According to the recently released research report by Fact.MR, the global licensed sports merchandise market expanded at a CAGR of 2.4% from 2018 to 2022. Worldwide demand for licensed sports merchandise stands at US$ 34.45 billion in 2023 and the market is forecasted to progress rapidly at a CAGR of 7.1% and reach US$ 68.40 billion by the end of 2033.
Rising population of sports enthusiasts along with increasing urbanization is predicted to bolster the demand for licensed sports merchandise globally. Noteworthy expansion of the online retail sector is also stimulating licensed sports merchandise
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Key Takeaways from the Market Study
- Global market for licensed sports merchandise to reach US$ 30 Bn by 2021-end
- By product, demand for licensed sports footwear likely to incline at a CAGR of 7.3%
- Over half of global licensed sports merchandise sales likely to be via offline stores
- North America to emerge as an opportunistic market, capturing 34.5% market share
- Asia to be the fastest growing market, registering a 7.6% CAGR to reach US$ 10.2 Bn
Competitive landscape:
Prominent suppliers of licensed sports merchandise are spending on strengthening their supply chain management systems, providing quality products, new developments, maintaining product standards, etc.
Key players embrace various innovative approaches, including mergers, acquisitions, technological advancements, etc., to expand their market footprints.
For instance,
- In August 2021, Adidas AG agreed to sell Reebok to Authentic Brands Group Inc., adding another prominent name to the growing line of consumer companies.
- In December 2020, Fanatics acquired WinCraft, which is a licensed sports merchandise company. Fanatics has a noteworthy presence with numerous non-apparel merchandise due to the prominence of WinCraft in hard goods, including sports-themed banners and clocks.
Key companies in the licensed sports merchandise market are Adidas AG, Yonex Co. Ltd., Asics Corporation, Under Armour INC, Columbia Sportswear Company, Skechers, Dicks Sporting Goods Inc., Shiv Naresh Sports, G-III Apparel Group, Puma Inc., Nike Inc., and Hanes Brands Inc.
Category-wise insights
Based on product, licensed sports footwear is likely to dominate the market, expanding at a CAGR of 7.3% annually throughout the forecast period. Owing to the changing aesthetics and fashion trends, the quality and styles of footwear have considerably evolved to provide maximum comfort to the consumers.
Among all these merchandise products, sports apparel and sports footwear are very popular. People admire and idealize their favourite sportspersons and want to buy their jerseys and support them. Merchandise footwear sold being licensed by famous celebrities such as Michael Jordan and LeBron James have gained reasonable popularity among urban consumers across the globe.
COVID-19 Scenario Analysis:
Brand manufacturers of nonessential products are expected to face a tough time due to COVID-19. Apparel is one of the biggest sectors that has always witnessed maximum consumer spending on merchandising. But this sector is expected to be affected maximum due to COVID-19 pandemic. Spending on nonessential items is no more a priority for people, as people’s main focus is on buying food and groceries for themselves. Manufacturers might sell their products at a low cost or with heavy discounts to clear their stocks.
Segmentation of Licensed Sports Merchandise Industry Research:
· By Product :
- Apparel
- Accessories & Toys
- Footwear
- Domestic and House Wear
- Games & Software
· By Distribution Channel :
- Online
- Offline
· By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Benefits of the Report:
- This study presents the analytical depiction of the global licensed sports merchandise market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global licensed sports merchandise market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the licensed sports merchandise market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global licensed sports merchandise market analysis based on competitive intensity and how the competition will take shape in coming years.
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