Global licensed sports merchandise market 'to reach $49bn by 2024'
The global market for licensed sports merchandise will reach $48.8 billion by 2024, up from $31.3 billion in 2017, a compound annual growth rate of around 6.6 per cent between 2018 and 2024, according to new research by Zion Market Research, the India-based market research company.
Zion said that North America is expected to lead the market, citing “rising demand for top sports such as baseball, football, and basketball,” which it said is “driving the demand for licensed sports merchandise in the region.”
Meanwhile, in terms of revenue, Europe is anticipated to be the second-largest regional market, thanks to “growing trend of sports such as football, soccer, etc. and wide-reaching approach of sports brands such as Fifa, The Tour De France, and Manchester United…”
The Asia-Pacific market is anticipated to show the fastest growth, thanks to the introduction of sports events such as pro-kabaddi and cricket’s Indian Premier League which, Zion said, are “changing the sports industry scenario in India.” It also cited horse riding and racing events in Japan, which, it said, “are also propelling the demand for sports goods.”
The Middle East, Africa and Latin America are anticipated to show “moderate growth” during the forecast period.