EUROPE SPORTING GOODS MARKET ANALYSIS

Europe Sporting Goods MarketSize and Trends

Europe sporting goods market was valued at US$ 153.7 Bn in 2022 and is expected to exhibit a CAGR of 6.8%, in terms of revenue, over the forecast period (2023-2030), to reach US$ 260.0 Bn by 2030. Increasing obesity prevalence, rising health, and fitness awareness, rising intake of processed foods, rising disposable income, and rising popularity of sports activities among the general population are some of the primary factors influencing demand for sporting goods in Europe.

Europe Sporting Goods Market - Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic harmed sporting goods consumption across Europe by reducing manufacturing activity and closing multiple sales channels.

Lockdown restrictions imposed to prevent the spread of coronavirus infections resulted in a drop in regional sales of sporting apparel and goods. Restricted outdoor activity and the cancellation of all sporting events during lockdowns resulted in a significant decrease in the size of Europe's sporting goods market.

However, this trend has shifted and is expected to improve in the post-pandemic era, with the Europe sporting goods market expected to grow at a healthy rate in the coming years. With the removal of restrictions, outdoor activity and several offline sales channels have returned to normal operating capacity, assisting the Europe sporting goods market in making a quick recovery.

Figure 1. Europe Sporting Goods Market, By Product Type, 2022

Increased obesity prevalence and government initiatives to promote a healthy lifestyle

Increased obesity prevalence and increased health awareness drive the growth of the Europe sporting goods market. Furthermore, government initiatives to promote a healthy lifestyle fuel the rise in sports participation across the European region. On the contrary, improvements in lifestyle, an increase in the youth population, and an increase in per-capita income in European countries are expected to provide lucrative opportunities for the growth of the Europe sporting goods market. Sports and sports-related products have become more popular as a result of efforts made by various governments to promote sports, health, and fitness. However, the European Non-Governmental Sports Organization (ENGSO) is a non-profit group with a wide network of counterparts in other European sports organizations and governmental organizations that deal with sports either directly or indirectly. Due to this, ENGSO has been involved in a lot of activities over the past few decades. For instance, in February 2020, Nike, announced the transition of its Nike Brand business in Brazil, Argentina, Chile, and Uruguay to strategic distributor partnerships, allowing for a more profitable, capital-efficient, and value-added business model, which is boosting the demand for Europe sports goods.

Figure 2. Europe Sporting Goods Market, By Country, 2022