From 2013 to 2023, the turnover in the UK Manufacture of Sports Goods sector showed fluctuating growth. The turnover was £847.5 million in 2023. Significant growth was observed in 2014 (12.09%) and 2019 (31.28%), while notable declines occurred in 2018 (-11.81%) and 2020 (-8.69%). The most recent year-on-year growth for 2023 was 2.03%, reflecting a moderate increase compared to 2022. Over the past five years (2019-2023), the sector experienced a Compound Annual Growth Rate (CAGR) of 6.09%, demonstrating steady progress.
Looking ahead, the forecast suggests a gradual increase in turnover, reaching £935.8 million by 2028. The forecasted five-year CAGR from 2024-2028 is 1.56%, indicating modest growth. The total forecasted growth rate over these five years is 8.05%.
Future Trends to Watch:
- Impact of global economic recovery post-pandemic on consumer spending.
- Technological innovations driving new product development.
- Increased focus on sustainability and eco-friendly manufacturing practices.
- Potential market expansion due to increasing health and fitness awareness.
