Recreation Global Market Report 2022

Recreation Global Market Report 2022

  • February 2022 •
  • 500 pages •
  • Report ID: 6236969 •
  • Format: PDF
Major companies in the recreation market include China Sports Lottery, China Welfare Lottery, The Walt Disney Company, Sociedad Estatal Loterías y Apuestas del Estado S.A., Maruhan, Flutter Entertainment plc., The Hong Kong Jockey Club, Tabcorp Holdings Ltd., CJ Corp. and Oriental Land Company Ltd.

The global recreation market is expected to grow from $960.66 billion in 2021 to $1485.79 billion in 2022 at a compound annual growth rate (CAGR) of 54.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2557.38 billion in 2026 at a CAGR of 14.5%.

The recreation market consists of sales of the use of recreational facilities, and recreational services and related goods by entities (organizations, sole traders and partnerships) that provide recreational services.Recreational activities include taking part in sporting activities and visiting museums, historical sites, zoos and parks and also witnessing spectator sports and events.

Gambling except casino hotels can also be considered to be part of recreation market.

The main types of recreation are amusements, arts and sports.Sports services provide live sporting events before a paying audience or entities that operate golf courses and country clubs, skiing facilities, marinas, fitness and recreational sports centers, and bowling centers.

The different age groups include aged 35 and younger, aged 35-54, aged 55 and older and involves various revenue sources such as media rights, merchandising, tickets and sponsorship.

Asia Pacific was the largest region in the recreation market in 2021.Eastern Europe is expected to be the fastest-growing region in the forecast period.

The regions covered in the recreation market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The recreation market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) stated that the global GDP growth was 3.2% in 2019 and 3.5% in 2020. Recovering commodity prices further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. For instance, India’s GDP grew by 7.2%, whereas China registered GDP growth of 6.0% in 2020. Stable economic growth is expected to in end user markets, thereby driving the market during forecast period. This continued economic growth is expected to increase investments in the end user markets and be a driver of the recreation market as greater affluence allows consumers to visit recreation centers.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the recreation market in 2020 as governments globally imposed lockdowns and restricted domestic and international travel limiting the need for services offered by these establishments.COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.

The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in closure of recreational facilities such as amusement parks, museums and casinos with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021.

However, it is expected that the recreation market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Amusement parks are increasingly using virtual and augmented reality technology to provide an immersive experience to customers.Virtual reality is a 3D, computer generated environment which can interact with a person, whereas augmented reality turns an environment into a digital interface by placing virtual objects in the real world.

Amusement parks are implementing this technology in rides and theater-based attractions.For instance, Plopsaland De Panne in De Panne, Belgium has a new virtual reality wooden roller coaster called Heidi The Ride, which can reach speeds of more than 43 mph.

Amusement park SeaWorld has started operating a new Kraken Virtual Reality Roller Coaster in Orlando.The Weave Breaker coaster brings the reality of jet skiing in an amusement park.

Universal Studios have The Walking Dead mazes with augmented reality elements.

The countries covered in the recreation market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.