Part
01
of one
Part
01
Globally, how many people practice golf, and what is the global market size for this sport?
Hi. Thank you for your question on the global market size of golf and an estimate on the number of people who practice golf globally. In short, 60.75 million people practice golf globally and the market size is approximately $8.7 billion. It is estimated to reach $15 billion by 2020 (Global Industry Analyst Inc). I have detailed my research method to arrive at these numbers below.
METHOD
To estimate the total number of people who practice golf globally, I could not find any report showing this statistic. However, the top 5 Golf markets are US, Japan, South Korea, UK and Canada which represent 80% of the market (World Wide Golf Report 2015). The remaining is made up of 20 countries including the larger markets such as Mexico, China, Germany, Australia and Caribbean (World Wide Golf Report 2015).
I have collected the following statistic of people who practice golf for the largest 5 markets:
US: 24.1 million in 2015 (NGF report)
Japan: 10 million (Recreational Golf in Japan)
South Korea: 4.8 million (Korea Golf Association)
UK: 4 million (British Golf Industry Association)
Canada: 5.7 million (NGF report)
Total: 48.6 million
If we assume the number of people practicing golf in the same proportion as the market size mentioned above, 48.6 million people from the 5 top markets would represent approximately 80% of the total people who practice golf globally.
Therefore, using this, we can estimate the total number people who practice golf as 48.6 million / 80% = 60.75 million. Hence, we can estimate that approximately 60.75 million people practice golf globally.
In terms of the market size, the worldwide golf equipment market size is approximately $8.7 billion (World Wide Golf Report 2015).
Lastly, the latest reports available are for 2015 which was released in 2016 and the newer reports estimating size for 2016 is not yet available.
CONCLUSION
To conclude, 60.75 million people practice golf globally and the market size is approximately $8.7 billion. It is estimated to reach $15 billion by 2020 (Global Industry Analyst Inc).
I hope the research is useful. Thank you for using Wonder!