Sports-Licensed Merchandise Market Surges as Sports Grow in Popularity: To Reach US$ 56.67 billion by 2033 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The global licensed sports merchandise market as a part of the global apparel, accessories, and luxury goods market, within the textiles, apparel, and luxury goods market. The parent market, the global apparel, accessories, and luxury goods market, covers products and companies engaged in the manufacturing/marketing of apparel, accessories, and luxury goods
DUBAI, United Arab Emirates, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The size of the global licensed sports merchandise market has been assessed at US$ 35.12 billion in 2023 and is expected to expand at a CAGR of 4.9% between 2023 and 2033. The size of the global market is forecast to reach US$ 56.67 billion by 2033.
One of the main drivers of the market's expansion is surging sports fans, which is further fuelled by urbanization trends and the expansion of the online retail industry. The number of national and international sports leagues has significantly increased, which is fuelling the market growth.
The growing popularity of products such as phone cases, mugs, helmets, balls, key chains, and wallets among young people in support of their favorite teams is likely to drive the growth of the licensed sports merchandise market over the forecast period. The growing interest among young people in numerous national and international leagues is anticipated to foster licensed sports merchandise market expansion.
The global licensed sports merchandise market, including t-shirts, tops, sweatshirts, hoodies, jackets, bottom wear, caps, and hats, among other items, is expanding. Therefore, growing consumer buying power and increasing investments in sports licensing are driving the market's expansion.
Market Potential
Government officials' growing involvement in licensed sports merchandise boosts the market share of such products and creates additional chances for industry participants.
In addition, the massive fan bases for athletic events and leagues in many regions of the world due to television exposure generate profitable growth potential for the foreseeable future.
What Factors Bottleneck the Market?
One of the key inhibitors to the licensed sports merchandise market growth may be the prevalence of counterfeit sports merchandise across the globe. The forecasted growth of the market may be hampered by the rising cost of goods.
Due to the coronavirus outbreak, which has affected investments and disturbed the supply chain, it is anticipated that market growth may face difficulties. During the research time, one of the hurdles for the market may potentially be the strict government regulations governing licensed sports merchandise.
With a share of roughly 33.7%, the Others category held the majority of the market by product type until 2033.
The product type category's Others segment may expand at a CAGR of 7.3% between 2023 and 2033.
The offline sector's revenue share in the distribution channel segment reached 70.6% over the predicted period of 2023 to 2033.
North America may capture close to 34.5% of the market with a CAGR of 6.7% from 2023 to 2033.
The licensed sports merchandise market in the United States is expected to be worth US$ 11.3 billion in 2023.
The Asia Pacific licensed sports merchandise market is expected to grow rapidly over the forecast period, with a 5.3% CAGR from 2023 to 2033.
China is expected to reach US$ 10.2 billion by 2033, rising at a 7.6% CAGR throughout that period.
Competitive Landscape
The licensed sports merchandise market’s leading players are concentrating on broadening and extending their product offerings. Mergers and acquisitions are key methods used by key players to obtain a competitive advantage, manufacturers are providing comprehensive services.
Recent Development
South Africa Rugby Union and Nike.Inc. Entered into a Collaboration
Nike.Inc and the South Africa Rugby Union agreed to a six-year collaboration in September 2022. (SARU). The agreement covers the Rugby World Cups for men in 2023 and 2027, and the first new set of Springboks jerseys from Nike is anticipated to be unveiled in July 2023.
India saw the release of Puma SE's first dedicated app.
In India, Puma SE released its first dedicated app in June 2022. Puma released its app in India before any other nation to take advantage of the growing demand for branded athletic footwear and clothing there.
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