Licensed Sports Merchandise Market Accounted For USD 49.0 Billion By 2030

Author : Bella Kent | Published On : 25 Apr 2024

San Francisco, 25 April 2024: The Report Licensed Sports Merchandise Market Size, Share & Trends Analysis Report By Products (Sports Apparel, Toys and Games, Others), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

The global licensed sports merchandise market size is expected to reach USD 49.0 billion in 2030 registering a CAGR of 4.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. One of the major factors driving the market's expansion is the growing population of sports enthusiasts, together with increased urbanization and the expansion of the online retail industry.

The growth of the market is also being aided by a notable rise in the number of regional and worldwide sports leagues. Increasing demand for sports leisure apparel and footwear, including yoga pants, sweatpants, and gym tanks that can be worn at workplaces and schools, fuels the market growth. Consumer preference is constantly shifting from traditional retailing channels, towards online platforms that provide a large selection of products and a convenient shopping experience for buying genuine premium-quality goods at reasonable costs.

During COVID-19 licensed sports merchandise market faced unexpected challenges. Due to the pandemic, major sports tournaments like the Olympics, World Cups, etc. were postponed, which had a negative impact on the sales of licensed sports merchandise. Also, there was a restriction on logistics which negatively impacted the licensed sports merchandise market. According to a report published by License Global in 2022, after suffering significant disruptions due to the pandemic, the sports industry saw a rebound in 2021, growing by 8.0% since 2019.

In 2021, 54.0% of Americans, age 6 and over participated in outdoor recreation at least once, the highest number of participants on record. As COVID-19 continued and vaccines became available most restrictions were lifted. However, as governments in many countries reduced the previously imposed restrictions, companies are making progress. According to a report published by Outdoor Foundation in 2022, the outdoor recreation participant base grew by 2.2% in 2021 to 164.2 million participants. As a result, the market recovery is anticipated to impact positively during the forecast period.

Products and goods that have the endorsement of a sports team or athlete are defined as licensed sports merchandise. It covers products like sporting goods, toys, and accessories for sports, video games, clothes, and footwear. Sports entities receive a fixed amount of royalty payments from licensing organizations for goods sold with their trademarked logos, designs, and other branding. Fans of sports and video games enjoy wearing officially licensed sports gear and sports accessories.

Sports apparel and accessories that are breathable, light, and waterproof are offered in the market at premium and reasonable price points. Customers are increasingly using online shops to purchase a variety of goods. Significant investments in traditional and e-sports have resulted from the commercialization of athletic events, contests, and tournaments. The market for licensed outdoor and sports apparel is growing as endurance sports like running, swimming, and cycling are gaining enormous popularity.

The others product segment led the market share in 2022 and is expected to witness progressive growth in demand during the forecast period. The others product segment accounted for the leading market share of more than 33.7% in 2022 and is expected to witness significant growth in the near future. The growth can be attributed to the rising number of sports leagues and the growing fan base of sports events worldwide.

Under the other segment products include such as keychains, mugs, cups, etc. An increase in the launch of trendy sports club key chains, mugs, cups, and accessories are expected to augment the segment during the forecast period. Furthermore, a surge in online shopping for sporting goods is projected to create prospective opportunities for the growth of the segment in the near future.

The offline segment accounted for a revenue share of 70.6% in 2022. Physical display of the products and the ability to check product features have been major factors driving the popularity of offline sales and distribution channels. Consumers in the U.S. have reported a preference for offline purchases, mainly from mass merchants, followed by retail, department, and specialty stores.

North America emerged as the largest market in 2022 and is estimated to account for close to 52.01% share of the global market by 2030. Market dominance can be attributed to the increased participation in sports like baseball, basketball, and soccer, particularly among college and university students, active lifestyles among the general public, and an increase in the adoption of health and fitness activities which are likely to create new growth opportunities for the market players in North America licensed sports merchandise industry.

The major players in the licensed sports merchandise market focus on diversifying and expanding the range of their product offerings. Mergers & acquisitions are the prominent strategies adopted by the key players. Manufacturers are providing robust services to gain a competitive advantage over others.

Access Research Report of Licensed Sports Merchandise Market @ https://www.grandviewresearch.com/industry-analysis/licensed-sports-merchandise-market-report

 Licensed Sports Merchandise Market Report Highlights

• The others product segment led the market share in 2021 and is expected to witness progressive growth in demand during the forecasted period. The others product segment accounted for the leading market share of more than 33.7% in 2022 and is expected to witness significant growth in the near future. The growth can be attributed to the rising number of sports leagues and growing fan base of sports events worldwide that has supported the growth of the segment
• The offline segment accounted for a revenue share of 70.6% in 2022. Physical display of the products and the ability to check product features have been major factors driving the popularity of offline sales and distribution channels
• North America emerged as the largest market in 2022 and is estimated to account for a 52.01% share of the global market by 2030. Market dominance can be attributed to the increased participation in sports like baseball, basketball, and soccer, particularly among college and university students, active lifestyles among the general public, and an increase in the adoption of health and fitness activities are the factors likely to create new growth opportunities for the market players in  North America licensed sports merchandise industry

Licensed Sports Merchandise Market Report Scope

List of Key Players of Licensed Sports Merchandise Market

• VF Corporation
• Nike, Inc.
• Adidas AG
• Puma SE
• Under Armour, Inc.
• Hanesbrands Inc.
• DICK’S Sporting Goods Inc.
• Sports Direct International plc,
• G-III Apparel Group, Ltd.
• Fanatics Inc.

Access Press Release of Licensed Sports Merchandise Market @ https://www.grandviewresearch.com/press-release/global-licensed-sports-merchandise-market