The Sportswear market in Vietnam is expected to have a compound annual growth rate of 6.54% in the period 2022 – 2027.

 

When many change their perspective and focus on improving health and fitness after the pandemic, exercising is a top priority. Therefore, according to Mordor Intelligence forecasts, the global sports products market in the period 2022 – 2027 would grow at a compound annual rate of 6.54%. Join Viet Nam International Sourcing Expo to explore the potential for developing the sportswear market in Vietnam through the article below!

Overview of Vietnam sportswear market

In recent years, Vietnam has become a “delicious piece of cake” for many global corporations, especially the footwear and sports apparel industries with positive statistics, signaling good prospects market. Specifically, in Southeast Asia, Vietnam has the highest proportion of household GDP spent annually on physical activity and health. Nearly ⅓ of Vietnamese people are considered sports fans, showing that Vietnam is the country with the highest awareness of healthcare and fitness in the world.

According to Statista, in 2023, revenue at the Vietnamese footwear market reached nearly 2.21 billion USD, with an estimated annual growth rate of 5.72% (CAGR index for the period from 2023 – 2028). In 2023, the Textile, Apparel and other Footwear segment dominated the market with sales of 0.71 billion USD, which is estimated in the Vietnamese market to generate revenue of about 22.21 USD for the Footwear industry. By 2024, the sportswear market is predicted to grow by 2.9%.

Intelligent, personalized, ecological and multi-functional tools, etc are the favorite products of many customers. In addition, major sports equipment manufacturers such as Nike, Adidas, Puma are constantly creating and innovating to bring consumers many quality, fashionable manufactures, suitable with latest trends.

The Sportswear market in Vietnam is growing rapidly thanks to skilled workforce, low labor costs, signed Free Trade Agreements (FTAs). The government also supports the Sportswear market in developing production and distribution with many activities that bring business efficiency to businesses such as the “Bringing Vietnamese goods into the global supply chain” program, or the “Connecting International Goods Supply Chains” – Vietnam International Sourcing Expo event.

Room for development of the Sportswear market in Vietnam

The Sportswear market still has a lot of development potential when compared to other sectors in the same industry. According to a report by Ken Research Company, in the period from 2018 to 2023, the Vietnamese Sportswear market recorded a compound growth rate in revenue of 19.5%. The market is in the development stage and has great potential for expansion both in urban and suburban areas in the future.

According to preliminary information, there are currently nearly 4,000 gyms, thousands of swimming pools and artificial turf fields across the country. Many competitions are organized regularly, with various scales and levels. Among them, hundreds of Vietnamese sportswear manufacturing and distribution businesses have also invested capital to become exclusive event distributors of accessories, clothing, sports shoes, etc.

Although the Vietnamese Sportswear market still has a lot of potential for development, experts believe that gaining market share in the industry would be fierce competition with the presence of big businesses around the world. Meanwhile, domestic businesses are overlooking this field, and even many domestic brands that have a foothold in the Vietnamese market only focus on the fashion and office segments.

The direction and solutions for sports goods production and distribution enterprises in Vietnam

The sports goods industry in Vietnam has set a target of 2035, the textile and footwear industry of Vietnam will be efficient and sustainable under the circular economy model. Solutions are proposed to promote production in Vietnam, while meeting the strict requirements of the consumer market for the circular and sustainable nature of sports goods exports.

Vietnamese sports goods production, processing, and distribution enterprises need to update information on environmental requirements, carbon emissions reduction, renewable energy conversion, adaptation to climate change, etc., which developed countries are increasingly paying attention to and regulating more strictly.

Find new partners, join the global supply chain, to have a stable market, bringing high profits. The “Connecting International Supply Chain of Goods” (Viet Nam International Sourcing Expo ) event organized by the European and American Market Department, Ministry of Industry and Trade, will support enterprises to register to participate, go deeper into the global supply chain, production, adapting to the trend of international integration.

The event has recorded unprecedented interest and cooperation, with the participation of large sports goods conglomerates in the world such as Decathlon (France), Uniqlo (Japan), etc., along with hundreds of enterprises and international purchasing delegations from over 25 countries and territories.

The event is of practical significance, supporting the sports goods business community to participate, expand the production and consumption chain, and at the same time promote Vietnamese quality, reputable products to the international market.

 

Book a stand: https://vietnamsourcingexpo.vn/en/exhibitors/book-your-stand/

 

For further information, please contact:

Exhibition Connecting the international supply chain of goods – VIET NAM INTERNATIONAL SOURCING EXPO 2024

Time: June 6 – June 8, 2024

Location: Saigon Exhibition and Convention Center (SECC), 799 Nguyen Van Linh, District 7, Ho Chi Minh City, Vietnam.

Hotline: (+84) 24 3516 2063

Email: contact@vietnamsourcingexpo.vn

Source: Compiled

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