Licensed Sports Merchandise Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Licensed Sports Merchandise Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)
The Licensed Sports Merchandise Market size is expected to grow from USD 32.58 billion in 2023 to USD 42.20 billion by 2028, at a CAGR of 5.31% during the forecast period (2023-2028). 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. The enormous global marketing campaigns and promotion of the products through celebrity endorsements have been credited with contributing to the growth of the industry. Moreover, the industry is also expanding as a result of a noticeable increase in the number of national and international sports leagues, hence increasing the sales of licensed sports merchandise. Alongside this, female participation in sports has also increased the scope of the market further. The rising number of sports fans, along with greater urbanization and the growth of the online retail sector, are some of the key reasons fueling the market's progress. Online platforms that offer a wide selection of products and a convenient shopping experience for purchasing real premium-quality products at affordable prices are becoming increasingly popular with consumers instead of traditional retailing channels. Sports enthusiasts are becoming more and more interested in officially licensed sports merchandise, such as t-shirts, tops, sweatshirts, hoodies, jackets, bottom wear, caps, headgear, etc., that include the logos of well-known sports teams. The market is growing due to rising consumer spending power as well as greater investment in sports licensing.Licensed Sports Merchandise Market TrendsIncreased Sports Participation The growing participation of individuals in sports has led to an increase in the purchase of licensed sports merchandise. There has been an escalating growth in participation in sports since 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 have made the sports sector a powerhouse of unmapped avenues and countless opportunities. As the increasing population is part of the working class, a significant share among it is more likely to engage in sports and fitness as a part of recreational activity, which is again associated with the changing lifestyle patterns. The commercialization of sporting events, competitions, and tournaments has led to large investments in both traditional and e-sports. Due to the significant growth in the popularity of endurance sports activities like running, swimming, and cycling, the market for officially licensed outdoor and sportswear is expanding. To promote sports, both public and commercial companies make significant investments in sporting events. Moreover, people indulged in different endurance sports. For instance, according to Sport England, in November 2021, almost 151 thousand people competed in track and field at least twice, while in running events approximately 6.3 million individuals participated in England. This, in turn, has paved the way for enthusiasts to grasp the varieties of sports goods, thereby accelerating the market growth.North America Holds A Prominent Share in the Market The licensed sports merchandise market has a prominent presence in the North American market. The growing popularity of various games in the region and the participation of the youth have propelled market growth. Further, easy and convenient access to the merchandise also drives consumption in the region. This ease of access is inextricably tied to smartphones empowering consumers with an on-the-go tool that knows no boundaries. Customers are now able to purchase their favorite merchandise with just a click of a finger. Alongside this, 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 promotion in North America. The major players in the market are also taking inspiration from American sports to curate products accordingly. For instance, in 2021, Puma FtblFeat apparel combined football and American varsity. This range of t-shirts and tees was also made available in America through online and offline channels. Furthermore, according to the Bureau of Labor Statistics (BLS), People with a bachelor's degree or higher are twice as likely to participate in sports than those with only a high school education. The number of Americans with a bachelor's degree has steadily increased over the past decade, which has helped increase sports participation. Consumers can afford to pay for fitness training and buy a gym membership since they have higher disposable income. Sports participation is anticipated to increase throughout the five years leading up to 2023, as per capita disposable income is anticipated to rise. This further drives the Licensed Sports Merchandise Market segment in this region.Licensed Sports Merchandise Industry Overview The global licensed sports merchandise market is a fragmented market with the presence of various major players operating across the world. The market is highly competitive with global players like Adidas AG, Under Armour, Inc., Nike Inc., and Puma SE, among others. These players, along with the other players in the market, focus on product innovation and partnership as the key strategy to attract customers in the market. These major players try to gain a competitive edge over the other players by indulging in long-term partnership agreements with different sports clubs, which increase their customer base further. The companies also collaborate with famous sportspeople from different domains to endorse their products and add value to the promotion of the product. Moreover, these companies operate both offline specialty stores along with online retail stores, which help customers to conveniently purchase the products whenever required.Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Please note: The report will take approximately 2 business days to prepare and deliver.