Licensed Sports Merchandise Market Is Projected To Surpass US$ 59 Bn Through 2031, Following A CAGR Of 7%; States Fact.MR
“Increasing popularity of commercial sporting events, owing to increasing adoption of cross-cultural fashion trends are expected to fuel the licensed sports merchandise market.” comments a Fact.MR analyst
Dublin, Ireland, Aug. 19, 2022 (GLOBE NEWSWIRE) -- Latest intelligence published by Fact.MR projects that sales of licensed sports merchandise will likely propel at a CAGR of 7% from 2021-2031, reaching US$ 59 Bn by the end of the aforementioned forecast period. Demand is principally dependent on the ever widening popularity of commercial sporting activities in recent years.The market experienced a positive incline between 2016 and 2020, registering a CAGR of 6%. Sales contracted significantly during the novel coronavirus pandemic, as major sporting events either got postponed or cancelled, attributed to the imposition of a global lockdown. However, beginning since Q4 2020, restrictions have eased, as vaccination drives to inoculate populations picked up pace.
New and improved licensed merchandise are being introduced into the market. Recently, Nike introduced jerseys with tracker chips in them that collect data such as how many meters an athlete runs, what activities he/she has performed, and various other things. After the sporting activity, athletes can see the data on a smartphone, tablet, or computer and can use it to perform better going ahead.
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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 players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
· In August 2021, Adidas AG has agreed to sell its underperforming Reebok business to Authentic Brands Group Inc. for up to 2.1 billion euros ($2.5 billion), adding another well-known name to the buyer’s growing line-up of consumer companies.
· In December, 2020, Fanatics had acquired licensed sports merchandise company WinCraft. Fanatics will now have a more significant presence with non-apparel merchandise, as WinCraft specializes in hardgoods, such as sports-themed clocks and banners.
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*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.
*Key Segments Covered*
· *Product*
· Licensed Sports Apparel
· Licensed Sports Footwear
· Licensed Sports Accessories and Toys
· Licensed Sports Video Games & Software
· Licensed Sports Domestic and House Wear
· Other Licensed Sports Merchandize Products
· *Distribution Channel*
· Online Licensed Sports Merchandise Sales
· Licensed Sports Merchandise Sales through Offline Stores
· Licensed Sports Merchandise Sales through Department Stores
· Licensed Sports Merchandise Sales through Specialty Stores
· Others
*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.
*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.
*Questions Answered in the Licensed Sports Merchandise Market Research Report:*
· What are the leading market players active in the licensed sports merchandise market?
· What the current trends will influence the market in the next few years?
· What are the driving factors, restraints, and opportunities in the market?
· What future projections would help in taking further strategic steps?
*More Insights Available*
Fact.MR, in its new offering, presents an unbiased analysis of the Licensed Sports Merchandise market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on product (sports apparel, sports footwear, sports accessories and toys, video games or software, domestic and housewares and others) and distribution channel (e-commerce or online stores and offline stores) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
*Explore **Fact.MR's** Coverage on the **Sports** Domain-*
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