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Global sportswear segment fuelling growth in overall apparel market

"The global sportswear market is expected to more than double by 2020 to reach $184.6 billion, from $78 billion in 2016. In 2017, revenue in the ‘sports & outdoor’ segment was $53,024 million, and expected to grow at 11 per cent from 2017 to 2022, thereby increasing the volume of market to $89,428 million by 2022. User penetration was 8.2 per cent in 2017 and expected to touch 10.4 per cent by 2022. For brands, the sports industry is the second fastest growing. China, Latin America and Central and Eastern Europe are the prime markets."

Global sportswear segment fuelling growth in overall apparel market

The global sportswear market is expected to more than double by 2020 to reach $184.6 billion, from $78 billion in 2016. In 2017, revenue in the ‘sports & outdoor’ segment was $53,024 million, and expected to grow at 11 per cent from 2017 to 2022, thereby increasing the volume of market to $89,428 million by 2022. User penetration was 8.2 per cent in 2017 and expected to touch 10.4 per cent by 2022. For brands, the sports industry is the second fastest growing. China, Latin America and Central and Eastern Europe are the prime markets.

Global sportswear segment fuelling growth in overall apparel

As per research by Global Industry Analysts Inc, the global market for sports and fitness clothing is projected to reach $231.7 billion by 2024. Growth is driven by a growing portion of population living healthier lifestyles and stronger participation in sports and fitness activities. According to the report, Asia-Pacific is expected to be the fastest growing region, with a CAGR of 6.9 per cent over the forecast period.

As per a Euromonitor International, the global apparel industry has been going strong riding on sale of sports apparels for the last three years. Sale of sportswear, which includes yoga pants and activewear, outpaced all other categories for the third year in a row, increasing under7 per cent in 2016 pushing up growth in other categories. While performance sportswear is still the biggest part of that market, ‘sports-inspired is the category driving growth,’ says Bernadette Kissane, Euromonitor's apparel, and footwear analyst.

Emerging markets

The next three Olympic Games will be held in Asia, while Russia and Qatar are in line to host the FIFA World Cup. South America is another region that brands should focus on; while Brazil's turn to host the Olympic Games has passed, it is still rife with opportunities. Mexico continues to be a substantial and growing market for an array of sports-related goods and events. Indeed, Brazil, Mexico, Colombia and Peru feature prominently among Adidas and Nike's trademark filings over the last few years, stressing the importance of Latin America as a target market.

However, Asia and China, in particular, continues to be the core focus. China is the second largest sportswear market after the US and holds the greatest potential for new and established sporting brands. China has a large and booming middle class with a growing appreciation for health and fitness, with strong demand for foreign sportswear brands. The country will also host the 2022 Winter Olympic Games and the government is aiming to establish an $ 813 billion sports industry by 2025 to promote fitness across the country. The goal is to boost domestic consumption in this new economy. In Europe, while many countries already have a mature sports market, the majority of countries still show demonstrable growth in trade of sporting goods both within and outside Europe.

The impressive growth of Central and Eastern European countries is notable: Hungary, Latvia, Croatia, Slovakia, Bulgaria, and Poland were the only countries to record annual exports growth rates of above 10 per cent. Poland and Slovakia are also the only countries to record annual growth rates above 10 per cent between 2005 and 2015 for both imports and exports. Malta takes the lead for imports though; its 51 per cent annual growth rate can be attributed to its significant trade of boats and water sports equipment.

 
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