The Sports market in BRICS is seeing limited growth due to a combination of factors. While Soccer and Cricket are popular, Basketball, American Football, and Baseball are still developing. As the public becomes more health-conscious, the demand for online health services is rising, which could potentially lead to increased adoption of digital technologies in the Sports market. However, the current low growth rate can be attributed to factors such as limited access to digital services and infrastructure, varying levels of interest and investment in different sports, and cultural and economic barriers.
Customer preferences: In recent years, there has been an increase in demand for sports apparel and equipment that reflect cultural and traditional values. This is especially apparent in the BRICS countries, where there is a growing appreciation for indigenous sports and physical activities. This trend has also led to a rise in investments and collaborations between local and international sports brands, showcasing a more diverse and inclusive approach to marketing and product offerings. As cultural values continue to influence consumer preferences, we can expect to see more innovation and diversity in the Sports market in the coming years.
Trends in the market: In the BRICS countries, the Sports Market is experiencing a surge in digitalization and technology adoption. In Brazil, there is a rising trend of using mobile apps for sports training and tracking fitness progress. In Russia, e-commerce platforms have gained popularity for the sale of sports equipment and apparel. In India, there is a growing demand for virtual fitness classes and online coaching services. In South Africa, there is a rise in virtual sports events and tournaments, providing opportunities for sponsorships and advertisements. These trends indicate that the digitalization of the Sports market is on a trajectory of continuous growth, presenting significant opportunities for industry stakeholders to tap into new markets and reach a wider consumer base. However, it also poses challenges for traditional brick and mortar stores and sports facilities. Therefore, it is crucial for industry players to adapt to these trends and leverage technology to remain competitive in the market.
Local special circumstances: In Brazil, the Sports Market has seen a surge in popularity due to the countrys deep-rooted passion for sports and extensive government investment in sports infrastructure. With a large and diverse population, Brazil has a high demand for a variety of sports and fitness activities, creating a ripe market for local and international sports brands. Additionally, the countrys favorable climate and cultural emphasis on physical activity have contributed to the rise in sports participation and spectatorship. These factors will continue to influence the markets growth and shape its unique landscape.
Underlying macroeconomic factors: The BRICS countries, consisting of Brazil, Russia, India, China, and South Africa, are experiencing rapid economic growth and development. This presents an opportunity for the Sports Market market to flourish in these countries. However, macroeconomic factors such as fluctuating currency values, trade policies, and economic stability can also have a significant impact on the market. Economic growth and political stability can create a conducive environment for investment and expansion of Sports market. In addition, changing consumer lifestyles and preferences, as well as increasing disposable income, are also expected to drive the growth of the Sports market in BRICS countries. On the other hand, economic downturns, political unrest, and inflation can pose challenges for market growth. It is important for businesses operating in the Sports market to closely monitor and adapt to the macroeconomic conditions in these countries in order to sustain and grow their market presence.
Data coverage:
The data encompasses B2C and B2B revenues. Figures are based on media spending, merchandise spending, and ticket spending. All monetary figures for merchandise and tickets refer to consumer spending on goods or tickets 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.
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