Corporate sponsorships raise sports’ profile in economies

Sports has over the years turned into a multi-faceted and dynamic sector that positively impacts societies and economies worldwide. It encompasses various sub-categories spanning professional sports, kits and merchandise, food and nutrition, and the burgeoning eSports market.

According to Statista.com, the global sports industry generated approximately Sh70.6 trillion ($487 billion) in revenue in 2022 and was projected to grow at a compound annual growth rate of 5.2 percent between 2022 and 2023. By 2027, the global sports market is expected to be worth over Sh90 trillion ($623 billion).