing a pivotal role in redefining the wardrobe of workers across several end-use industries over the last decade. Functional Workwear Apparel is known for its modern and protective attributes, along with its unparalleled quality and long-lasting performance. Companies are increasingly defining Functional Workwear Apparel in-accordance with the nature of the profession.
Functional Workwear Apparel is also witnessing significant demand in several sports verticals such as mountaineering, skiing, swimming and cycling. Incorporating mixed fabrics and spandex have helped to develop lightweight and durable Functional Workwear Apparel that is being endorsed by several sport personalities, invariably uplifting the global Functional Workwear Apparel market. However, with the ongoing restrictions on large gatherings and big events due to Covid-19, the global market for Functional Workwear Apparel is witnessing a bearish pattern. Upon, lockdown, several power industries, which are the primary consumers of Functional Workwear Apparel have shut down and there has been a dip in outdoor sports activities.
“Athleisure” To Become the Contemporary Benchmark in the Functional Workwear Apparel Market
The concept of ‘athleisure’ has revolutionized casual clothing but stretchy suits, smart sneakers and high-tech fabrics are being worn at the workplace as well. The ‘athleisure’ industry has recorded staggering growth in the past decade and has begun to seep into workwear as office clothing gradually becomes comfort-oriented. It's a phenomenon in which fitness wear as a fashion style; clothes designed for sporting activities are worn for other purposes such as work clothes, casuals, school or social occasions.
Fashionable athleisure goods have seen an increase in demand, leading to higher acceptance by female consumers for apparel. Furthermore, an increase in the involvement of women in physical activity is one of the major factors driving demand for athleisure goods. Growing numbers of female fitness models, sports players and athletes have developed a holistic attitude towards sports by female consumers. Fabrics developed for athletic use in extreme sports is being deployed to create Functional Workwear Apparel that is breathable, temperature-regulated, sweat-wicking and wrinkle proof.
APAC to Account for 25% Share with Burgeoning Industrial Sectors
Growing job prospects and developments in the manufacturing industry are expected to revive demand in South Asia for Functional Workwear Apparel. On a regional basis, the Functional Workwear Apparel market in South Asia is expected to represent a leading area in the global market for Functional Workwear Apparel during the forecast period and is anticipated to grow at a CAGR of over 5.0%. The Functional Workwear Apparel market in East Asia is expected to reflect positive growth, behind growing investments in fabric production and product research and development. In this area, manufacturers are further focused on equipping workwear with advanced fabric that is durable, water-resistant and maintains body temperature.
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Moderately Fragmented Market Structure with Players Focusing on Key Segments
The global Functional Workwear Apparel market is moderately fragmented in nature with the presence of a few prominent competitors such as VF Corporation, Williamson-Dickie Mfg. Co, Blundstone Australia Pty Ltd and several emerging regional players whose main focus is on local workwear. Several new players have divided Functional Workwear Apparel into two categories that are neat, non-uniform and even. Major companies are looking to focus on a particular workwear segment specifically. In January 2020, VF Corporation announced a review of strategic options for Functional Workwear Apparel. The strategic review reflects the continued focus of management on transforming the company into a more consumer-focused and retail-focused business with a portfolio of growth-oriented active, outdoor and workwear brands.
Impact of Covid-19 on Global Functional Workwear Apparel Market
Covid-19 pandemic has adversely affected the global retail and consumer goods industry where both the production and supply chain have been disrupted by national and regional lockdowns. Manufacturers of Functional Workwear Apparel are deciding on how best to address potential supply chain disturbances and capacity limitations that may prevent them from meeting changing customer requirements. In particular, the market for Functional Workwear Apparel also faced the drastic impact of the Covid-19 crisis as demand was observed to decrease in January and February during those months relative to demand in 2019. Under the optimistic scenario, the global market for Functional Workwear Apparel is expected to remain squat in the first quarter of 2020 under the strong impact of Covid-19, and demand from the second quarter may once again increase. On the other hand, under the probabilistic scenario, the market is expected to remain under strong crisis control until the second quarter, and the situation may ameliorate from the third quarter on. Although the effect of the crisis will disrupt the demand for functional workwear in the pessimistic scenario for all four quarters, the market will begin to show improvement by the first quarter of 2021.
Global Functional Workwear Apparel Market – Scope of the Report
The global Functional Workwear Apparel market is anticipated to witness a notable upsurge during the forecast period 2020 to 2030, conferring to a new Fact.MR study. The study promotes crucial trends that are presently determining the growth of the Functional Workwear Apparel market. This newly published and perceptive report sheds light on vital dynamics, which are likely to convert the future of the Functional Workwear Apparel market, in turn generating worthwhile opportunities for key companies as well as evolving players who are interested in the manufacturing of Functional Workwear Apparel.
The Functional Workwear Apparel market study is a detailed market intellect on key revenue progression factors, challenges, industry trends, and opportunities, which will eventually influence the growth of the Functional Workwear Apparel market. The report primarily conveys a summary of the Functional Workwear Apparel market, considering present and upcoming food and beverages industry scenarios, to reveal striking sides relating to the acceptance of Functional Workwear Apparel across prominent regional markets.
A detailed assessment on few of the Functional Workwear Apparel raw material suppliers accessible in the report allows the report readers to obtain detailed findings that have resulted from Functional Workwear Apparel supply chain analysis, business execution, and value chain analysis across the regional markets incorporated in the report. A list of prominent companies functioning in the Functional Workwear Apparel market provided in the report enhances reliability of this ample research study.
Functional Workwear Apparel Market: Report Summary and Scope
Study offers a comprehensive overview on diverse features that are inducing demand, revenue generation and sales of Functional Workwear Apparel across the globe. A comprehensive estimate on the Functional Workwear Apparel market has also been made accessible by the experts, who have considered the market estimates on the basis of a likely scenario, an optimistic scenario, and a conservative scenario regarding sales of Functional Workwear Apparel during the forecast period.
Functional Workwear Apparel Market: Segmentation
Fact MR’s study has done the segmentation of the Functional Workwear Apparel market on the basis of product type, material type, demographics, end use, sales channel and region.
Functional Workwear Apparel Market: Analysis on Market Size Evaluation
Predictions of the Functional Workwear Apparel market, encompassing current as well as forthcoming projected values estimate and analysis on region-wise demand trends and price index have been assimilated in the report. Market estimates at the regional and global scale for Functional Workwear Apparel are available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent Functional Workwear Apparel market segments, along with the market attractiveness valuation computes understandings brought in the report. Metrics mentioned above are also followed based on Functional Workwear Apparel products where Functional Workwear Apparel witness a steady demand.
Functional Workwear Apparel Market: Scrutinized Assessment on Regional Segments
Weighted sections have been elaborated in the report on Functional Workwear Apparel market, which delivers projection on the regional markets. These chapters brighten the regional macros (political economic, and business environment outlook), which are expected to have a significant impact on the growth of Functional Workwear Apparel market during period of forecast.
Country-specific valuation on demand for Functional Workwear Apparel has been offered for each regional market, along with the market scope estimate and forecast, price index, price point assessment, and impact analysis of dynamics of prominent regions and countries. For all regional markets Y-o-Y growth estimates have also been incorporated in the report.
Functional Workwear Apparel Market: In-depth Analysis on Competitive Landscape
The report ends with a section on the competition scenario of Functional Workwear Apparel market, along with the profiles of major companies contributing to the market expansion. Essential and up-to-date data as well as information correlated to the market performers, who principally engage in the production and supply of Functional Workwear Apparel, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits the report readers to plan preemptive steps to advance their businesses.
Company profiles have been shared with report, which exerts essentials such as product portfolio, along with an all-inclusive SWOT analysis on each player recognized along with the company policies identification and analysis. The company presence mapped and presented through the matrix for all the prominent players of the market functioning in Functional Workwear Apparel market offers readers with actionable intellect, which helps in thoughtfully presenting the market status, and making decisive predictions on the competition levels in Functional Workwear Apparel market. Major companies operating in global Functional Workwear Apparel market, include VF Corporation, Fristads Kansas AB, Aramark, Rentokil Initial PLC, Engelbert Strauss GmbH & Co. KG, Ansell Limited and others.
Impact of Covid-19 on Functional Workwear Apparel Market
The report includes a scenario based assessment of impact of Covid-19 on the Functional Workwear Apparel market across key regions for all four quarters of 2020. The report discusses the market forecast under optimistic, probabilistic and pessimistic scenario. Under the three scenarios, the demand loss and recovery has been illustrated and described through L-shaped and U-shaped recovery curves. Alongside, the Covid-19 impact has been benchmarked with previous crisis including sub-prime crisis, Eurozone crisis and SARS pandemic.
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