Sportswear Market Growth Accelerates with Strategic Marketing and Expanding Brands-Arizton
Arizton publishes the latest research report on the sportswear market. The market will grow at a CAGR of 6.93% during 2022-2028.
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The sportswear market is experiencing significant growth due to a surge in sports engagement. This increase in active participants has created a higher demand for sportswear products, resulting in substantial gains for manufacturers and retailers. Furthermore, the growing interest in fitness and wellness is further driving consumer demand for sportswear items. The heightened focus on fitness and wellness has led to more people participating in various sports and physical activities, including recreational sports, fitness classes, and outdoor adventures. These pursuits often require specialized sportswear tailored to specific exercises or environments, such as yoga attire, running shoes, or hiking gear. As the number of individuals engaging in sports activities continues to rise, the sportswear consumer base is expanding across different regions. Consequently, the future outlook for sportswear product demand remains positive, driven by these key factors.
As the global sportswear market presents a lucrative revenue growth potential, many vendors are expected to enter the market during the forecast period. It is also anticipated to make the market highly consolidated. Many firms are expected to expand their local stores in other regions, such as North America and Europe, which is likely to lead to a price war between new and existing vendors. Sportswear products are expected to increase with the rise in the adoption of sports activities.
Promotional and Advertising Strategies Fuel Market Expansion
Companies are harnessing technology to captivate the youth market on ubiquitous social media platforms. This approach leads to amplified brand followers, increased revenue, and heightened product awareness. The cost-effectiveness of social media marketing, in contrast to conventional advertising methods, is a major draw for businesses. Crafting informative and valuable content centered around fitness, health, and sports positions a brand as an industry authority. Utilizing blogs, articles, videos, and podcasts, companies can enlighten consumers, offer workout advice, and spotlight the advantages of their sportswear products. This strategic approach fosters brand loyalty and nurtures enduring customer relationships.
Sponsorship plays a crucial role in the sportswear industry. Companies pay athletes, designers, actors, and other influential individuals to wear and promote their products, effectively influencing consumer behavior. These individuals serve as the public faces of the company, helping to enhance brand recognition and desirability. For instance, PUMA signs multiple deals with the Confederação Brasileira de Atletismo (CBAt), and the Brazilian team wore PUMA apparel during the World Championships in Oregon, US, in 2023. Moreover, PUMA sponsored 24 adult and youth teams to increase brand awareness among consumers, and sports athletes.
APAC to witness the Fastest Growth Rate in the Sportswear Market
The APAC sportswear market to grow at a CAGR of 8.70% during 2022-2028. APAC has experienced significant economic growth in recent years, with countries such as China, India, and Southeast Asian countries leading the way. This growth has led to increased disposable income, urbanization, and consumer spending, resulting in a high demand for sportswear. This has enabled consumers to spend highly on recreational activities, including sports, thereby driving the demand for sportswear. Global sportswear brands such as Nike, Adidas, Puma, Under Armour, and Reebok have a strong presence in the APAC market and continue to invest in expanding their reach.
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Recent Developments
Adidas: In 2022, the company partnered with Foot Looker, one of the athletic retailers, for new product innovation in the market. Thus, it has a target to achieve more than $2 billion in retail sales by the end of 2025.
PUMA: In May 2023, the company has a partnership with Formula 1 races. The company provides motorsport apparel, footwear, and accessories. In addition, products are available in PUMA stores across the world. This partnership can increase brand awareness among diverse consumer groups, including Gen Z and the affluent.
ANTA Sports Goods: In 2022, the company developed the supply chain management model. Through the new model, the organization increases the fastest delivery and quality, reduces costs, covers a diverse range, and analyzes store inventory. This helps the company to increase efficiency and create good brand representation among consumers.
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