GlobalData says the growth projections underscore sportswear’s lead over the broader apparel sector, signalling a shift toward comfort-led and innovation-driven consumption.
As Western markets mature, demand in Asia-Pacific and the Middle East & Africa will become the industry’s growth engine, reshaping competitive dynamics and accelerating digital-led, brand-centric strategies across the global retail landscape.
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GlobalData’s latest report, “Global Sportswear Market to 2029,” reveals the sector will grow at a compound annual growth rate (CAGR) of 3.3% during 2024-2029, outpacing global apparel by 0.9ppts and is on track to account for 21.4% of all apparel sales by 2029 as consumers increasingly favour comfort, functionality, and compelling brand storytelling.
GlobalData apparel analyst Chloe Tedford Jones comments: “Emerging markets will play a pivotal role in driving the next stage of expansion for sportswear. The global sportswear market grew 3.2% in 2024 to reach $430.3bn, significantly outperforming the broader apparel sector, which rose only 0.7%. Growth is expected to moderate during 2026-2029, reflecting the maturation of Western markets and softening discretionary spend.”
While the Americas will remain the largest regional market, its share is set to fall as economic pressures weigh on consumer sentiment. In contrast, Asia-Pacific and the Middle East & Africa are forecast to deliver the strongest growth of 4.4% and 7.1% CAGR, respectively, during the review period underpinned by rapid urbanisation, rising health awareness and expanding middle-class populations.
Competitive pressures among the leading global brands will continue to intensify. Nike is expected to remain the largest sportswear brand in 2025 with a market share of 12.7%, though this is 1.5ppts below 2024 as it faces stronger competition from players with stronger fashion or technical appeal.
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By GlobalDataAdidas and Lululemon are set to gain share, while Chinese brands Li-Ning and Anta continue to expand their international presence at pace. Other legacy players, including Under Armour and Puma, are expected to lose share amid ongoing operational challenges. Additionally, Puma has been the subject of reported takeover interest from Anta, Asics or Li-Ning, reflecting the rising influence of Asian sportswear giants and their growing ability to capture emerging-markets.
Tedford-Jones concludes: “The online channel further reinforced the importance of emerging economies in shaping sportswear growth, as online sportswear spends rose 6.8% in 2024 to $153.3bn. While the growth is expected to ease slightly to 6.4% in 2025, online penetration will continue to rise, reaching 38.6% by 2029 as retailers scale AI- and AR-enabled tools to enhance product discovery. With a projected 5.0% CAGR between 2024 and 2029, future expansion will increasingly depend on developing markets, where rapid digital adoption is supporting a seamless shift toward personalised omnichannel shopping.”
