Sportswear Market - Global Outlook & Forecast 2024-2029

Global Sportswear Market to Witness a CAGR of ~7%

The Sportswear Market was valued at USD 395.03 billion in 2023, and is projected to reach USD 579.96 billion by 2029, rising at a CAGR of 6.61%.

MARKET TRENDS & DRIVERS

Sustainability Development in Sportswear

Sustainability in the sportswear market focuses on minimizing environmental and social impacts throughout the product lifecycle. This involves using eco-friendly materials such as recycled polyester, organic cotton, and water-saving fibers, reducing greenhouse gas emissions, and promoting ethical labor practices. Brands are committed to minimizing the use of harmful chemicals like PFCs and adopting cruelty-free standards, such as the Responsible Down Standard. Moreover, with sustainability becoming a major consideration for customers, other sportswear brands will likely feel pressure to follow suit. This shift in consumer behavior could drive demand for sustainably produced products across the industry, encouraging even smaller players to adopt similar practices. For instance, Adidas is making significant steps toward sustainability to achieve its ambitious 2025 targets. Adidas plans to make nine out of ten products sustainably by 2025, utilizing recycled, remade, and regenerative materials.

Furthermore, sustainability development in sportswear is not solely the responsibility of brands; consumer education plays a crucial role. As consumers become more informed about the environmental impacts of their choices, their purchasing decisions are increasingly influenced by a brand's commitment to sustainability. For instance, Mizuno Corporation has launched the eco-friendly Wave Neo Collection, which features the Wave Neo Wind and Wave Neo Ultra running shoes made from recycled and plant-derived materials.

Government Investment in Sports

Governments across various countries have taken proactive initiatives to encourage men's and women's participation in sports through policy measures. These efforts have increased demand for sportswear as participation in sports activities grows worldwide. For instance, in 2023, the Chinese government allocated USD 3.2 billion (¥23.3 billion) to enhance its sports sector, underscoring its commitment to becoming a "Strong Sports Nation" by 2025. As the government promotes sports, local and international brands may invest more in marketing and sponsorships, increasing brand awareness and competition in the sportswear market. With increased funding, there could be more emphasis on research and development in sportswear technology, resulting in innovative products that enhance performance, comfort, and sustainability.

INDUSTRY RESTRAINTS

Easy Availability of Counterfeit Products

Counterfeit products refer to a copy of the same product. Consumers are also interested in buying duplicate products because of the low price and lack of purchasing power. The easy availability of counterfeit sportswear in the market significantly impacts the demand for authentic products. In addition, Spanish police seized 11 tons of counterfeit soccer jerseys on May 31, 2024, ahead of the UEFA Champions League final and Euro 2024. The operation, which involved searching 15 trucks, uncovered over 36,500 fake kits featuring stars like Cristiano Ronaldo and Kylian Mbappe, along with other counterfeit goods valued at over €6 million ($6.51 million). Such operations could lead to stricter enforcement against counterfeiters, potentially reducing the prevalence of fake merchandise in the market.

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCT

The global sportswear market by product is segmented into apparel and footwear & accessories. The apparel segment holds the most prominent global market share and is projected to continue its dominance during the forecast period. The demand for sportswear apparel is continuously rising during the forecast period due to the adoption of an active and healthy lifestyle by populations worldwide. Many sports apparel items, like athleisure, are worn daily, not just for workouts. This increases the frequency of purchases compared to other segments like footwear & accessories. Furthermore, sportswear brands increasingly cater to a wider demographic, including more options for women, plus-sized individuals, and various age groups. This expansion in target demographics particularly drives apparel sales. Furthermore, vendors are focusing on launching new products in sportswear, combining high-performance materials with cutting-edge design. For instance, Adidas reintroduced the iconic trefoil logo for the third jerseys of Arsenal, FC Bayern, Juventus, Manchester United, and Real Madrid, marking the brand's 75th anniversary.

Segmentation by Product

• Apparel
• Footwear and Accessories

INSIGHTS BY ACTIVITY TYPE

The global sportswear market by activity type is segmented into sports, training and yoga, swimming, and others. In 2023, the sports segment holds the highest revenue share in the activity type segment. Sports brands often collaborate with high-profile athletes and teams for endorsement deals, which drives massive sales. Famous athletes wearing branded sportswear create aspirational value for consumers. For instance, collaborations between NIKE and athletes like Michael Jordan have boosted sales and brand loyalty. Such partnerships highlight the association between top-level performance and quality sportswear. Major global sporting events like the Olympics, FIFA World Cup, and NBA finals amplify the interest in sportswear. These events generate a surge in demand for specific teams, athletes, and sports apparel. These events' popularity drives apparel sales and related merchandise as fans and participants seek to align themselves with their favorite teams and sports personalities.

Segmentation by Activity Type

• Sports
• Training and Yoga
• Swimming
• Others

INSIGHTS BY END-USER

The global sportswear market by end-user is segmented into male, female, and children. In 2023, the male segment held the highest revenue share of more than 50% in the end-user sportswear market due to a historically larger customer base. Men tend to spend more on athletic gear for various sports and fitness activities, and brands have long targeted male consumers with product lines tailored to their needs. Additionally, traditional gender norms and marketing strategies have emphasized men's participation in sports, driving higher demand for sportswear in this demographic. Sponsorship deals, endorsements, and media coverage in male-dominated sports have also reinforced this focus on male consumers.

Segmentation by End-User

• Male
• Female
• Children

INSIGHTS BY DISTRIBUTION CHANNEL

In 2023, the sportswear market saw the offline distribution segment dominating in revenue share, driven by the popularity of physical stores, where consumers can try and purchase items directly. However, the online distribution segment is experiencing the highest CAGR, fueled by the increasing shift towards e-commerce, digital convenience, and a growing preference for online shopping. Enhanced product variety, competitive pricing, and the rise of mobile shopping apps contribute to this rapid growth.

Segmentation by Distribution Channel

• Online
• Offline

GEOGRAPHICAL ANALYSIS

Various factors such as health trends, urbanization, technological innovation, and sporting events influence the global sportswear market. North America dominated the global sportswear market, accounting for a global share of over 40% in 2023. Furthermore, North America, particularly the U.S., is one of the largest and most mature markets for sportswear. The market is driven by a growing interest in fitness and sports and the presence of major sportswear brands (NIKE, Under Armour, etc.). Moreover, the market in the U.S. is poised for significant growth, driven by increasing participation across various demographics and sports activities.

The APAC region is one of the fastest-growing sportswear markets, with China, India, and Japan leading. The demand-driving factors in the region are urbanization and e-commerce platforms. Europe is one of the leading regions in the sportswear market, with countries like the UK, Germany, and France being key contributors. European consumers are highly conscious of environmental impact, driving demand for eco-friendly materials and production processes. While relatively smaller than other regions, Latin America has shown steady growth in the sportswear sector. Brazil and Mexico are the largest markets, driven by a growing interest in sports and fitness. The Middle East & Africa, particularly the UAE and Saudi Arabia, is experiencing a growing demand for sportswear due to the rising health consciousness and government initiatives promoting fitness. National fitness campaigns and investments in sports infrastructure have driven interest in sports and fitness.

Segmentation by Geography

• North America
  • The U.S.
  • Canada
• APAC
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • New Zealand
• Europe
  • Germany
  • The U.K.
  • France
  • Italy
  • Spain
  • Netherlands
  • Poland
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Egypt

COMPETITIVE LANDSCAPE

The global sportswear market is highly fragmented, with many local and international players. The market is fragmented due to the presence of local and international market players. Some leading global sportswear vendors are NIKE, Adidas, ANTA Sports Goods, ASICS Corporation, Lululemon Athletica, PUMA, Under Armour, and VF Corporation. The competition among these players is intense. The rapidly changing technological environment could adversely affect vendors as customers expect continual innovations and upgrades in sportswear. The present scenario forces vendors to refine their unique value proposition to achieve a strong market presence.

Key Developments in the Global Sportswear Market:

• In 2024, Adidas launched the Adidas Dame 9 x BAPE Collaboration, with innovative features such as being ultra-lightweight at 14.5 oz, having an internal Lycra bootie for stability, and having innovative light strike cushioning. The product also features distinctive BAPE aesthetics with ABC CAMO and SOLID CAMO designs. It blends cutting-edge basketball technology with BAPE's iconic aesthetics for a premium experience.
• In 2024, NIKE introduced the Nike Jam, the first shoe designed for breaking, offering enhanced traction, durability, and cushioning for smooth surfaces, concrete, and asphalt. It features a foam drop-in midsole and rubber cupsole for optimal performance. With the specific athlete communities, the organization boosts brand loyalty and engagement.

Key Company Profiles

• adidas
• ANTA Sports Goods
• ASICS Corporation
• HanesBrands
• lululemon athletica
• NIKE
• PUMA
• Under Armour
• VF Corporation

Other Prominent Vendors

• Alcis Sports
• Allbirds
• Authentic Brands Group LLC
• BROOKS BROTHERS GROUP
• Brunotti
• Castore
• CAVA Athleisure Pvt Ltd
• Chkokko
• Columbia Sportswear Company
• COSCO
• Decathlon
• Delta Galil Industries Ltd
• EDELRID GmbH & Co. KG
• Erreà Sport Spa
• Everlast Worldwide
• F&F Holdings Corp
• Fruit of the Loom
• Goldbergh
• Goldwin
• HRX
• Hummel
• Iconix International
• Kappa
• K-Swiss
• Life is Good
• Lotto Sport Italia
• Mizuno Corporation
• New Balance
• New Era Cap
• Ningbo Yinshan Garments Factory
• Niviasports
• Oakley
• On
• Outdoor Voices
• P.E NATION INTERNATIONAL
• Page Industries
• Patagonia, Inc
• Pentland Group
• PVH Corp
• RALPH LAUREN MEDIA LLC Corporation
• Recreational Equipment
• REV'IT!
• Sareen Sports Industries
• Saucony
• Sergio Tacchini
• Shivnaresh Sports Pvt Ltd
• SKECHERS USA
• Sundried
• THE GAP
• Tripulse
• TYKA Sports

KEY QUESTIONS ANSWERED

1. How big is the global sportswear market?
2. What is the growth rate of the global sportswear market?
3. What are the significant trends in the sportswear industry?
4. Which region dominates the global sportswear market share?
5. Who are the key players in the global sportswear market?