The global licensed sports merchandise market is estimated to grow at a notable CAGR between 2018-2023, reveals the Market Research Future (MRFR) report. Licensed sports merchandise, simply put, is licensing of items with names, symbols, and logos of different team players and sports organizations. Videogames, sports accessories and toys, sports footwear, sports apparel, and others are the different types of licensed sports merchandise.
Numerous factors are adding to the global licensed sports merchandise market growth. Such factors, according to the recent MRFR report, include increasing popularity of sports leagues, rising inclination of teens towards various outdoor sports, increasing inclination towards sports merchandise, and increasing awareness.
On the contrary, the availability of counterfeit products may limit the global licensed sports merchandise market growth over the forecast period.
The MRFR report provides an inclusive segmental analysis of the global licensed sports merchandise market based on type, price range, and distribution channel.
By type, the global licensed sports merchandise market is segmented into videogames, sports accessories and toys, sports footwear, sports apparel, and others. Of these, sports footwear will lead the market over the forecast period. Factors adding to the growth of the segment include an increasing number of people focusing on routine workout and fitness and celebrity endorsements. The sports accessories and toys segment meanwhile will grow at a quick pace over the forecast period for technological advances, especially 3D printing in various sports accessories that has led to the immense popularity of 3D printed licensed team flags, celebrity figures, ball, sports keychain, and more.
By price range, the global licensed sports merchandise market is segmented into economic and premium. Of these, the economic segment will dominate the market over the forecast period for the affordability by a huge group of population worldwide. The premium segment meanwhile is predicted to grow at the highest CAGR over the forecast period for the increasing per capita income and increasing passion for sports.
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By distribution channel, the global licensed sports merchandise market is segmented into non-store based and store-based. The store-based is again segmented into specialty stores, convenience stores, hypermarkets and supermarkets, and others. Of these, the store-based segment will have a major share in the market over the forecast period for the feel of the sports product, high product appeal owing to its lucrative packaging, and strong vendor networks. Meanwhile, the non-store based is likely to grow at a high CAGR for the rising preference of consumers for online purchase and technological advances in the e-commerce industry.
By region, the global licensed sports merchandise market report covers the growth opportunities and recent trends across Europe, the Americas, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. Factors adding to the growth of the licensed sports merchandise market in the region include higher participation of people in the region in popular sports, especially soccer and baseball, and increasing fan following of recognized teams like Chicago Bulls and Dallas Cowboys.
The licensed sports merchandise market in the APAC region is predicted to grow at a quick pace over the forecast period for increasing popularity of different international sports, especially among teenagers due to the rising adoption of the cross-cultural fashion trend.
The licensed sports merchandise market in Europe is predicted to have healthy growth, and in the RoW is predicted to have stable growth over the forecast period.
Key players profiled in the global licensed sports merchandise market report include Knights Apparel, Inc. (US), Li Ning (China), G-III Apparel Group (US), Quiksilver, Inc. (US), Ralph Lauren Corporation (US), Fanatics, Inc. (US), Sports Direct International plc (UK), Puma SE (Germany), Adidas AG (Germany), and Nike, Inc. (US).
February 2020: PUMA has launched a sportswear collection created from recycled plastic.
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