01 November2022, Mumbai:
Clothing worn for sport or physical exercise is referred to as sports apparel, often known as sportswear or activewear. Sport-specific attire is required for most sports and physical activities for practical, comfortable, or safety reasons. The standard sportswear includes tracksuits, shorts, T-shirts, and polo shirts. Leotards, ski suits, wet suits for diving or surfing, swimsuits, and ski suits are a few examples of specialized gear. Sports footwear includes skates, football boots, riding boots, and trainers.
Sportswear is occasionally used as casual apparel/clothing. The Indian sportswear industry has existed for a very long time. As the economy and wealth expand, people are looking for the broadest selection among the different brands that are readily available. As a result, the athletic products industry is constantly growing to meet consumer demand. In India, the industry for sports apparel has excellent commercial potential, especially in marketing, management/sponsorship, and selling and exporting sports gear.
COVID 19 impact factor
The sporting goods industry has been able to return to pre-COVID-19 levels of growth even though the COVID-19 pandemic continues to impact enterprises worldwide. 2020 saw three key trends that executives in the athletic goods industry concentrated on: client shifts, the digital revolution, and industry upheavals.
In 2021, these tendencies continued, in some cases grew stronger, or took fascinating new turns. Athleisure has become more fashionable as more people continue to work from home (WFH), indicating changing attitudes toward traditional office dress.
As a result of more significant health awareness, many people have a new outlook on exercise and sports.
Catchup play
India has quickly caught up with the worldwide fitness craze in recent years. Today, the trend toward fitness in our nation matches that of the rest of the world. Indian consumers and the general public are becoming more aware of health issues due to the country's expanding economy and constantly evolving lifestyle choices. To keep up with their hectic lifestyle, they must incorporate new health and wellness practices.
The sportswear sector has significantly benefited from this new fitness-related way of life in India, making sportswear one of the most popular fashion and apparel/clothing categories there.
This shifting tendency has created new trading opportunities for businesses, people and investors alike interested in the Indian market. The country's improving economic situation and evolving fitness philosophy increase the demand for athleisure apparel and accessories.
It has created space for new business endeavors, from establishing a brand and a fundamental foundation to setting up an enterprise, improving technologies, and providing new services.
E-Commerce
Despite easing lockdown limitations, e-commerce has thrived as consumers continue to make online purchases. Sporting goods companies now have more opportunities than ever because of the growing popularity of digital forms of solo or group physical activity.
Digitization has aided the industry in disseminating information about these companies and pressuring them to meet the demands of athletes. Due to the prevalence of online ordering among Indian consumers nowadays, this industry is also performing well in the offline market. Online purchases are preferred when a brand is well-known and reliable.
Trade estimates coming from various online sources put this market size," India Sports Apparel Market was valued at USD 579.47 Million in 2021, and it is projected to achieve a CAGR of 16.2% during the aforementioned period. While the segment grew by 7%.
Opportunities for Growth
In the past, well-known multinational sportswear brands dominated the Indian market. These companies entered the Indian market many years ago and successfully consolidated their position there.
But over time, Indian consumers' growing excitement for sportswear in general and fitness, in particular, provided homegrown businesses the chance to meet the rising demand in the domestic market.
Due to the price range, Indian brands are superior to these foreign retailers. Over time, other athletic companies with reasonably priced, high-quality products have joined the market and grown popular with the intended market.
