Global Sportswear Market Research Report 2020-2029

MARKET OVERVIEW

The global sportswear market size was valued at USD 395.03 billion in 2023 and is expected to reach USD 579.96 billion by 2029, growing at a CAGR of 6.61% during the forecast period. The demand for sportswear is driven by the growing focus on health and fitness, the rise of athleisure fashion, and increased sports participation globally. Also, a heightened awareness of the importance of an active lifestyle has led to more people engaging in fitness activities, fueling the need for comfortable, high-performance apparel. In addition, sportswear is more fashionable for regular use, with consumers seeking stylish yet functional clothing.

The offline segment dominated the global sportswear market by distribution channel. However, the shift toward digitalization and the increasing internet penetration in emerging economies is expected to result in significant demand growth from online channels. Also, the increasing awareness about the importance of physical fitness and its impact on overall well-being has prompted a substantial rise in the number of individuals pursuing outdoor exercises. People actively seek healthier lifestyles, making running, jogging, and other outdoor activities an integral part of their daily routines.

Sportswear has benefited from advances in textile technology. Innovations, such as moisture-wicking fabrics, breathable materials, compression technology, and antimicrobial treatments have improved the performance and comfort of sportswear products. Consumers have increasingly sought these technologically advanced features in their sportswear purchases. Moreover, as consumers prioritize sustainability, athleisure brands are increasingly focused on eco-friendly practices, such as using recycled materials and ethical labor processes. By aligning with these values, brands enhance their reputation and appeal to socially responsible buyers. Furthermore, the increased emphasis on wellness and the rising popularity of sports activities have driven consumers to invest in sportswear products. In 2023, the apparel segment dominated the global sportswear market, accounting for over 55%. Advances in fabric technology have led to the development of performance-enhancing materials.

MARKET TRENDS

Athleisure is a versatile trend that allows for effortless transitions from the gym to everyday activities, prioritizing functionality and flair. With innovative performance fabrics, such as moisture-wicking and stretch materials, key pieces, such as leggings, sneakers, hoodies, and joggers have become essential wardrobe staples rather than just workout attire.

The surge in interest in outdoor sports, such as cricket, football, volleyball, basketball, swimming, golf, and more, and activities, such as hiking, climbing, camping & others, have led to a significant impact on the global sportswear market. For instance, in 2023, outdoor recreation participation surged to a record 175.8 million, reflecting a 4.1% growth and encompassing 57.3% of Americans aged six and older. This increase was fueled by a wave of new, casual participants engaging in hiking, biking, camping, and fishing, with 7.7 million Americans trying these pursuits for the first time.

Sustainability in the sportswear industry 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. Moreover, sustainability initiatives within the sportswear market have the potential to significantly reduce air pollution, leading to improved public health outcomes. Air pollution is associated with various adverse health conditions, including cardiovascular problems, cancer, and kidney diseases.

MARKET DRIVERS

Governments across various countries have taken proactive initiatives to encourage men's and women's participation in sports through policy measures. These efforts have led to an increased growth of the sportswear market as participation in sports activities continues to grow 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, leading to increased brand awareness and competition in the market.

The global sportswear market has witnessed remarkable growth, driven in part by the expansion of e-commerce, particularly in emerging economies. As digital connectivity improves and consumer preferences shift, India, Brazil, Indonesia, and others are critical players in the sportswear sector. Also, the sports industry encompasses a wide range of activities and opportunities, both at the individual and professional levels. Physical activities and participation in sports have numerous benefits for individuals, including maintaining a healthy lifestyle, preventing various diseases, improving mental health, promoting discipline, and fostering teamwork. Currently, health and fitness have intensified significantly, transforming personal lifestyles and the impact on sportswear. This rising awareness is shaped by the increased benefit of regular physical activity, a growing prevalence of lifestyle-related diseases, and the influence of social media and fitness trends.

INDUSTRY RESTRAINTS

Raw materials, such as cotton, polyester, nylon, and various synthetic fibers are essential for manufacturing sportswear. Fluctuations in prices can directly impact the cost of production. If the prices of these materials increase, companies in the sportswear market may face higher production costs, which can eat into their profit margins.

The proliferation of counterfeit goods creates a parallel market that competes directly with legitimate manufacturers and retailers. The easy accessibility of these fraudulent alternatives undermines the exclusivity and desirability associated with genuine sportswear brands, diverting potential consumers toward cheap but inferior quality options. For instance, 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, such as Cristiano Ronaldo and Kylian Mbappe, along with other counterfeit goods, valued at over €6 million ($6.51 million).

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCT

In 2023, the apparel segment accounted for a share of revenue of more than 55% in the global sportswear market due to technological advances, and rising awareness about fitness activities. Many sports apparel items, such as athleisure, are worn daily. This increases the frequency of purchases compared to other segments, such as footwear & accessories. Furthermore, the demand for men's sports apparel is comparatively higher than that for female sportswear due to the low female participation in sports and fitness activities. T-shirts, leggings, and vests are some of the most demanded sports apparel. Also, 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, the footwear and accessories segment is expected to witness significant growth during the forecast period. Manufacturers continue to innovate and cater to the specific needs of athletes and fitness enthusiasts by developing advanced footwear technologies and designs.

INSIGHTS BY ACTIVITY TYPE

In 2023, the sports activity segment holds the highest share of revenue in the global sportswear market. 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, such as Michael Jordan have boosted sales and brand loyalty. Also, major global sporting events, such as the Olympics, FIFA World Cup, and NBA finals amplify the interest in sportswear. These events generate a surge in demand for apparel related to specific teams, athletes, and sports. The popularity of these events drives apparel sales and related merchandise, as fans and participants alike seek to align themselves with their favorite teams and sports personalities.

The demand for training and yoga among athletes for sports activities, such as running, cycling, and fitness training is high. As individuals prioritize their physical well-being and adopt healthier lifestyles, the market for high-quality training apparel and yoga has witnessed a substantial boost. Moreover, with a growing emphasis on health and fitness, swimming is recognized as an excellent full-body workout that is low-impact and beneficial for cardiovascular health. As a result, many people are engaging in swimming activities, driving the demand for appropriate sportswear.

Also, hiking, camping, mountaineering, and other outdoor activities have gained significant popularity recently, leading to a growing demand for sportswear designed specifically for these activities. The market for outdoor sportswear has been expanding as many people embrace an active lifestyle and seek high-performance gear.

INSIGHTS BY END-USER

In 2023, the male segment held the highest share of revenue in the end-user sportswear market due to a historically larger customer base. Men tend to spend more on athletic gear for a variety of sports and fitness activities, and brands have long targeted male consumers with product lines tailored to their needs. Moreover, traditional gender norms and marketing strategies have emphasized men's participation in sports, driving higher demand for sportswear in this demographic. This focus on male consumers has also been reinforced by sponsorship deals, endorsements, and media coverage in male-dominated sports.

INSIGHTS BY DISTRIBUTION CHANNEL

In 2023, the sportswear market saw the offline distribution segment dominating in terms of revenue share, driven by the popularity of physical stores, where consumers can try and purchase items directly. The offline sales channel has high customer retention by offering special discounts to regular customers or during season sales. This increases strong customer support in the market. Moreover, through this channel, customers can see their inventory stock and low product return rate. However, the online distribution segment saw the highest CAGR, fueled by the increasing shift toward 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.

GEOGRAPHICAL ANALYSIS

The global sportswear market is influenced by health trends, urbanization, technological innovation, and sporting events. In 2023, North America accounted for the highest share of revenue in the global sportswear market. North America, particularly the U.S., is one of the largest and most mature markets for sportswear. The market in the United States is poised for significant growth, driven by increasing participation across various demographics and sports activities. Furthermore, APAC is one of the fastest-growing sportswear markets, with China, India, and Japan leading the way. The region is characterized by a diverse consumer base that values innovation and sustainability, prompting brands to invest in advanced materials and eco-friendly practices.

Europe is one of the leading regions in the sportswear market, with the U.K., Germany, and France being key contributors. European consumers are highly conscious of environmental impact, driving demand for eco-friendly materials and production processes. Further, while relatively smaller compared to other regions, Latin America has shown steady growth in the sportswear market. Brazil and Mexico are the largest markets, driven by a growing interest in sports and fitness. Moreover, the Middle East & Africa, particularly the UAE and Saudi Arabia, saw 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 up interest in sports and fitness.

VENDOR LANDSCAPE

The global sportswear market is fragmented in nature due to local and international market players. The rapidly changing technological environment could adversely affect vendors as customers expect continual innovations and upgrades in sportswear. The present scenario has forced vendors to alter and refine their unique value proposition to achieve a strong market presence. Furthermore, the sportswear market concentration in the U.S. and other European countries is high, while the market is in its promising stages in developing economies, such as APAC, including China and India, because of the entry of many international brands and the growing demand for sportswear among consumers.

Staying up to date with the latest fashion trends, technological advances, sustainability initiatives, and customer demands allows companies in the sportswear market to develop products that resonate with their target audience. Efficient supply chain management is critical to ensure timely production, delivery, and availability of sportswear products. However, increased competition for raw materials, such as textiles, synthetic fibers, and performance fabrics, can lead to higher prices for these materials. This, in turn, raises the production costs for sportswear companies.