Increase in popularity of sports and fitness and rise in adoption of extracurricular activities drive the growth of the global football market.
PORTLAND, Ore., June 14, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Football Market by Product Type (Training Ball, Match Ball, and Others), Manufacturing Process (Hand Stitched, Machine Stitched, and Thermally Bonded), and Distribution Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast 2021–2027." According to the report, the global football industry was estimated at $1.88 billion in 2019, and is expected to hit $3.71 billion by 2027, registering a CAGR of 18.3% from 2021 to 2027.
Drivers, restraints, and opportunities-
Increase in popularity of sports and fitness, rise in adoption of extracurricular activities, and surge in influence of sports celebrities on youth through social media drive the growth of the global football market. On the other hand, negative impact of virtual games and easy availability of counterfeit products impede the growth to some extent. However, emergence of butyl bladder in footballs is expected to create multiple opportunities in the industry.
The outbreak of the pandemic led to a steep decline in demand for footballs from individuals as well as several sports clubs across the world. Moreover, disruptions in the supply chain and distorted manufacturing activities impacted the global football market negatively, especially during the first phase of the lockdown.
Also, cancellation and postponement of several football tournaments affected the market to a considerable extent. However, the global situation is getting better and the market is expected to recoup soon.
The training ball segment to retain its dominance by 2027-
Based on type, the training ball segment contributed to more than half of the global football market share in 2019, and is expected to dominate by the end of 2027. The fact that the training footballs hold the air pressure in it for a longer time period fuels the segment growth. The match ball segment, on the other hand, would register the fastest CAGR of 20.60% from 2021 to 2027.
The hand stitched segment to rule the roost-
Based on manufacturing process, the hand stitched segment accounted for nearly two-thirds of the global football market revenue in 2019, and is anticipated to retain its dominance by 2027. Due to the high quality stitches, the football panels are strongly attached with each other. This makes the footballs more durable. At the same time, the thermally bonded segment would grow at the fastest CAGR of 24.3% during the forecast period. This growth attributes to the stitching technique of the balls, since it makes the balls preferable for playing in various surfaces.
Europe, followed by North America, had the major share in 2019-
Based on region, Europe, followed by North America, held the major share in 2019, generating around two-fifths of the global market, owing to increase in disposable income and health consciousness among individuals in the continent. Simultaneously, the market across Asia-Pacific would cite the fastest CAGR of 21.5% throughout the forecast period. This is because the youth participation in playing football is gradually increasing in the province.
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