Indian sports industry surpasses Rs 14,000 crore, endorsement market up 20% led by Kohli, Dhoni

A player striking a ball during a cricket match

The Indian sports industry recorded significant growth in revenues last year, with spends crossing over Rs 14,000 crore.

The growth was driven by cricket with the sport contributing to 85 percent of the sponsorship spends, according to GroupM ESP today launched the 10th edition of the Sporting Nation Report 2023 on sports sponsorship in India.

The growth of cricket sponsorship can be attributed to several reasons, including the Indian cricket team playing almost the double number of matches, as compared to 2021. The Indian Premier League (IPL) contributed the major revenue by adding two new franchises – Gujarat Titans and Lucknow Super Giants, and a full house of central sponsorship.

Emerging sports like football, kabaddi and marathon have also seen a massive upsurge in sponsorship spends, contributing to the remaining 15 percent.

Spends on-ground, team and franchise increased by Rs 3,021 crore, a 105 percent growth from 2021, making the total sponsorship spends stand at Rs 5,907 crore. The overall increase in spends was due to the rise in the number of IPL matches, the addition of two new IPL teams, the ICC T20 World Cup, Asia Cup, FIFA World Cup, and the return of emerging sports events and tournaments like PKL (Pro Kabaddi League), marquee marathons, Maharashtra Open, and Commonwealth Games 2022.

Indian women athletes and women cricketers saw a phenomenal rise, with the Indian women's cricketers making a name for themselves on the international stage.

Also read: Endorsements for women players: WPL has hit the ball out of the park, say analysts

"With the rise of new sports and leagues alongside the popularity of cricket, brands have unprecedented opportunities to connect with fans through sports," said Vinit Karnik, Head - Sports, Esports and Entertainment, GroupM South Asia.

The sports celebrity endorsement market in India grew by 20 percent with a total value touching Rs 729 crore. Out of the 505 brand endorsement deals, 85 percent of the total brand endorsement value came from cricketers.

The top athletes in sports celebrity brand endorsement include Virat Kohli, MS Dhoni, Rohit Sharma, Sachin Tendulkar, Neeraj Chopra, and PV Sindhu.

Cricketers' endorsement has grown by 18 percent, with Virat Kohli, MS Dhoni, and Rohit Sharma endorsing over 30 brands each, and adding new brands in 2022.

Other cricketers such as Hardik Pandya, Jasprit Bumrah, KL Rahul, and Surya Kumar Yadav are also scoring big in the endorsement space. Neeraj Chopra and PV Sindhu continue to be leading the non-cricketing athletes leading the endorsement deals.