The recreation market has experienced robust growth, moving from $1624.5 billion in 2023 to $1729.21 billion in 2024, with a CAGR of 6.4%. Growth has been driven by factors like increased leisure time, economic conditions, demographic changes, urbanization, and government policies. The market is expected to continue expanding, reaching $2188.18 billion by 2028 at a CAGR of 6.1%. Drivers include the rise of virtual and augmented reality experiences, wellness and mindfulness trends, sustainable recreation practices, personalized leisure experiences, and inclusive recreation initiatives. Future trends include outdoor adventure tourism, experiential tourism, digital detox retreats, culinary tourism, and community-based recreation programs.
Major Driver In The Recreation Market
The stable economic growth projected in various developed and developing countries contributes to the expansion of the recreation market. According to the International Monetary Fund (IMF), China's gross domestic product (GDP) increased from $17.75 trillion in 2021 to $18.1 trillion in 2022. Additionally, emerging markets and developing economies experienced growth, reaching 3.9% in 2020 and increasing to 6.1% in 2022. Anticipated stability in end-user markets is expected to drive the recreation market during the forecast period. This sustained economic growth is likely to boost investments in end-user markets, acting as a catalyst for the recreation market, as heightened affluence enables consumers to frequent recreation centers. The 2023, 2024, and 2028 market sizes are integral to understanding the market's evolution.
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Recreation Market Competitive Landscape
The Hong Kong Jockey Club, The Walt Disney Company, China Sports Lottery, Cheil Jedang Corp., China Welfare Lottery, Sociedad Estatal Loterías y Apuestas del Estado S.A., Flutter Entertainment plc, Cinemark Holdings Inc., Tabcorp Holdings Ltd., Cineworld Group plc, Compagnie du Mont-Blanc S.A., Compagnie des Alpes S.A., Oriental Land Company Ltd., Hyland Ranch Inc., Cinplex Inc., Jelly Belly Candy Co., Gym Group plc, City Sports & Recreation plc, Club de Futbol Intercity SAD, Guangzhou Jinyi Media Corp. A, Guangdong Jinma Entertainment Corp. Ltd., Grupo Sports World S.A.B. de C.V., Creative China Holdings Ltd., China Tangshang Holdings Ltd., Herschend Family Entertainment Corp., Hall of Fame Resort & Entertainment Co., Guild eSports plc, Country Club Hospitality & Holidays Ltd., Maruhan Corp., City Pulse Multiplex Ltd.
Key Recreation Market Trend
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 that 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.
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Recreation Market Segmentation
The recreation market covered in this report is segmented –
1) By Type: Amusements, Arts, Sports
2) By Age Group: Aged 35 and Younger, Aged 35-54, Aged 55 and Older
3) By Revenue Source: Media Rights, Merchandising, Tickets and Sponsorship
Subsegments Covered: Amusement Parks, Gambling, Museums, Historical Sites, Zoos, And Parks, Independent Artists And Performing Art Companies, Sports And Arts Promoters, Spectator Sports, Participatory Sports
By Geography:The regions covered in the recreation market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the recreation market in 2023.
The Recreation Global Market Report 2024 furnishes information about the global recreation market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
