A passion for sports, the shift to a healthier lifestyle, the cult of the body, the desire to age well . . . these are all personal motivations that contribute to the growth of the sports industry. Added to this is the contribution of new technologies (from e-sports to online sports betting) and the feminization of professional sports, which are also boosting the sector.
The sports market is worth close to $30 billion in Canada
Source: Global Wellness Institute, The Global Wellness Economy Monitor, 2023
And this growth shows no signs of slowing down. Between 2022 and 2027, the sports market is expected to grow by an average of 7% annually, on a global scale.
A multi-faceted industry
Sources: Global Wellness Institute, The Global Wellness Economy Monitor, 2023 / Statista (Global Sports Nutrition Market, Sports Event Market) / Strait Research, Online Sports Betting Market / Sports Video Group, Report: Global Value of Sports Media Rights Nears $56 Billion, November 2023, Fortune Business Insights, E-sports Market
Business realities vary by segment
- Sports apparel (clothing and shoes), which alone generates nearly a quarter of the sector’s revenues, is driven by the widespread enthusiasm for sportswear (i.e. sports fashion),
- Gyms are still suffering from the negative impacts of the pandemic and are struggling to return to profitability,
- Outdoor sports, yoga, and Pilates have seen their popularity boosted by the COVID-19 crisis. Especially since these practices are beneficial for both physical and mental health.
Individual sports have the wind in their sails
Sources: Vélo Québec, Leger Marketing survey: État de la pratique du vélo au Québec en 2020 / Espaces, L’escalade atteint des sommets de popularité au Québec, May 2022
When sport forges identity
- Sports apparel (clothing and shoes), which alone generates nearly a quarter of the sector’s revenues, is driven by the widespread enthusiasm for sportswear (i.e. sports fashion),
- Gyms are still suffering from the negative impacts of the pandemic and are struggling to return to profitability,
- Outdoor sports, yoga, and Pilates have seen their popularity boosted by the COVID-19 crisis. Especially since these practices are beneficial for both physical and mental health.
The specificities of the Quebec market
Source: Vividata, fall 2023, 14+, Québec vs les autres provinces canadiennes, base: Canada / New Canadian Media, Canada Expected to Become a Soccer Nation as its Fan Base Grows, December 2022
