What segments are present in the sports merchandise market forecast?

Sports fanatics who are obsessed with outdoor sports such as football, cricket, and basketball and idolize players do not mind spending money on licensed sports merchandise to show support and loyalty towards their favorite team. This attitude, or fandom so to speak, is a leading factor behind the enormous growth of the market for licensed sports merchandise. While sports merchandizing has received a kick in recent years, so is the manufacturing and sale of counterfeit, cheap and unaccounted sports apparel.

According to research conducted by a leading market research firm, the sports merchandise market forecast suggests an approximate global revenue of USD 33.99 Bn and expansion at a compound annual growth rate (CAGR) of 5.1% by 2023. The global licensed sports merchandise market is classified into four segments –products, distribution channels, price range, and end users.

Based on products, the market consists of apparels, sport shoes, toys, accessories, gifts, and others. The report implies that apparels will account for 36% of the global market share by 2023. Depending on price, the sports merchandise market is segmented into an economic price range and premium price range.

Depending on the distribution channel, the offline distribution channel dominates the market as consumers prefer to thoroughly assess the merchandise before purchase. However, online sales are slowly picking up pace with growing awareness around e-commerce and social media campaigns. Finally, the end user segment is divided into men, women, and children. Even though men’s merchandise holds 55% of the global market share, women sports merchandise too is slowly picking up the pace, as women are taking an interest in sports.

Geographically, the regional segmentation of global licensed sports merchandise market includes North America, Asia Pacific, Europe, Latin America, Middle East, and Africa. North America accounted for 65% of the market in 2018, while the Asia Pacific region, especially China is expected to be among the largest consumers of sports merchandise.

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