After posting 2 percent revenue growth in 2022, the global sportswear industry came back in 2023 with 6 percent CAGR. Now, senior partner Gemma D’Auria and colleagues find that there is a renewed sense of optimism in the industry. Growth is expected to increase at a global annual rate of 7 percent by 2027. North America and Asia–Pacific are expected to lead the way, as consumers move toward sports that are quicker to pick up, require less commitment, and are more social—such as pickleball and paddle tennis—rather than organized sports with fixed time commitments or requirements for high levels of skill.
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A stacked bar graph shows global sportswear market retail sales from 2017 to a projected 2027. The bars are broken down into geographical regions, including Asia–Pacific, Eastern Europe, Latin America, North America, Western Europe, and the rest of the world. In 2017, total sales were $305 billion. In 2023, they were $396 billion. They’re projected to grow at a CAGR of ~7% to $512 billion by 2027.
Source: Euromonitor, Oct 2023.
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To read the report, see “Time to move: Sporting goods 2024,” January 30, 2024.