Awareness around health and fitness have risen dramatically in the last couple of decades. More and more people around the world are choosing to live a fit and active lifestyle in a bid to remain healthy, resulting in lucrative sports & outdoor industry worldwide.
According to data presented by Safe Betting Sites US, the sports & outdoor segment is projected to reach 800M users globally in 2021 after experiencing a 19.56% YoY increase.
Sports & Outdoor Segment To Add 20% More Users In 2021 â 800M Globally
Engagement around the sports & outdoor segment had already been growing but increased even more after the lockdowns of 2020. In 2021, the sports & outdoor segment is projected to grow to 800M users globally â a 19.56% YoY increase. The global penetration rate of the sports & outdoor segment is also projected to cross an important benchmark in 2021 as it breaches the 10% mark for the first time.
In 2021, Scandanavian countries had the top 3 highest penetration rates for the sports & outdoor segment. Denmark had the highest at 24.8%, followed by Norway and Sweden with 24.7% and 24.3% respectively. Austria registered the fourth highest penetration rate at 23.2% while Saudi Arabia rounds out the top 5 with 22.8%
Global Revenue To Cross $200B By 2022
Global revenue for the sports & outdoor segment increased dramatically in 2020 due to the lockdowns imposed by the pandemic and grew by 30%. Global revenue is projected to increase a further 14.6% and reach $190B in 2021 before it crosses the $200B milestones sometime in 2022.
From 2021-2025, global revenue from the sports & outdoor segment is projected to grow at a compound annual growth rate (CAGR) of 6.81%, reaching $248.5B by the end of the forecast period.
Rex Pascual, the editor at Safe Betting Sites US, commented:
âGrowing awareness around the importance of a fit and healthy lifestyle has made the sports & outdoor segment a very lucrative one. Still, plenty of growth opportunities remain within the segment as the modest 10% global penetration rate is quick to show. With the recent pandemic further highlighting the value of being healthy and fit, expect the segment to continue its upward trajectory.â