The report says growth in the sports sector is likely to outpace the expansion in key established sectors like automobile and tourism in the coming years. (Representative image)
Credit: PTI File Photo
New Delhi: The size of India's sports market is estimated to more than double to $130 billion by 2030 from around $52 billion in 2023, driven by increase in government investments and rising trend of multi-sports culture, as per a joint report by Deloitte and Google released on Thursday.
“Sports markets are estimated to grow at 14 per cent CAGR till 2030, double the rate of GDP growth,” Prashanth Rao, partner at Deloitte India and one of the authors of the report, told DH.
He said growth in the sports sector is likely to outpace the expansion in key established sectors like automobile and tourism in the coming years.
The sports market started to pick up about 15 years ago with the Indian Premier League’s (IPL) ascent to mainstream popularity, but its long-term outlook is highly promising, he said.
The report titled ‘Think Sports: Unlocking India’s $130 billion sports potential’ has categorised the sports market in two groups: 6 core sub-sectors and 4 allied sub-sectors.
The core sub-sectors include sporting goods and apparel, broadcasting and promotion, fantasy sports and esports, sports technology, sports infrastructure and facilitator services. The size of these core sub-sectors is estimated to increase to $71 billion by 2030 from $31 billion 2023.
The size of allied sub-sectors that include nutraceuticals, sports tourism, wearables and gyms & fitness centres is estimated to increase from $21 billion in 2023 to $59 billion by 2030.
"We are witnessing a surge in multi-sport fandom, a growing popularity of digital platforms and deep engagement from Gen Z, who represent the largest segment of India's sports fanbase," said Roma Datta Chobey, Managing Director, Google India.
The report noted that beyond economic growth, sports in India hold immense potential for social change, fostering youth development and empowering communities, highlighting the need for strategic investment in grassroots development and infrastructure to drive positive impact.
As per the report, the sports sector is projected to create 10.5 million jobs and contribute $21 billion to the country’s indirect tax kitty by 2030.
Sports goods and apparel market will be the key driver of the growth in the size of the sports market. The size of the sports goods and apparel market is estimated to double in value to $58 billion by 2030, driven by a rising fitness culture and increased discretionary spending.
As per a survey conducted as part of the report, 73% of consumers are keen on buying merchandise from their favorite teams or players.
While cricket remains a national passion, 90% of Indian sports fans now follow multiple sports, with Kabaddi and Football gaining traction with 120 million and 85 million fans respectively.
The popularity of sports leagues in Kho Kho and newer leagues in Hockey further underscores this trend. This landscape presents ripe opportunities for diversified investments and cross-promotion across a wide range of sports, the report noted.
“By building strong public-private partnerships, we can drive sustained progress in our sports ecosystem, creating new jobs, promoting health, and enhancing India’s global standing,” said Romal Shetty, Chief Executive Officer, Deloitte South Asia.