As per the latest reports on the market, professional sports merchandise sales are growing rapidly in recent years. In 2014 the retail sale of licensed sports merchandise reached up to $12 billion. Sport licensing is also one of the fastest markets as the sports league has contributed mainly to its growth. The apparels and footwear produced the largest share in the market.
The growing popularity of the sports trend across the world has fueled the market. As licensed sports merchandise is sold online, the market has attracted a large number of consumers across the globe. From a geographical perspective, North America dominated the sports merchandise market in 2015. It accounted for nearly 50% of the global licensed sports merchandise market. The sports league profoundly influences the rising demand.
However, the piracy of licensed products such as t-shirts, jersey, and hats has significantly increased in the world. The growing piracy products are most likely to pose a threat to the licensed sports market. Also, the increasing number of sports fans in the Asia Pacific may dominate the market in a few years. The interest in sports trend among millennials may bring a significant impact on the licensed sports merchandise market.
The previous year football world cup, Russia, saw a record of more than 3 billion audiences across the globe. It was the largest amount of spectators ever recorded in history. The market is expected to see exponential growth as the trend is becoming more popular. Europe is anticipated to be the second-largest regional market for sports merchandise as most major sports events happen in those areas. For more information please visit https://www.wearhasso.com/cufflinks
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