The Badminton Rackets market in the Philippines has exhibited notable growth from 2012 to 2022. In 2012, the market size was $3.9044 million, and it reached $6.4027 million in 2022. The market saw healthy year-on-year growth with significant peaks, such as 9.16% in 2017 and 8.4% in 2018. Despite a dip of -2.24% in 2020, possibly due to the pandemic, the market rebounded with an 8.17% growth in 2021. The Compound Annual Growth Rate (CAGR) over the last 5 years stood at a modest 3.47%, reflecting steady growth albeit with some fluctuations.
As of 2023, the market continued to show potential for growth with an estimated value checkpoint. Looking forward to 2024 and beyond, trends to watch include:
- Technological advances in racket manufacturing
- Rising popularity of badminton as a competitive and recreational sport
- Increasing disposable incomes and health-conscious behaviors
- Expansion of retail and online distribution channels
