Golf market boom in developing nations

August 10, 2013 The popularity of golf in on rise in developing nations and so is the demand for Golf Equipment and Consumables,  a Report by Global Industry Analysts, Inc says.

According to the survey,global market for Golf Equipment and Consumables is projected to reach US$14.4 billion by 2018, driven by rising participation in the sport in emerging countries.

Economic development accompanied with enhanced purchasing power in past decade has ushered the interest in Sport as well. It has drawn significant number of golf participants among women and individuals in the middle-income group as well.

Efforts have also made to persuade interest in the game. To encourage participation, various efforts are being made, the major one being the introduction of shorter formats of the game, which requires relatively lesser amount of time.

[highlight] The new golf markets in Asia, the Middle East, Eastern Europe and Latin America are on upsurge. While the game is gaining increasing popularity among the affluent, it is also witnessing rising uptake among the middle class, particularly in China [/highlight]

While many perceive golf as a leisure pursuit, an increasing number of individuals also see golf as a requisite business skill and a sport that serves as an effective business development and social networking tool.

The period of economic recession (2007-2009) resulted in marked declines in sales of golf equipment and consumables. Demand for products like golf clubs, balls, apparel and footwear as well as golf membership faced severe decline. However, the market recovered and even posted encouraging growth in revenue in the year 2010.

The new golf markets in Asia, the Middle East, Eastern Europe and Latin America are on upsurge. While the game is gaining increasing popularity among the affluent, it is also witnessing rising uptake among the middle class, particularly in China.

Growing urbanization is also auguring well for the sport, as it is driving development of golf courses across the regions.

Golf tourism has emerged into a booming industry by itself and is providing significant impetus to the market for golf equipment and consumables. Apart from a gradual change in demographic composition, a shift is also being witnessed in terms of the ‘preferred destinations’, as emerging locations are gradually gaining eminence over traditional locations.

United States continues to be the largest market worldwide for golf equipment and consumables. Asia-Pacific is projected to emerge as the fastest growing market with a CAGR of 3.6% over the analysis period. Growth in the region is led by rising participation due to increasing standard of living, rising purchasing power and greater willingness among the population to spend on leisure activities.