The global licensed sports merchandise market is anticipated to record a CAGR of 5.5% during the forecast period (2020-2025).
- The market growth is attributed to the growing entertainment industry, where sports are marketed as a major entertainment type through different digital platforms.
- The growth and expansion of e-commerce have also played an important role in the growth of the market. Online buying provides the privilege of selecting one's favorite products at a better price at the same quality with more convenience.
- Enormous global marketing campaigns have been credited with contributing to the growth of the industry.
Key Market Trends
Increased Sports Participation
There was a growth in participation of sports in the last decade, owing to the growing health consciousness leading to increased physical activity, coupled with the demand for more entertainment. The geographical expansion of different sports to various regions and the growing media coverage for different sports has also boosted the market growth. The initiation of multiple sporting leagues and increased fan participation has made the sports sector a powerhouse of unmapped avenues and countless opportunities. The involvement of youth right from the beginning is expected to ensure that the sports industry continues to grow. As the increasing population is part of the working class, a significant share among them is more likely to engage in sports and fitness as a part of recreational activity, which is again associated with the changing lifestyle patterns. Endurance sports have also paved a strong platform for enthusiasts to grasp the varieties in sports goods, thereby accelerating the market.
North America Holds A Prominent Share
The sports merchandise market is at a stagnant stage. The region holds a prominent share in the market. The growing popularity of various games in the region and the participation from the youth have propelled the market growth. Access to the goods also drives consumption in the region. The ease of access is inextricably tied to smartphones empowering consumers with an on-the-go tool that knows no boundaries. The increased visibility of games through different media has been central to the market growth for the past several years. Celebrity endorsements are still a major way of brand promotions. Nike is doing collaborations with designer icon Virgil Abloh. Adidas has singer Beyonce designing shoes and clothes. Puma has movie star Selena Gomez wearing its brand and posting about it on her Instagram account.
The global licensed sports merchandise market is a fragmented market with the preence of various major players operating across the world. Offline sales are the major sales of companies. However, the growing popularity of online retailing players is putting more focus on online channels. Players in association with various teams and players are promoting their products.
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