Croatia: Golf Equipment Market 2024

Golf Equipment Market Size in Croatia

The Croatian golf equipment market reduced rapidly to $X in 2022, waning by -47.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a deep downturn. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Golf Equipment Exports

Exports from Croatia

In 2022, exports of golf clubs and other golf equipment from Croatia fell significantly to X units, shrinking by -52.2% compared with the previous year. Over the period under review, exports, however, saw a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 1,776%. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, golf equipment exports contracted markedly to $X in 2022. In general, exports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 1,021% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then shrank significantly in the following year.

Exports by Country

Bosnia and Herzegovina (X units) was the main destination for golf equipment exports from Croatia, accounting for a 96% share of total exports. It was followed by Montenegro (X units), with a 1.6% share of total exports. The third position in this ranking was taken by Slovenia (X units), with a 1.4% share.

From 2012 to 2022, the average annual growth rate of volume to Bosnia and Herzegovina totaled +43.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (-15.2% per year) and Slovenia (-28.6% per year).

In value terms, Bosnia and Herzegovina ($X) emerged as the key foreign market for golf clubs and other golf equipment exports from Croatia, comprising 88% of total exports. The second position in the ranking was taken by Montenegro ($X), with a 4.7% share of total exports. It was followed by Slovenia, with a 1.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bosnia and Herzegovina stood at +33.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Montenegro (+7.5% per year) and Slovenia (-24.0% per year).

Export Prices by Country

The average golf equipment export price stood at $X per unit in 2022, declining by -58.3% against the previous year. Over the period under review, the export price recorded a slight decline. The pace of growth appeared the most rapid in 2018 when the average export price increased by 201%. Over the period under review, the average export prices hit record highs at $X per unit in 2021, and then shrank significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Serbia ($X per unit), while the average price for exports to Bosnia and Herzegovina ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Montenegro (+26.8%), while the prices for the other major destinations experienced more modest paces of growth.

Golf Equipment Imports

Imports into Croatia

Golf equipment imports into Croatia declined markedly to X units in 2022, which is down by -53.2% on the year before. Over the period under review, imports showed a deep slump. The growth pace was the most rapid in 2021 with an increase of 105% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, golf equipment imports shrank significantly to $X in 2022. Overall, imports showed a deep setback. The pace of growth was the most pronounced in 2017 with an increase of 124%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Italy (X units) constituted the largest golf equipment supplier to Croatia, with a 37% share of total imports. Moreover, golf equipment imports from Italy exceeded the figures recorded by the second-largest supplier, China (X units), twofold. The third position in this ranking was taken by Turkey (X units), with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume from Italy totaled +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-19.6% per year) and Turkey (-18.2% per year).

In value terms, the largest golf equipment suppliers to Croatia were Italy ($X), Slovenia ($X) and the United States ($X), with a combined 65% share of total imports. The UK, the Czech Republic, China, Poland, Germany and Turkey lagged somewhat behind, together comprising a further 28%.

In terms of the main suppliers, the Czech Republic, with a CAGR of +75.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average golf equipment import price stood at $X per unit in 2022, picking up by 17% against the previous year. Overall, import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, golf equipment import price increased by +63.8% against 2018 indices. The pace of growth was the most pronounced in 2013 when the average import price increased by 25%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Slovenia ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+26.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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