Soccer Merchandise - Nigeria

Nigeria

Highlights

Revenue in the Soccer Merchandise market is projected to reach US$27.01m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.53%, resulting in a projected market volume of US$30.60m by 2029.
In global comparison, most revenue will be generated United States (US$1.38bn in 2024).
The average revenue per user (ARPU) in the Soccer Merchandise market is projected to amount to US$10.06 in 2024.
In the Soccer Merchandise market, the number of users is expected to amount to 2.9m users by 2029.
User penetration in the Soccer Merchandise market will be at 1.2% in 2024.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Soccer Merchandise Market in Nigeria has seen a slow growth, impacted by factors such as declining interest in sports, lack of disposable income, and competition from counterfeit products. Despite being a niche market, the rising popularity of soccer in Nigeria could drive future growth.

Customer preferences: The Soccer Merchandise Market in Nigeria has seen a significant rise in sales of customized jerseys and merchandises featuring local and national teams. This trend is attributed to the growing national pride and sense of belonging associated with supporting ones team. Additionally, there is a growing demand for more diverse and inclusive designs, reflecting the multicultural and diverse population in Nigeria. This trend is likely to continue as consumers increasingly seek to express their identity and embrace their cultural roots through soccer merchandise.

Trends in the market: In Nigeria, the Soccer Merchandise Market has seen a surge in demand for official jerseys and other gear as the countrys national team continues to gain global recognition. Within the broader Soccer Market, there is also a growing trend of collaborations between fashion brands and soccer clubs, creating limited edition merchandise that appeals to both soccer fans and fashion enthusiasts. This trend is significant for industry stakeholders as it opens up new revenue streams and expands the reach of the soccer market beyond traditional boundaries. Furthermore, it also caters to the changing consumer preferences of seeking unique and exclusive products. As the industry continues to embrace these trends, we can expect to see more creative partnerships and collaborations, as well as an increase in online sales and digital marketing strategies.

Local special circumstances: In Nigeria, the Soccer Merchandise Market is heavily influenced by the countrys deep passion for soccer, with the national team, the Super Eagles, being a major source of national pride. Additionally, the countrys large and diverse population, coupled with its diverse cultural groups, has contributed to the growth of a vibrant soccer fanbase and market for merchandise. In terms of regulations, the country has a highly competitive retail market, with local vendors and small businesses often playing a significant role in the distribution of soccer merchandise. This, combined with the countrys rapidly growing e-commerce sector, is set to drive further growth in the Soccer Merchandise Market.

Underlying macroeconomic factors: The Soccer Merchandise Market in Nigeria is heavily influenced by macroeconomic factors such as the countrys national economic health and fiscal policies. The fluctuation of the Nigerian currency against other major currencies can significantly impact the cost of importing merchandise, as most of the products are imported. Furthermore, the overall economic stability of the country, including inflation rates and unemployment, can affect consumer purchasing power and overall demand for soccer merchandise. The global economic trend of increasing disposable income in emerging markets also plays a role in driving growth in the Nigerian Soccer Merchandise Market, as rising income levels often result in higher consumer spending on sports-related products.

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.