Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  India’s sports business to hit $100 billion in 5 years: Report
BackBack

India’s sports business to hit $100 billion in 5 years: Report

Anand Rathi Investment Banking’s report said a majority of this is being led by the IPL, with over nine million viewers which has commercialised and scaled successfully

File Photo Premium
File Photo 

The sports sector in India – comprising media rights, apparel, sports nutrition, sports equipment etc -- as an industry is likely to go up five times to reach a value of $100 billion by 2027 from $27 billion in 2020, finds a new report. 

Brokerage firm Anand Rathi Investment Banking’s report said a majority of this is being led by the Indian Premier League (IPL), with over nine million viewers which has commercialised and scaled successfully. 

Additionally, the Indian sports media market size was $1 billion in 2020 and is estimated to grow over $13.4 bn by 2027. 

The global media rights market is $52.1 bn where market share of cricket grew from 2.7% to 3.0%; football continues to hold the pole position at 42%. In 2019 though, it said the market size was $30-31 billion and the slowdown in certain segments of the sports industry were offset by the growth in gaming and nutraceuticals. And while it was still growing, the report said that the sports industry in the country continues to face challenges such as lack of infrastructure, high taxes levied on sports equipment and events and the lack of financing and governance.   

The report added that India is one of the largest manufacturers of sports goods and equipment in Asia after China & Japan and that the sports goods market was worth $4.5 billion in 2020 and is estimated to grow to $6.6 billion by 2027. 

Additionally, it said, the Indian sports apparel market was worth $14 billion in 2020 and is estimated to grow to $21 billion by 2023, largely growing on the back of menswear products. 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Varuni Khosla
Varuni is an Assistant Editor at Mint. She writes engaging and informative stories on luxury brands, hospitality news, business of sports, business of advertising and marketing, gaming, tourism and travel, and the business of alcohol. She is skilled in communication, research, and analysis. Varuni is passionate about covering the latest trends and developments in the lifestyle and business sectors.
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 21 Jun 2022, 07:46 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie