Baseball Merchandise - South Korea

South Korea

Highlights

Revenue in the Baseball Merchandise market is projected to reach US$54.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.45%, resulting in a projected market volume of US$58.04m by 2029.
In global comparison, most revenue will be generated United States (US$1.25bn in 2024).
The average revenue per user (ARPU) in the Baseball Merchandise market is projected to amount to US$24.28 in 2024.
In the Baseball Merchandise market, the number of users is expected to amount to 2.4m users by 2029.
User penetration in the Baseball Merchandise market will be at 4.3% in 2024.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Within the South Korean Sports market, the baseball merchandise market is facing negligible growth due to factors including declining interest in baseball and competition from other sports. However, the convenience of online shopping and increasing awareness of baseball among consumers still drive sales in this digital era.

Customer preferences: As the popularity of baseball continues to grow in South Korea, so does the demand for baseball merchandise. However, there is a noticeable shift in consumer preferences towards more sustainable and ethically sourced products. This can be attributed to the increasing awareness of environmental issues and the importance of social responsibility within the younger generation. Additionally, with the rise of e-commerce and social media, consumers are placing more value on unique and personalized merchandise, leading to a surge in demand for customizable baseball products. This trend is also seen in the increasing popularity of retro and vintage baseball merchandise among older consumers. Overall, the baseball merchandise market is evolving to cater to the values and preferences of a more socially and digitally conscious consumer base.

Trends in the market: In South Korea, the Baseball Merchandise Market within the Sports Market is currently experiencing a surge in online sales, as more consumers turn to e-commerce platforms for convenience and a wider variety of options. This trend has been accelerated by the COVID-19 pandemic, which has forced businesses to adapt and prioritize digital channels. Industry stakeholders should invest in improving their online presence and expanding their product offerings to cater to this growing market. Additionally, partnerships with popular baseball teams and players can help enhance brand visibility and appeal to fans.

Local special circumstances: In South Korea, the Baseball Merchandise Market of the Baseball Market within the Sports Market is heavily influenced by the countrys deep-rooted love for the sport of baseball. The culture of fan loyalty and support for local teams drives the demand for merchandise, with customized fan gear being a popular trend. Additionally, strict regulations on player sponsorship deals and player endorsement contracts add another layer of complexity to the market. This unique combination of cultural and regulatory factors sets the South Korean market apart from others, shaping the dynamics of the Baseball Merchandise Market and creating opportunities for strategic partnerships and innovative marketing approaches.

Underlying macroeconomic factors: The Baseball Merchandise Market within the Sports Market in South Korea is greatly impacted by macroeconomic factors such as changes in consumer spending patterns, economic policies, and fluctuations in international trade. The overall health of the South Korean economy, as well as its trade relationships with other countries, can significantly affect the demand for baseball merchandise. Furthermore, government policies related to import and export tariffs, taxes, and regulations have the potential to greatly impact the operations of businesses within the Baseball Market. Changes in global economic trends and consumer sentiments towards e-commerce and online shopping also play a crucial role in shaping the demand for baseball merchandise in the country.

Data coverage:

The data encompasses B2C revenues. Figures are based on merchandise spending. All monetary figures refer to consumer spending on goods in the respective segment, which can be online and offline.

Modeling approach / Market size:

Market sizes are determined through a combination of bottom-up and top-down approaches, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per ticket, price on sport goods). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, number of internet users, and internet consumption. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function or linear forecasting, as it fits the development of either strong growing markets or more sophistacted and saturated markets, such as soccer in Europe.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). We also account for the different cycles of international tournaments, such as world cups or continent cups. Consumer Insights data is reweighted for representativeness.