Major Sports Brands Enter Expanding $481.93 Billion Sports Goods Market
TL;DR
Major sports brands have entered the sports products market, providing potential for new products and market competition.
Sports tape and kinesiology tape offer joint protection and muscle pain relief, with sports tape providing stronger support and kinesiology tape offering great elasticity.
The development of sports and health products contributes to increasing health awareness and promotes overall well-being for individuals globally.
The emergence of cotton kinesiology tape and sports tape at the Paris Olympics provides an interesting insight into the potential of these products in the sports market.
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The global sports and leisure products market, valued at $300.29 billion in 2020, is expected to grow to $481.93 billion by 2027, with a compound annual growth rate of 7.0%, according to recent business research. This substantial growth is largely driven by the COVID-19 pandemic and a rising global health consciousness.
The pandemic, which began in late 2019 and resulted in the loss of tens of millions of lives, has significantly heightened public awareness about the importance of health. This shift has created a massive opportunity in the market for sports products.
Although the market is dominated by major brands, there is room for innovation and new products. Notably, items like cotton kinesiology tape and sports tape have shown considerable potential. These products were prominently featured in the recent Paris Olympics.
Sports tapes serve different purposes: traditional sports tape provides joint support with no elasticity, while kinesiology tape offers muscle support and pain relief due to its elasticity. These products are essential for sports protection and are gaining popularity among athletes and fitness enthusiasts.
Companies in the sports goods sector are encouraged to explore these emerging products to rejuvenate their market position. Given the growing demand and the potential for innovation, sports tapes could be a viable business opportunity.
Curated from 24-7 Press Release
