A rapid growth is forecasted for global sports merchandise market by 2024

licensed-sports-merchandise-market-sizThere is a rapid growth is forecasted for the global sports merchandise retail market is likely to reach £36 billion by 2024. Growth is being driven worldwide by continuous innovation and development by major producers. These producers design and manufacture some of the most gorgeous sporting accessories, sports apparel and general memorabilia. Now-thriving economies like India and China are contributing enormously to the growth of the industry, as millions of new customers spend vast combined sums of cash on sporting merchandise.

The advent and expansion of ecommerce has also played a role in driving industry growth. Online retail reduces overheads that quality sports merchandise can be picked up at far lower prices than would be the case with any traditional retailer. Enormous global marketing campaigns have been credited with contributing to the growth of the industry. Additonally, US powerhouses like Major League Baseball (MLB) and the National Basketball Association (NBA) achieve spectacular merchandise sales each year.

Designers and manufacturers continue to ink lucrative deals with major franchises, sporting celebrities and individual clubs. Just a few examples of which include Adidas – Reebok, Nike Inc., VF Corporation, G-III Apparel, Dick’s Sporting Goods, Jarden Corporation, Knight Apparels, New Era Cap, Under Armour and Great American Products.