Cricket - Nigeria | Statista Market Forecast

Cricket - Nigeria

Nigeria

Highlights

Revenue in the Cricket market is projected to reach US$508.50k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.09%, resulting in a projected market volume of US$563.90k by 2029.
In global comparison, most revenue will be generated India (US$2.27bn in 2024).
The average revenue per user (ARPU) in the Cricket market is projected to amount to US$0.20 in 2024.
In the Cricket market, the number of users is expected to amount to 2.7m users by 2029.
User penetration in the Cricket market will be at 1.1% in 2024.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Cricket Market in Nigeria has seen a slight decline in recent years, influenced by factors such as limited media coverage and high ticket prices. However, the market still holds potential for growth, as efforts to increase exposure and attract new audiences are being made. The sub-markets of Cricket Media and Cricket Ticket Sales play a crucial role in driving growth, with the adoption of digital strategies and promotions contributing to the markets overall success.

Customer preferences: As Nigerians increasingly embrace urbanization and westernization, there is a growing interest in international sports such as cricket. This has led to a rise in demand for cricket equipment and apparel, as well as an increase in the number of cricket clubs and events. Additionally, with the rise of social media and influencer culture, there has been a shift towards a more youth-driven, flashy and entertainment-oriented cricket market in Nigeria, catering to the younger generations preferences and lifestyle.

Trends in the market: In Nigeria, the Cricket Market within the Sports Market is experiencing a surge in popularity among younger demographics. This trend is being driven by a growing interest in international cricket tournaments and the increase in local cricket teams and leagues. In addition, there is a rising trend in the use of social media and digital platforms to promote and engage with cricket events. This trend is significant as it provides a wider exposure for the sport and attracts new fans and sponsors. Industry stakeholders, such as cricket clubs and event organizers, can capitalize on this trend by investing in digital marketing strategies and targeting younger demographics. Furthermore, as the trend continues, there is potential for the Cricket Market to expand its reach and become a more lucrative industry in Nigeria.

Local special circumstances: In Nigeria, the Cricket market is still in its early stages, with the influence of colonizers and cultural traditions giving way to the dominance of football. However, recent efforts by the government and local organizations have aimed to increase awareness and participation in cricket, with the potential for a large fan base and commercial opportunities. Additionally, the countrys vast geographical diversity and population distribution pose unique challenges for the development of infrastructure and national teams.

Underlying macroeconomic factors: The growth of the Cricket Market within the Sports Market in Nigeria is heavily influenced by macroeconomic factors such as the countrys economic stability, income levels, and government policies on sports development. Additionally, global economic trends, such as the rising popularity of cricket as a sport in other countries, can also impact the growth of the market. Furthermore, favorable fiscal policies that support investment in sports infrastructure and training programs can contribute to the development of the cricket market in Nigeria. Similarly, the increasing health concerns and sedentary lifestyles of the population can create a demand for sports and fitness activities, thereby driving the growth of the cricket market.

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.