Despite Challenging Times, Surfing Industry Set to Receive Massive $2,200,000,000 Boost

The advent of COVID-19 brought along with it a new set of problems for each and every facet of life. The global pandemic ensured that economies all across the world were adversely affected. While the World Health Organization (WHO) just announced that the pandemic is not a global health emergency anymore, its effects on economies have been lingering still.

The aftermath of the pandemic saw the crumbling down of many industries. There was a lack of capital infusion and businesses were running at a snail-pace. Some industries might have started to recover, but the global economy has been slow to bounce back. In these times, it is surprising to see rapid growth in any industry. Nonetheless, the surfing industry seems to be on the mend now.

Surfing industry blooms despite bad times

Adaptation is the game when it comes to running a business. Going with the flow, like a river changing its course according to the terrain, is the ultimate formula for success in the world of entrepreneurship. Such resilience and adaptability have been showcased by the surfing industry.

According to Report Linker, the global market for surfing apparel and accessories was estimated to be at US$1.3 Billion in the year 2022. An analysis revealed that the industry is projected to grow to a size of US$2.2 Billion by 2030. This means that the surfing apparel and accessories industry will be growing at a compound annual growth rate (CAGR) of 7.4% from 2022 to 2030. When it comes to surfing apparel, the industry is expected to grow and become worth US$1.7 Billion.

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This reflects a CAGR of 7.1% for the analysis period. After accounting for the necessary recovery period faced by all businesses after the COVID-19 pandemic, the surfing accessories industry’s CAGR has been adjusted to 8.2% for this 8-year period. The Surfing Apparel and Accessories market in the U.S. is estimated at US$368.4 Million in the year 2022. The report also analyzed the growth of the apparel and accessories market in different countries.

Multi-faceted growth in the industry

China, the world’s largest economy, will see the industry grow to the size of US$391.8 Million by 2030, showing a CAGR of 7.1%. Some other noteworthy economies where the surfing industry is showing a growth surge are Japan, Canada, and Germany. Over the period of 2022-2030, Japan will show a CAGR of 6.8% while Canada will be having a CAGR of 6.3%. Germany is expected to show a larger growth than both Japan and Canada, at 7%.

Surfing apparel and accessories is not the only arena growing in the surfing industry. Despite a hiatus in surfing tourism, the surfboard market will also show a surge. According to a report by Business Wire, in 2020, the US surfboard market was estimated to be the size of US$2.2 billion. By 2026, it is expected to grow to US$3.1 billion. It will be showing a CAGR of 5.8% over the 2020-2026 period. Japan and Europe have shown a growth of 5.2% and 5.4% respectively in this arena as well.

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It is commendable to see how hard and fast the surfing industry is growing even in these difficult times. With this level of growth, this industry might just shake off all the after-effects of the pandemic sooner than the others.