According to a new report, the sports sector in India, which includes media rights, apparel, sports nutrition, and sports equipment, is expected to grow fivefold to US$ 100 billion by 2027, up from US$ 27 billion in 2020.
According to a report by brokerage firm Anand Rathi Investment Banking, the Indian Premier League (IPL), with over nine million viewers, has successfully commercialised and scaled.
Furthermore, the Indian sports media market was worth US$ 1 billion in 2020 and is expected to grow to more than US$ 13.4 billion by 2027.
According to the report, India is one of Asia’s largest manufacturers of sports goods and equipment after China and Japan, and the sports goods market was worth US$ 4.5 billion in 2020 and is expected to grow to US$ 6.6 billion by 2027.
Furthermore, it stated that the Indian sports apparel market was worth US$ 14 billion in 2020 and is expected to grow to US$ 21 billion by 2023, with menswear products driving the growth.
Hoever, in India, sports is yet to be recognized as an economic sector, mainly due to the fact there has been little or no comprehensive study done on the industry’s size, potential, and on the available opportunities.
Moreover, with the formation of newer leagues and successful franchises, the sports industry has grown almost 10 percent by the year 2014. New initiatives such as the establishment of Indian Premier League (Cricket), Hockey India League, Indian Badminton League, Pro Kabaddi League, and Indian Super League (Football) are indeed changing the face and identity of Indian sports.
