The size of the global licensed sports merchandise market has been estimated at US$ 35.12 billion in 2023 and is projected to record a CAGR of 4.9% from 2023 to 2033. By 2033, the size of the global market is scheduled to reach US$ 56.67 billion.
The main force behind the market expanding is the growth in the number of sports fans which in turn is fuelled by trend urbanization and increase in online retail industry. There is a higher number of national and international sports leagues which is possibly the key driver of the market.
Compelling Investment Drivers
The increasing popularity of items like phone cases, mugs, helmets, balls, key chains, and wallets among the youth, who passionately support their favorite teams, is poised to propel the growth of the licensed sports merchandise market in the foreseeable future. Additionally, the rising interest among young individuals in various national and international leagues is expected to stimulate the expansion of the licensed sports merchandise market.
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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.
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Key Takeaways
- 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.
