According to a just released report by global research company Technavio, the outdoor fashion sector is going to become an even bigger business in the next few years.
The study shows that the sector recorded a 4.52 percent growth rate in 2021and that overall the business is expected to climb to US$3.90 billion from 2019 to 2024, with an accelerated CAGR of 5%.
The researchers predict the Asia-Pacific (APAC) will register the highest growth rate of 32% among the world’s other regions. China is currently the key market for outdoor apparel in APAC.
Factors such as the rising millennial population, increasing disposable income and growing awareness about health and fitness among people will drive the growth of the outdoor apparel market in APAC during the forecast period.
Ever increasing product innovation and a growing outdoor tourism will also contribute to the jump in sales according to Technavio.
Among the top companies forecasted to benefit from this advance are Adidas, ASICS, Columbia Sportswear, G-III Apparel Group and Hanesbrands.