Golf Market

Golf Market Overview

The golf market is a dynamic and multifaceted industry that encompasses a wide range of products, services, and experiences. It serves millions of enthusiasts worldwide, from professional players and amateurs to recreational golfers. The market's scope includes golf equipment, apparel, courses, tourism, and media, reflecting the sport's global appeal and economic impact.

Market Size and Growth

The global golf market has seen steady growth over the past decade. As of recent estimates, the market is valued at approximately $12 billion and is projected to continue expanding at a compound annual growth rate (CAGR) of around 3-4% over the next five years.

This growth is driven by factors such as increased participation, rising interest in golf tourism, and technological advancements in equipment and media. Emerging markets in Asia, particularly China and India, are contributing significantly to this expansion as golf gains popularity in these regions.

• The global golf industry is valued at over $13 billion, with projections indicating a growth rate of 5.63% from 2024 to 2028, potentially reaching a market volume of $31.7 billion by 2028.

• The golf equipment market alone was valued at approximately $7.48 billion in 2022 and is expected to grow at a CAGR of 5.0% from 2023 to 2030.

• The golf clubs market is projected to grow from $3,762 million in 2021 to $4,692 million by 2030, with a CAGR of 2.8% during this period.

Number of People Who Play Golf Worldwide

Golf is enjoyed by millions of people across the globe. The global golf industry has a fanbase of around 450 million people.

In 2020, the number of golfers worldwide reached approximately 60 million. According to Mindshare, the number of golfers worldwide is about 80 million.

This number includes both amateur and professional players, with varying levels of participation, from occasional players to regular enthusiasts.

• United States: ~24 million golfers, making it the largest golf market globally.
• Europe: ~10 million golfers, with countries like the UK, Germany, and Sweden having significant golf communities.
• Asia: ~13 million golfers, with Japan, South Korea, and China being the major contributors.
• Australia and Oceania: ~1.3 million golfers, reflecting the region's strong golfing culture.
• Rest of the World: ~11.7 million golfers, including players from Africa, the Middle East, and Latin America.

Golf Participation by Region

The United States has the highest number of golf courses globally, with over 15,000 in operation. 41.1 million Americans aged six and over played golf in 2022.

Europe had over 14 million registered and unregistered 9 & 18 hole golfers across Europe in 2023. England's golfers make up 24% of this total.

The number of golfers in Japan surpassed 10 million in 2021.

China is one of the fastest-growing golf markets globally, with a CAGR of 7.1% between 2020-2027.

India's golf industry is expected to grow at a CAGR of 5.3% from 2020 to 2027.

Golf Participation Demographics

The average age of a golf player in the U.S. is 54 years old.

Women account for 24% of golfers in the U.S. Around 77 percent of U.S. golfers are male, with female golfers making up only a little more than 22 percent.

In summary, the global golf industry has a massive fanbase of around 450 million people, with an estimated 60-80 million active golfers worldwide. The U.S. leads with the most golf courses and players, followed by strong growth in Asia-Pacific countries like China and India. While still male-dominated, the sport is attracting more women and younger players in recent years.

Golf's popularity varies by region, with the highest concentration of players in countries where the sport has a long-standing tradition. However, in recent years, the sport has seen growth in emerging markets, particularly in Asia, where golf is becoming increasingly popular among the middle and upper classes.

The sport's broad appeal is also reflected in its diverse player base, which includes people of all ages and backgrounds, contributing to golf's global reach and influence.

Key Segments of the Golf Market

Golf Equipment

The equipment segment includes clubs, balls, bags, gloves, shoes, and other accessories. This segment is driven by innovation, with manufacturers constantly developing new technologies to enhance performance. Major brands include Titleist, Callaway, TaylorMade, and Ping.

Golf Apparel

Golf fashion has evolved to blend performance with style. Apparel companies cater to the specific needs of golfers, offering clothing that is comfortable, durable, and suitable for various weather conditions. Brands like Nike, Adidas, and Under Armour dominate this space.

Golf Courses and Facilities

Golf courses are the heart of the industry, ranging from exclusive private clubs to public courses. The design, maintenance, and management of these facilities are crucial to their success. Courses offer various services, including pro shops, restaurants, and event hosting.

Golf Tourism

Golf tourism is a significant segment, with enthusiasts traveling to play on renowned courses worldwide. Destinations like Scotland, Ireland, the United States, and Southeast Asia are popular among tourists seeking unique golfing experiences.

• The golf tourism market was valued at $21.74 billion in 2021 and is expected to grow at a CAGR of 7.6% from 2022 to 2030, reaching $41.87 billion by 2030.

• North America leads this segment, accounting for 41.80% of the market share in 2021, driven by its well-developed golf infrastructure and numerous courses.

Golf Media and Technology

The golf media landscape includes television coverage, online streaming, magazines, and social media. Technology plays a critical role in enhancing the viewing experience, with advancements in broadcasting, virtual reality, and data analytics.

Golf Tournaments and Events

Professional golf tournaments, such as the Masters, U.S. Open, and Ryder Cup, are major events that attract global audiences. These tournaments are essential for promoting the sport and generating revenue through sponsorships, broadcasting rights, and ticket sales.

Market Trends and Innovations

• Sustainability: The industry is increasingly focusing on sustainability, with efforts to reduce water usage, improve course management practices, and promote eco-friendly products.
• Digital Transformation: Digital technologies are transforming the golf experience, from smart equipment and apps to virtual golf simulators. This trend is enhancing player engagement and making the sport more accessible.
• Inclusivity and Diversity: The golf market is working towards becoming more inclusive, with initiatives to attract women, juniors, and minority players. This shift is expanding the sport's demographic reach.

Economic Impact

The golf industry has a significant economic impact, contributing billions of dollars annually through equipment sales, course operations, tourism, and events. It also provides employment opportunities across various sectors, including hospitality, retail, and media.

Regional Insights

• Asia-Pacific is identified as the fastest-growing region in the global golf market, with countries like China and India showing significant growth potential. China's golf market is projected to grow at a CAGR of 7.1% between 2020 and 2027, while India's golf industry is expected to grow at 5.3% during the same period.

• North America remains the largest market for golf equipment and clubs, supported by a high number of golf facilities and a strong consumer base.

Number of Golf Courses Worldwide

As of recent estimates, there are approximately 38,000 golf courses spread across over 200 countries. The United States alone accounts for nearly half of these courses, with around 16,000 golf facilities. Following the U.S., countries like Japan, Canada, England, and Australia have significant numbers of golf courses, each hosting thousands of facilities.

1. USA - 16,752 courses
2. Japan - 3,169 courses
3. Canada - 2,633 courses
4. England - 2,270 courses
5. Australia - 1,616 courses
6. Germany - 1,050 courses
7. France - 804 courses
8. South Korea - 798 courses
9. Sweden - 662 courses
10. Scotland - 614 courses

Europe has the second-largest regional share with 8,940 golf courses, which accounts for 23% of the world's total. The UK, when taken as a single entity, would sit comfortably second globally.

Several countries have no golf courses at all. Setting a qualifying parameter of 20 golf courses or more, Singapore tops the list with 26 golf courses within its 700 km², followed by Bermuda with the most golf courses per km².

While these countries have the highest concentrations, golf is played globally, with courses located in diverse regions, from the deserts of the Middle East to the tropical landscapes of Southeast Asia. Emerging markets such as China and South Korea are also seeing rapid growth in the number of golf courses, driven by increasing interest in the sport and the development of new facilities.

The variety of courses, ranging from world-renowned championship venues to smaller, community-based courses, reflects the sport's widespread appeal and the industry's significant role in local economies and tourism.

Key Market Drivers

1. Growing Popularity of Golf: The sport is increasingly appealing to younger demographics, including women and children, which is expanding its audience.
2. Technological Advancements: Innovations in golf equipment, such as customizable clubs and advanced golfing technology, are driving consumer interest and sales.
3. Government Support and Initiatives: Many governments are investing in golf infrastructure and promoting golf tourism, which enhances the sport's visibility and accessibility.
4. Increased Spending on Leisure Activities: As disposable incomes rise, more individuals are willing to invest in golf-related activities, including equipment and travel.

Conclusion

The golf market is a robust and evolving industry that continues to grow by embracing innovation, sustainability, and inclusivity. As the sport adapts to changing consumer preferences and technological advancements, it remains a vital part of the global sports landscape.

The global golf market is a dynamic and expanding sector, characterized by significant growth in equipment sales, tourism, and participation. With increasing interest in golf across various demographics and regions, the market is poised for continued expansion, driven by innovation, government support, and a growing global fanbase.