ALBANY, New York, August 24, 2017 /PRNewswire/ --
As per a report by Transparency Market Research, the global licensed sports merchandise market will likely expand at a CAGR of 6.2% from 2017 to 2025 to become worth US$49.6 bn by 2025 from US$29.26 bn in 2016.
VF Corporation, Nike Inc., Fanatics, Inc., Adidas AG, Puma S.E., G-III Apparel Group, Ltd., Sports Direct International plc, Hanesbrands Inc., Under Armour, Inc., and DICK'S Sporting Goods Inc. are to name a few companies operating in the global licensed sports merchandise market.
Popular strategies adopted by savvy companies in the global licensed sports merchandise market are partnership agreements, acquisitions, and product development. PUMA SE, for instance, has partnered with Latin America-based sporting goods retail chain giant Centauro to further sales. Fanatics, Inc., again, acquired U.K.-based international online retailer Kitbag in 2016 in order to expand its geographical footprint.
When it comes to product development, Nike, Inc. unveiled NikeLab x Johanna F. Schneider Collection and Nike Free Trainer 5.0. in 2015, Adidas AG launched the new Black Pack series where each boot has a unique medieval redesign.
A Rising Fan Base Makes North America Leading Market
Based on products, the key segments of the global licensed sports merchandise market are sports apparel, sports footwear, videogames, sports accessories and toys, and domestic and housewares, among others such as souvenirs, gifts, novelties, etc. Among them, the segment of sports apparel accounts for a leading share in the market and going forward will retain its dominant share primarily on account of the solid demand for licensed sports apparel having the name or logo of favorite teams and players. In 2016, the sports apparels segment held a 39.6% share in the global licensed sports merchandise market.
Geographically, the key segments of the global licensed sports merchandise market are North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America, of them, accounts for almost half the share in the market. In the upcoming years too, the region is slated to maintain its dominant share on the back of the market in the U.S. which is predicted to grow substantially because of the growing number of sports league and rising fan base. The licensed sports merchandise market in North America was worth US$14.66 bn in 2016.
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Massive Popularity of Sports Leagues Propels Market
At the forefront of driving growth in the global licensed sports merchandise market is the surging popularity of sports leagues. This is particularly apparent in North America. "In this region MLB, NFL, and the NBA form the major leagues that enjoy huge popularity in merchandise sales. Among all of these, the NFL and MLB together account for almost 50% of the North America licensed sports merchandise market in terms of revenue. The market is primarily dominated by professional sports leagues," explains the lead analyst of the report.
Product Innovation Helping to Overcome Piracy Challenge
Countering the global licensed sports merchandise market, on the other hand, is the growing threat of piracy of products such as t-shirts, jerseys, and hats. It crimps sales of genuine items thereby causing a loss in revenue to manufacturers of authentic products. Helping to overcome the challenge is the frequent unveiling of new and more stylish products leveraging innovative fabric technologies. Besides, technological innovation in sporting toys and video games is also fuelling sales in the licensed sports merchandise market.
This review is based on the findings of a TMR report, titled, "Licensed Sports Merchandise Market (Type - Sports Apparel, Sports Footwear (outdoor), Sports Accessories and Toys, Videogames or Software, and Domestic and House Wares; Distribution Channel - E-commerce or Online Stores and Offline Stores) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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The global Licensed Sports Merchandise Market is segmented as follows:
Global Licensed Sports Merchandise Market, by Product
- Sports Apparel
- Sports Footwear
- Sports Accessories and Toys
- Video games or Software
- Domestic and House wares
- Others (souvenirs, gifts/novelties, consumer electronics, food and beverage etc.)
Global Licensed Sports Merchandise Market, by Distribution Channel
- E-Commerce or online stores
- Offline Stores
- Department Stores
- Specialty Stores
- Others (mass stores, supermarket, discount stores etc.)
Global Licensed Sports Merchandise Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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