The sports and leisure market registered revenue of USD 93.97 Bn. It is projected to grow at a CAGR of 4.5% during the forecast period (2022-2027).
The sports fitness and leisure industry are about people enjoying different sports, keeping themselves fit, and increasing their health and fitness by participating in sports during leisure time.
Sports activities have an essential role in maintaining mental and physical fitness in adults and are also helpful in building personality, making new friends, communication and self-image. This industry is booming because the community is more interested in maintaining a healthy and aspirational lifestyle. Due to consumers’ fast-changing lifestyles and technological advancement, fitness industries got a market.
The industry covers the entire professional sports market, including team sports and individual games worldwide. Changing lifestyles, parents’ concerns, and increasing the curacy of the community in sports and fitness has a vast positive impact on gyms, sports clubs, and sports-related industries. These industries have generated enormous revenue. This industry generally combines the different competitive and not competitive activities that promote vibrant health through events and exercise.
More and more people are joining sports clubs, fitness clubs, yoga sections, and other leisure activities in their daily life for fitness and reducing stress. The sports fitness industry provides a significant platform for the health-aggressive community. Sports fitness and leisure industries are widely segmented into sports drinks, sportswear, and sports equipment. The athletic footwear market is supposed to register a CAGR of 4.5% from 2022 to 2027.
During the early years of the coronavirus, due to unemployment, a break in the production and distribution chain, the closure of sports academies, cancellation of events had a tremendous negative impact on the sports and fitness industries. As a result, people are motivated to develop home fitness and fitness clubs, and yogas get popularity. For example, Puma sales fell by 4.9%, per company statistics. Sporting and fitness goods sales in the united states amounted to around USD 53 billion in 2020. The United States holds a large market in the sports and fitness industry.
Globally there have been significant positive changes in the community adopting a healthy lifestyle and preference for staying fit through sports fitness and leisure activities. Top Companies like Puma, Adidas, and Nike have a New balance focusing on digital and social media advertising to attract an aggressive fitness community. Nike remains the most oversized sportswear and fitness equipment brand, with a revenue of USD 50 billion.”
Our Consumer goods category segmentation encompasses:
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Luxury & premium products
Homecare & Decor
Cosmetics & Personal Care
Apparel, Fashion & Accessories
Consumer and general services
Pet products and supplies