May 02, 2024 09:30 ET | Source: AstuteAnalytica India Pvt. Ltd. AstuteAnalytica India Pvt. Ltd.
New Delhi, May 02, 2024 (GLOBE NEWSWIRE) -- According to Astute Analytica, the global outdoor products market was valued at US$ 70.98 billion in 2023 and is predicted to hit around US$ 129.10 billion by 2032 at a CAGR of 7% during the forecast period 2024–2032. pet accessories
The global outdoor products market is experiencing robust growth, driven by a surge in outdoor activities and a heightened consumer focus on health and wellness. This market encompasses a wide range of products including apparel, gear, and equipment designed for activities like hiking, camping, and water sports. A significant trend is the fusion of urban fashion with outdoor functionality, appealing to consumers seeking versatility in their gear. Sustainability has become a cornerstone, with an increasing number of companies investing in eco-friendly materials and production techniques to meet consumer demand for environmentally responsible products.
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Technological advancements such as smart fabrics and augmented reality are enhancing product functionality and consumer engagement. However, the market faces challenges such as supply chain disruptions, intense competition, and rapidly changing consumer preferences.
Key Findings in Global Outdoor Products Market
Equipment Contribute over 50% Revenue to the Global Outdoor Products Market
The outdoor industry is experiencing a surge in demand, fueled by a passionate consumer base. The typical outdoor enthusiast is an active participant, with a profile of male, 45+, college-educated, and often residing in the South Atlantic region. This demographic overlaps significantly with the affluent, health-conscious group driving the home exercise equipment boom, and they're willing to prioritize outdoor gear spending over other discretionary activities.
These consumers are particular about their purchases, seeking expertise from retailers, sustainable practices from brands, and integration of sports technology. The COVID-19 pandemic further intensified this interest, with a surge in outdoor participation after lockdowns eased in 2020. This trend underscores the growing importance of the outdoors in people's lives.
To capitalize on this demand, continuous innovation is key in the outdoor products market. While some sporting goods companies have excelled at reinvention, the outdoor industry faces challenges in keeping pace. Specific categories are already thriving: DIY projects and landscaping services are driving demand for outdoor power equipment, while golf, camping, and snowsports gear have all seen strong recent sales. Even the home exercise equipment market is flourishing, with manufacturers focusing on user-friendliness and affordability.
Looking ahead, the Millennial generation, entering their prime earning years and starting families, is expected to be a major force in the coming decade. By supporting retailers committed to sustainability and utilizing gear recycling/reuse services, consumers can ensure the long-term health of the outdoor industry and the natural spaces we cherish. This perfect storm of demographics, renewed appreciation for the outdoors, and a focus on innovation positions the outdoor equipment market for continued strong demand.
Urban Meets Nature: The Rise of Urban-Outdoor Apparel
The outdoor apparel segment of the outdoor products market is experiencing a transformation with the rise of urban-outdoor apparel, clothing that blends technical outdoor gear with fashionable city style. This trend is experiencing a boom, with sales surging 30% in just five years. Consumer interest is strong, with 70% of urban dwellers expressing interest in such clothing. Driving this popularity is innovation. A whopping 85% of outdoor brands now cater to both urban and wilderness needs. Technical fabrics like Gore-Tex and Polartec are finding their way into over 60% of urban-outdoor garments, with waterproofing and breathability being key features for 80% of consumers. The customer base for this trend skews young, with Millennials and Gen Z making up 75% of buyers. Interestingly, the female demographic is a powerful force, accounting for 55% of the market share, a significant increase of 20% over the past decade.
Technology is influencing how we shop for this clothing in the outdoor products market. Online sales have skyrocketed by 40% year-over-year, and social media engagement for companies focusing on urban-outdoor styles has grown by 50%. Collaborations between outdoor and fashion brands are a recipe for success, generating a 25% sales increase for those involved. Sustainability is a priority for today's consumer. More than half (over 50%) of new urban-outdoor products utilize eco-friendly materials, with recycled fabrics seeing a 35% increase in use. Consumers support this focus on sustainability, with 65% prioritizing brands with strong environmental practices.
Versatility is king in the urban-outdoor world. A remarkable 90% of consumers rank it as the top feature when asked. The ability to adapt an outfit to both city and nature is crucial, with 80% of buyers considering color and design flexibility a key decision factor. Seasonal adaptability is also essential for 85% of the market. The economic impact is undeniable. Leading brands in the outdoor products market have doubled their investment in research and development for these hybrid products in the last five years. Retailers are taking notice with a 30% increase in retail expansions focusing on urban-outdoor lines. Consumer spending on this apparel has surpassed $5 billion annually.
The urban-outdoor trend reflects a desire for clothing that bridges the gap between city life and outdoor adventure. With its focus on innovation, sustainability, and versatility, this trend is poised to continue its climb.
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Camping Boom Fuels Outdoor Product Sales
Camping is booming, fueling a surge in outdoor products market growth. In the US alone, 92 million households identified as campers in 2022, with 58 million taking at least one trip. This trend is bolstered by a whopping 7 million new camper households since 2014. Even economic downturns seem unlikely to dampen spirits, with 56% of RV owners planning to maintain or increase their RV usage. The economic impact is undeniable. The US camping market is expected to hit a staggering $23.27 billion in revenue for 2024, and the global camping equipment market is projected to grow at a healthy 8.7% annually from 2024 to 2032. Even a seemingly basic piece of equipment like tents boasts a strong market, with a global value of $2.14 billion in 2018 and a projected CAGR of 6.3% from 2019 to 2025. Rising disposable income globally empowers more people to invest in outdoor gear. The COVID-19 pandemic also played a role, with people seeking safe, socially distanced activities, and camping perfectly fit the bill. Younger generations are also showing a strong interest in the outdoors
Innovation is another exciting aspect. Companies are collaborating to enhance the camping experience. Smart technology is being integrated into equipment, catering to the tech-savvy generation. This trend extends beyond established markets. Developing countries in Africa and South America are seeing a rise in camping popularity among both locals and tourists, with government initiatives further propelling this growth. Looking ahead, the camping industry is well-positioned in the global outdoor products market for continued success. With a growing desire for experiences over possessions, rising recreational spending, and government investments in tourism infrastructure, the future of camping is bright, promising a diverse and enriching outdoor experience for all.
The Booming US Outdoor Recreation Market: Fueled by Participation and Spending
The American love affair with the outdoors is stronger than ever. Participation in outdoor recreation has been steadily climbing, reaching a record high of 54% of Americans ages 6 and over in 2022. This translates to a whopping 11.6 billion outdoor outings, showcasing a continued enthusiasm for fresh air and adventure, even if slightly down from the pandemic peak in 2021. Hiking, a popular outdoor activity, reflects this trend perfectly. The number of hikers has nearly doubled since 2006, with over 57 million people hitting the trails in 2022. This surge in participation is mirrored in other areas like camping, which saw significant growth with 16.4 million participants in 2021, with young adults leading the charge.
This surge in outdoor products market pursuits has unsurprisingly led to a thriving outdoor equipment market. Camping gear sales have enjoyed consistent year-over-year growth, and the overall outdoor equipment market in the US is projected to reach a staggering $6 billion by 2028. The popularity of outdoor activities extends beyond traditional pursuits. Cycling, paddle sports like kayaking and canoeing, and even nature-watching are experiencing increased interest. Even skateboarding is gaining traction among younger demographics. The US boasts an additional advantage: six of the world's ten longest hiking trails weave through its stunning landscapes.
The economic impact of this outdoor recreation boom is undeniable in the outdoor products market. The industry supports an impressive 5.2 million jobs and generates nearly $788 billion in consumer spending annually. This translates to a significant contribution of 2.1% to the US GDP. The COVID-19 pandemic undeniably played a role in this outdoor surge. With lockdowns restricting movement, people sought solace and escape in nature. This trend continued even after restrictions eased, with millions turning to outdoor activities for recreation and stress relief.
Top Players in the Global Outdoor Products Market
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