"The global sportswear
market is expected to more than double by 2020 to reach $184.6 billion, from
$78 billion in 2016. In 2017, revenue in the ‘sports & outdoor’ segment was
$53,024 million, and expected to grow at 11 per cent from 2017 to 2022, thereby
increasing the volume of market to $89,428 million by 2022. User penetration
was 8.2 per cent in 2017 and expected to touch 10.4 per cent by 2022. For
brands, the sports industry is the second fastest growing. China, Latin America
and Central and Eastern Europe are the prime markets."
The global sportswear market is expected to more than
double by 2020 to reach $184.6 billion, from $78 billion in 2016. In 2017,
revenue in the ‘sports & outdoor’ segment was $53,024 million, and expected
to grow at 11 per cent from 2017 to 2022, thereby increasing the volume of
market to $89,428 million by 2022. User penetration was 8.2 per cent in 2017
and expected to touch 10.4 per cent by 2022. For brands, the sports industry is
the second fastest growing. China, Latin America and Central and Eastern Europe
are the prime markets.
As
per research by Global Industry Analysts Inc, the global market for sports and
fitness clothing is projected to reach $231.7 billion by 2024. Growth is
driven by a growing portion of
population living healthier lifestyles and stronger participation in sports and
fitness activities. According to the report, Asia-Pacific is expected to be the
fastest growing region, with a CAGR of 6.9 per cent over the forecast period.
As per a Euromonitor International, the
global apparel industry has been going strong riding on sale of sports apparels
for the last three years. Sale of sportswear, which includes yoga pants and
activewear, outpaced all other categories for the third year in a row,
increasing under7 per cent in 2016 pushing up growth in other categories. While
performance sportswear is still the biggest part of that market,
‘sports-inspired is the category driving growth,’ says Bernadette Kissane,
Euromonitor''s apparel, and footwear analyst.
The next three Olympic Games will be held in
Asia, while Russia and Qatar are in line to host the FIFA World Cup. South
America is another region that brands should focus on; while Brazil''s turn to
host the Olympic Games has passed, it is still rife with opportunities. Mexico
continues to be a substantial and growing market for an array of sports-related
goods and events. Indeed, Brazil, Mexico, Colombia and Peru feature prominently
among Adidas and Nike''s trademark filings over the last few years, stressing
the importance of Latin America as a target market.
However, Asia and China, in particular,
continues to be the core focus. China is the second largest sportswear market
after the US and holds the greatest potential for new and established sporting
brands. China has a large and booming middle class with a growing appreciation
for health and fitness, with strong demand for foreign sportswear brands. The
country will also host the 2022 Winter Olympic Games and the government is
aiming to establish an $ 813 billion sports industry by 2025 to promote fitness
across the country. The goal is to boost domestic consumption in this new
economy. In Europe, while many countries already have a mature sports market,
the majority of countries still show demonstrable growth in trade of sporting
goods both within and outside Europe.
The impressive growth of Central and Eastern
European countries is notable: Hungary, Latvia, Croatia, Slovakia, Bulgaria,
and Poland were the only countries to record annual exports growth rates of
above 10 per cent. Poland and Slovakia are also the only countries to record
annual growth rates above 10 per cent between 2005 and 2015 for both imports
and exports. Malta takes the lead for imports though; its 51 per cent annual
growth rate can be attributed to its significant trade of boats and water
sports equipment.
Source: High Plains Journal, U.S.A Saturday, 18 November 2017