Licensed Sports Merchandise Market Growth & Trends
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.
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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.
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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.
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Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world\'s renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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