Are you aware that the billiard market size was valued at around USD 650 million in 2021 and is poised to grow at a CAGR of 2.8% over 2022-2028? In recent years, billiards and snooker have gained popularity among the millennial population, sparking interest in cue games. But besides the current trends, various macroeconomic components such as mass urbanization, economic development in emerging nations, and microeconomic factors in product development and consumer loyalty have played a massive role in the growth of the billiard market. Moreover, various governing bodies and groups have contributed significantly to promoting billiards and snooker as a sport. So in this blog post, we will discuss the growth story of the billiard market and its future prospects.
Mass urbanization and economic development in emerging nations have boosted the number of pool clubs and generated interest in billiards among a varied spectrum of people around the world. Additionally, product development, matched with consumer loyalty, is also one of the essential microeconomic components determining the growth of the billiard market. With rising disposable incomes, people worldwide are ready to spend more on leisure activities, including cue games. This trend has contributed significantly to the growth of the billiard industry over the years.
Various governing bodies and groups have also taken significant steps in promoting billiards and snooker as a sport. For instance, the World Pool-Billiard Association (WPA) is the global sanctioning body for professional pool and billiards. Similarly, the World Snooker Federation (WSF) is the international governing body for snooker. With such governing bodies' support, billiards and snooker have been recognized as sports, indicating their growing popularity worldwide.
The government's actions in encouraging billiards and snooker will create additional prospects for the billiard cues industry to grow in the coming years. The governments of various countries worldwide have recognized the potential of billiards and snooker as a commercial sport and are actively investing in it. These investments have opened up new business opportunities in the billiard equipment market, leading to the growth of various businesses worldwide.
Another factor that's contributing to the global billiard market's growth is the e-retailing of various billiards and snooker items resulting from cost-effective marketing and reaching a broader audience. Traditional brick-and-mortar stores are now facing competition from online retailers, who have taken advantage of the internet's growing popularity. This trend is likely to continue, with more people preferring to buy products online at their convenience.
Furthermore, the market's pace is projected to be fueled by the growing trend of organized retail chains. Many retailers worldwide have started organizing billiards and snooker equipment into an exclusive section in their stores. This has increased the visibility of these products among customers, leading to more sales. As more organized retail chains penetrate various markets worldwide, the billiard industry's growth is bound to be fueled even further.
The growth story of the billiard market is impressive, indicating that it's a perfect time to invest in the industry. Various factors have contributed to the growth of the billiard market, ranging from macroeconomic factors such as emerging economies and mass urbanization to microeconomic factors such as product development and consumer loyalty. Additionally, the support of governing bodies and groups has contributed to the recognition of billiards and snooker as sports worldwide. Moreover, the e-retailing of various billiards and snooker items has also increased the market's pace. Lastly, the growing trend of organized retail chains is expected to fuel the growth of the industry further.