Growth in sporting goods industry expected to slow until 2029

Despite this, McKinsey noted that there is also an increasingly active consumer segment.

The sporting goods market is projected to see a slightly more modest growth of 6% annually from 2024 to 2029, driven by a slowdown in the Asia–Pacific, Western Europe, and Latin America, according to a McKinsey report.

The report said 84% of sporting goods executives expressed concern about the impact of the geopolitical environment on their business and potential tariff increases.

Moreover, inactive adults jumped to 31% in 2022 from 26% in 2010, with the World Health Organization projecting inactivity levels to reach 35% by 2030.

Despite this, McKinsey noted that there is also an increasingly active consumer segment, presenting an opportunity for sporting goods brands to develop products that meet the emotional and functional needs of active consumers.

Additionally, 81% of respondents attended in-person fitness classes in the past year—nearly two and a half times as many as those who used online fitness classes.

Further, the market has witnessed a proliferation of new entrants, including both general apparel players and specialised players, each offering a tightly focused value proposition.