The global sporting goods industry will grow at a compound rate of 7% through 2027. That’s according to “Time to move: Sporting goods 2024,” a January 2024 report by McKinsey & Company.
The report foresees optimism by sporting goods industry leaders in 2024, coming off an uneven, inflationary 2023. McKinsey suggests caution, however, owing to shifting consumer preferences and sustainability concerns.
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The study addresses shifting consumer preferences from traditional organized sports to individual varieties such as pickleball (159% growth from 2019 to 2022) and off-course golf (57% growth during the same period).
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Challenges to the global supply chain continue. The McKinsey study included the results of its 2023 survey of worldwide supply chain leaders. Most are implementing renewed planning and resilience measures to counter supply uncertainties.
