GBR 1st Anniversary | 🎯 96-Page Global Golf Course Market Dossier ($349) — Free for Subscribers This Week Only
An exclusive deep dive into the companies, regions, and trends shaping the global golf course economy in 2025 and beyond
Hello GBR community,
Today’s newsletter isn’t a normal one. It’s the one Neil and I have been building toward since day one.
Although the last 12 months have brought more change than we ever imagined when we started, our mission remains the same as it was on March 25, 2024: To build a community, connect the dots, and earn our place among the professionals shaping golf’s emerging global economy.
Back then, we didn’t think we’d get this far, this fast. But here we are — and to borrow the atmosphere of Blade Runner, we’ve seen things we didn’t think were possible. Things we wouldn’t have dared to predict:
Nicholas Callaway choosing Golf Bizz Review as the exclusive global partner to present the posthumous memoir of his father, Ely Callaway — a collaboration that included editorial previews and live conversations with you.
A launch partnership with Jose Maria Olazabal’s start-up at the PGA Show in Orlando, where we supported their strategy and communications.
A sponsorship agreement with Pinned Golf to promote The Caddie, which was ultimately named Product of the Year at the world’s largest golf industry fair.
And yes — in one of our favorite moments of the year — Paul Krugman mentioned Golf Bizz Review in a live webinar with Noah Smith. We’re still processing that one.
All of this has grown around a simple Tuesday–Friday newsletter — and around you. A readership of over 55,000 people, some of whom have already chosen to support and enjoy the full experience.
To mark our first anniversary, we’re launching something that reflects exactly what Golf Bizz Review is all about: depth, clarity, and a long-term view of where this industry is headed. Introducing:
📘 INSIDE THE GLOBAL GOLF COURSE MARKET 2025
MARKET TRENDS, PLAYER RANKINGS & INVESTMENT SIGNALS
A strategic deep dive into the global golf course industry — 24,000 words across nearly 100 professionally formatted pages. Covers market size, regional analysis, key players, investment insights, business models, and what’s coming next.
🗓 Released date – March 25, 2025
📄 Format: PDF download
💼 Designed for: Investors, developers, and business decision-makers
💰 One-time price: $349
🎁 Or… get it FREE this week only as part of our limited-time $90/year subscription offer.
🔑 How to access the dossier:
✅ Option 1: Already a paid subscriber or sponsor?
You're all set — scroll past the paywall below to download your copy.
🆕 Option 2: Not yet subscribed?
You’ve got two ways to get the dossier:
→ One-time purchase: $349 via Stripe.
→ Annual subscription: $90 — includes:
Instant access to the full report
12 months of premium GBR coverage
Exclusive insights, interviews, and golf market analysis
⏳ This offer is valid only through Sunday, March 30. After that, the dossier will only be available as a standalone product at its original price of $349.
👉 [Click here to download the PDF]
📘 What is the Global Golf Course Market Dossier 2025?
A strategic report built for golf industry stakeholders — developers, investors, advisors, and executives. This 60-page PDF is packed with in-depth analysis including:
📊 Global market size and performance
🌍 Regional breakdowns: North America, Europe, Asia-Pacific, Middle East, Africa
🏢 Top operators and business models
💰 Investment risks and opportunities
🔮 Forecasts, innovation trends, and long-term outlook through 2035
The report is grounded in recent market data, case studies, and industry research. Whether you're evaluating new developments, seeking global benchmarks, or advising clients, this report offers clarity on where golf is headed — and where capital is moving.
💬 Frequently Asked
💵 How much does it cost?
$349 one-time — or $90/year subscription (limited-time offer).
🎁 I’m a paid subscriber. Do I get it free?
Yes. All current paid subscribers and sponsors can download the report below.
📥 How will I receive the report?
Stripe buyers are redirected to download instantly after checkout. Paid subscribers can download it directly from the link below.
⏳ How long is the $90 subscription offer + Dossier valid?
Until Sunday, March 30 — as part of GBR’s one-year anniversary week.
🥂 Thank you
From the early days to now, this publication has been shaped by your feedback, support, and curiosity about the business of golf. Whether you joined us in Week 1 or just last night — thank you, sincerely.
Tom Miranda
Editor and founder
Here’s to year two.
Circuits
Industry
Equipment
People to Watch
Must Read and Watch
Just for Paid Subscribers
1. INDUSTRY
LA GOLF AND DECHAMBEAU LAUNCH INNOVATIVE DRIVER WITH FACE ID TECHNOLOGY
LA Golf has unveiled its first-ever driver, co-designed by two-time U.S. Open champion Bryson DeChambeau, introducing a ground-breaking Face ID technology to reduce side spin and improve accuracy for golfers of all abilities. Built from a “blank sheet” design philosophy, the driver integrates a fitting system that custom-matches both the clubface curvature and shaft to a golfer’s swing speed. By adjusting the bulge and roll of the face based on swing velocity, the technology significantly reduces side spin on mishits, helping turn slices into fades and hooks into controlled draws. According to LA Golf CEO Reed Dickens, the structural design marks a philosophical shift in driver engineering, offering benefits to swing speeds ranging from 85 to 125 miles per hour.
The driver is available directly from LA Golf’s website, where buyers complete an online fitting assessment covering swing speed, handicap, shot shape, and tempo. Five Face ID models cater to varying swing speeds, including the “13-12” for slower speeds with high launch and forgiveness and the “12-11” for mid-range speeds focusing on distance and accuracy. Priced at $650 (£500, €600), the package includes LA Golf’s premium shaft technology, providing a fully customized driver designed to maximize performance. In-person fittings will also be available at select locations nationwide. More information is available through LA Golf’s website.
PGA TOUR RATINGS SURGE IN 2025 AS LIV STRUGGLES TO GAIN TRACTION
After a challenging 2024 season, PGA Tour broadcasts have seen a significant ratings rebound in 2025, recording a 15% year-over-year increase in Nielsen’s Big Data panel and high single-digit growth in traditional ratings. Industry observers attribute the upswing to several factors, including strong early-season performances by stars like Rory McIlroy, compelling tournament finishes, and improved weather conditions. The PGA Tour’s new Fan Forward program, which gathered over 50,000 fan responses, is also credited with helping better align the product with core audiences, though the full impact of these changes remains to be seen.
Meanwhile, LIV Golf continues to struggle with viewership, rarely exceeding 50,000 average viewers under its new Fox Sports deal. A recent comparison highlighted the disparity, with the PGA Tour drawing audiences 100 times larger than LIV’s Singapore event. Optimism remains for the LPGA as the major season approaches, bolstered by a pace-of-play overhaul. For now, PGA Tour officials and broadcasters are encouraged by the positive momentum. However, analysts caution that the strong ratings may be partly driven by an early run of high-profile tournaments and star-studded finishes, with the potential for future regression. Read James Colgan’s four theories on why PGA Tour viewership numbers are up in early 2025 at Golf.com.
GARMIN AND CLIPPD ANNOUNCE DATA-DRIVEN PARTNERSHIP TO ENHANCE GOLF PERFORMANCE INSIGHTS
Garmin has announced a new partnership with performance platform Clippd, integrating its smartwatch and sensor data to give golfers deeper insights into their game. Leveraging Garmin’s on-course shot detection and Approach® CT10 automatic club tracking, Clippd will analyze detailed performance metrics through Garmin’s Golf Premium API™, which was launched earlier this year. This integration allows players and coaches to track Player Quality, Shot Quality, Scoring Impact, and Skill Trends while generating personalized practice plans. The collaboration offers golfers a comprehensive understanding of their strengths and weaknesses, helping them improve shot-by-shot with data-driven precision. More information on the partnership can be found at Garmin.
GOLFBREAKS AND TRAVISMATHEW LAUNCH PARTNERSHIP TO CONNECT GOLFERS WITH PREMIUM EXPERIENCES
Golfbreaks and TravisMathew have announced a strategic partnership to enhance engagement with core golf audiences through joint content and promotional campaigns. Celebrating 27 years as a leading global golf travel company, Golfbreaks will work closely with TravisMathew, the Southern California-inspired golf and lifestyle apparel brand, to deliver exclusive rewards, competitions, and content across their marketing channels. The partnership starts with a £2,500 giveaway, offering customers unique prizes and access to premium apparel and world-class golf destinations. Both brands plan to collaborate throughout 2025, creating content to inspire golfers and strengthen their connection with the sport and its lifestyle. Golfbreaks customers can benefit from a 20% discount on TravisMathew clothing through the Golfbreaks website.
GOLF IRELAND ANNOUNCES NEW WORLD HANDICAP SYSTEM FLEXIBILITY FOR CLUB COMPETITIONS
Golf Ireland is preparing to launch a new campaign to improve understanding of the World Handicap System™ (WHS™) while introducing greater flexibility for clubs managing Playing Handicap™ allowances in competitions. From 1 April 2025, clubs across Ireland can adjust the standard 95% Playing Handicap in singles-counting competitions, increasing it to 100% or reducing it to as low as 85% based on local needs. This change responds to feedback from Golf Ireland’s 2024 tracking survey, highlighting concerns that lower handicappers struggled to remain competitive in club events. Clubs will retain full discretion over implementing the changes immediately or later. The measure, agreed upon in coordination with England, Scotland, and Wales, could extend to four-ball competitions and will be reviewed ahead of a potential broader rollout across Great Britain and Ireland in 2026. More information on Golf Ireland’s WHS campaign can be found here.
TROON EXPANDS MINNESOTA PORTFOLIO WITH THOMPSON GOLF GROUP PARTNERSHIP
Troon® has announced a new partnership with Thompson Golf Group (TGG) to provide sales and marketing support at The Wilds Golf Club in Prior Lake and Geneva Golf Club in Alexandria, Minnesota. Both courses will now be part of Troon’s network, gaining access to programs like Troon Access, Troon Rewards, and Troon Advantage and enhanced exposure through the Troon Media Network’s digital, print, and email platforms. The Wilds, acquired by TGG in March 2025 and previously ranked Minnesota’s No. 1 public course by Golf Digest, serves the Twin Cities metro area with golf, weddings, and events. Geneva Golf Club, which has been part of TGG’s portfolio since 2000, features a 27-hole layout amid Alexandria’s wooded lakes region. This expansion adds to Troon’s growing presence in Minnesota, which includes four other properties statewide. More information on the partnership is available at The Golf Wire.
TOPGOLF ANNOUNCES CORPORATE LAYOFFS AMID ORGANIZATIONAL RESTRUCTURING
Topgolf has confirmed corporate layoffs at its Dallas headquarters as part of a strategic reorganization aimed at streamlining operations and improving financial performance. While the number of affected employees was not disclosed, the company cited the need for greater agility, a sharper focus on same-venue sales growth, and cost reductions. The move comes ahead of Callaway’s planned spinoff of the Topgolf brand and follows recent financial challenges, including an 8% decline in same-store sales in 2024. Despite those setbacks, Topgolf reported record venue-level margins and positive cash flow in its latest quarterly results, operating 96 domestic locations with further expansion planned. Read Alexa Reed’s original report on the announcement in bizjournals.com.
2. CIRCUITS
FIELD SET FOR TEXAS CHILDREN'S HOUSTON OPEN AS MONDAY QUALIFIERS FINALIZED
The 2025 Texas Children’s Houston Open confirmed its final four spots following a competitive Monday qualifier at Westwood Golf Club in Houston. Derek Bard and Wilson Furr topped the leaderboard with flawless 10-under-par 62s, securing their places in the field of 156 players. Pierceson Coody followed with an 8-under 64, while Charles Reiter emerged victorious from a four-way playoff after finishing 7-under. The tournament marks one of the final seasons before the field size reduces to 132 players in 2026, cutting Monday qualifier spots to two. This shift will also affect events like the Valspar Championship and Valero Texas Open, as the PGA Tour phases out Monday qualifiers at seven tournaments starting next year. Todd Kelly’s article on Monday qualifying for the Texas Children’s Houston Open can be found in Golfweek.
TRAVISMATHEW DOCUSERIES CAPTURES JOSH BERRY’S GRUELLING ROOKIE SEASON
A new four-part documentary, “Making The Cut”, produced by leading apparel brand TravisMathew, offers an unfiltered look at the highs and lows of professional golf through the lens of Yorkshireman Josh Berry’s 2024 rookie season on the DP World Tour. The series follows Berry’s emotional journey, from narrowly missing cuts and enduring relentless travel to losing his DP World Tour status, only to reclaim it with a stunning eight-under final round at Q-School. Released exclusively on TravisMathew Europe’s YouTube channel, the documentary highlights the pressure and resilience required to survive on tour, culminating in Berry’s first professional win at the Kolkata Challenge. You can watch the full series at TravisMathew.
ORTIZ CLAIMS INTERNATIONAL SERIES MACAU TITLE AND BOOKS OPEN SPOT
Carlos Ortiz of Torque GC secured a three-shot victory over 4Aces GC’s Patrick Reed at the International Series Macau presented by Wynn, finishing at 22-under-par with a closing 6-under 64 at Macau Golf and Country Club. The win marks Ortiz’s second career triumph on The International Series and Asian Tour, following his 2023 victory in Oman. Reed and Smash GC’s Jason Kokrak tied for second and third, earning qualifying spots for The Open at Royal Portrush alongside Ortiz, as part of this week’s Open Qualifying Series. Fireballs GC’s Sergio Garcia narrowly missed qualification, finishing fourth after a missed three-foot birdie putt on the final hole. A full report of all the action from Macau is available here.
DP WORLD TOUR LAUNCHES FAST CHANNEL FOR HERO INDIAN OPEN COVERAGE IN THE UK
UK golf fans can now watch live coverage of the Hero Indian Open through the DP World Tour’s new FAST (Free Ad-Supported Streaming TV) channel, operated by C15 Studio. The 24/7 channel debuted earlier this season on Samsung TV Plus and offers year-round coverage of selected 2025 Race to Dubai events, including the Volvo China Open, Turkish Open, Italian Open, and Genesis Championship. The FAST channel complements Sky Sports’ existing live broadcasts, with commentary led by Alison Whitaker, Anthony Wall, and Richard Boxall, alongside on-course insights from Jay Townsend and Inci Mehmet. More information on the full schedule of tournaments that will be covered on the FAST Channel can be found here.
LET PARTNERS WITH UPGAME TO LAUNCH ADVANCED STROKES GAINED ANALYTICS PLATFORM
The Ladies European Tour (LET) has expanded its partnership with golf analytics leader Upgame, unveiling a new dedicated Strokes Gained analytics page on the LET’s website and app from March 25. This marks the first time a major global golf tour has launched a bespoke Upgame platform, providing in-depth performance insights for LET and LET Access Series players. The feature delivers data-driven analysis of shot patterns, benchmarks, and strokes gained metrics, allowing players to customise training while offering fans enriched digital content. Benchmark data from 2024 shows that the top 10 LET Order of Merit players outperformed the field by 1.87 strokes overall, with significant gains in approach shots, driving, short game, and putting. LET CEO Alexandra Armas hailed the platform as a vital tool in elevating player performance and fan engagement. At the same time, Upgame founder Sameer Sawhney confirmed plans to expand the platform’s unique metrics, such as target dispersions and lines. The new analytics pages can be viewed here.
3. EQUIPMENT
TITLEIST LAUNCHES VOKEY WEDGEWORKS 44F TO ENHANCE LOFT GAPPING OPTIONS
Titleist has expanded its Vokey Design lineup by introducing the WedgeWorks 44F pitching wedge, created specifically for players seeking the performance and feel of a Vokey wedge while accommodating modern iron set lofts. The 44-degree loft fills a critical gap between traditional set pitching wedges and the Vokey SM10 line, which previously started at 46 degrees. Featuring 10 degrees of bounce, the 44F delivers consistent turf interaction and spin control without bending a 46-degree wedge, which can alter offset and bounce characteristics.
The WedgeWorks 44F addresses the needs of players using Titleist’s T150, T200, and T350 irons, where set pitching wedges range from 43 to 44 degrees. It offers a seamless blend of performance and aesthetics, maintaining the Vokey profile preferred by many golfers at address. Available now in Tour Chrome and Raw finishes, the 44F is offered in both right—and left-hand models. RRP is $225 (£175, €210). More information on the 44F and full SM10 range is available at vokey.com.
KBS UNVEILS PLAYER'S GRAPHITE WOOD SHAFT FOR HIGHER LAUNCH AND SPIN CONTROL
KBS has expanded its graphite shaft lineup with the launch of the KBS PGW – Player’s Graphite Wood shaft, designed to deliver higher launch trajectories and enhanced spin control. Engineered for skilled golfers with slightly lower swing speeds than Tour professionals, the PGW shaft features a mid-torque profile and a lower center of gravity to promote consistent, fairway-finding shots off the tee and from the fairway. Available in five weight classes ranging from 40g to 80g, the shaft is offered in multiple flexes and fits all major OEM heads. Building on the success of the KBS Players series, the PGW combines cutting-edge materials with precision engineering to optimize launch and stability. The KBS PGW shafts are available now through all major custom fitting centers. More information on the KBS PGW can be found here.
4. PEOPLE TO WATCH
RX Global has announced the appointment of Fiona Ashton as the new Event Manager for the International Golf Travel Market (IGTM). With over 13 years of experience at RX Global, Ashton will lead the operational planning and delivery of IGTM, the leading event for the global golf tourism industry. The 2025 edition is scheduled to take place at the Palais des Festivals et des Congrès in Cannes, France, from October 20 to 23. The full press release announcing Ashton’s appointment is available here.
World No. 1 Nelly Korda and two-time defending champion Hannah Green, ranked No. 5, headline a strong field of early commitments for the 2025 JM Eagle LA Championship presented by Plastpro. The tournament, set for April 17-20 at El Caballero Country Club in Los Angeles, will feature seven of the world’s top 10 players. More information about Korda and Green’s participation in the JM Eagle LA Championship is available at First Call Golf.
Richard Payne will step down as leader of market research company Sporting Insights at the end of March after 17 years of service. Under his leadership, the company became a trusted source of industry research and analysis. Reflecting on his tenure, Payne emphasized the importance of delivering quality insight and its value in understanding the sports industry. An interview with Payne reflecting on his time at Sporting Insights can be found at Golf Business Review.
5. MUST READ/WATCH
Arccos Golf’s latest data analysis reveals that Rory McIlroy is showing career-best form heading into The Masters. According to insights from 32 measured rounds in 2024, McIlroy is gaining 3.21 strokes per round—his highest since joining the Arccos platform. The data highlights notable improvement in approach play and putting, two areas historically critical for success at Augusta National. With wins at the Cognizant Classic and The Players Championship already secured this season, McIlroy’s statistical edge could make 2025 his year to capture the elusive Green Jacket finally.
According to a recent report by the Worcester Business Journal, golf course developers are increasingly turning to shorter layouts to attract players pressed for time. Nationally, the number of par-3 and executive courses is rising as operators cater to younger players and busy professionals seeking faster, more affordable golf experiences. Industry experts note that these shorter courses can be profitable while introducing new players to the game and keeping golf accessible amid shifting leisure trends.
The former Augusta, Georgia, home of golf icon Bobby Jones has been listed for sale with a price tag of $5.3 million. Built in 1853, the historic five-bedroom property was once owned by the Grand Slam winner and Augusta National co-founder, who lived there in the 1930s. Bunkered magazine got the lowdown on what $5.3 million gets you.
Ongoing negotiations between the PGA Tour and Saudi Arabia’s Public Investment Fund (PIF) are facing challenges, with LIV Golf’s team format emerging as a significant hurdle. Sports Illustrated’s Bob Harig sits down with former PGA Tour Policy Board member Webb Simpson, who discusses why the team format disagreement will be critical to reaching any long-term agreement.
6. JUST FOR PAID SUBSCRIBERS
INSIDE THE GLOBAL GOLF COURSE MARKET 2025: AN INDUSTRY INTELLIGENCE DOSSIER
1. Market Overview
2. Regional Market Analysis
3. Major Companies & Key Players
4. Business Models & Revenue Streams
5. Investment Opportunities
6. Investment Risks: Regulation & Environmental Considerations
7. Impact of the Silver Economy
8. Future Trends & Innovations
9. Sources and links
Executive Summary
The global golf course market comprises nearly 38,000 courses worldwide, with North America housing about half of them. The United States alone accounts for 43% of global supply, underscoring its dominant role. Europe holds ~23%, anchored by the UK, Germany, France, and the Nordic countries, while Asia-Pacific claims ~16–17%, led by Japan, South Korea, and a rapidly expanding Southeast Asia. Other regions – Latin America, the Middle East, and Africa – together make up the remainder but are emerging as new frontiers for golf development. Recent market trends reveal a dual trajectory: traditional markets (North America, Western Europe, Japan) underwent correction and consolidation in the 2000s, trimming excess supply, whereas emerging markets (e.g. Vietnam, China until its ban, the Middle East) are witnessing robust growth with dozens of new projects in the pipeline. The global golf industry’s economic size is substantial – estimates put annual revenues around $30–$40 billion globally – and is forecasted to grow at a modest 3–5% CAGR over the next decade as participation broadens and new facilities come online.
North America remains the largest and most mature market, generating roughly $27–$30 billion annually (with the U.S. at $27.2B in 2023). After a period of net course closures from 2006–2019, U.S. supply has stabilized; record participation growth post-2020 (45 million U.S. golfers in 2023, up 30% since 2016) has buoyed rounds and club memberships. Europe’s market is broadly stable, with slight growth in participation and new courses mainly in Eastern and Southern Europe, even as Western Europe’s facilities contend with ageing memberships and high operating costs. The Asia-Pacific region is the industry’s engine of growth: countries like Vietnam have over 50 new courses in development to meet tourism and domestic demand, China (despite regulatory crackdowns) retains enormous latent demand, and India and Southeast Asia present long-term potential. The Middle East has emerged as a niche high-end market, funnelling petro-investments into world-class golf resorts (e.g. UAE, Saudi Arabia) to bolster tourism. Africa remains a minor segment globally, but countries like Morocco and South Africa show golf’s promise as a tourism and lifestyle product.
Major corporate players are shaping the market’s evolution through consolidation and professional management. Companies like Troon (operating 600+ courses worldwide) and ClubCorp/Invited (with 200+ private clubs) have grown via acquisitions and management contracts, driving efficiency and standardized service across portfolios.
In Asia, HEIWA Corporation—a major Japanese manufacturer of pachinko, pinball, and slot machines—is publicly traded on the Tokyo Stock Exchange (ticker: 6412) with a market cap of ¥244 billion ($1.63 billion). Its recent debt-financed acquisition of Accordia Golf significantly expands its presence in the golf sector. The move positions HEIWA among the largest publicly listed companies in the global golf industry.
These firms bring economies of scale in purchasing, marketing, and technology adoption, influencing industry standards globally.
Business models vary:
Private clubs rely on membership dues and initiation fees, public and resort courses on green fees and tourism, and many modern developments integrate real estate sales and hospitality as core revenue streams. Courses increasingly diversify income – blending green fees, memberships, merchandise, F&B, events, and even entertainment (like Topgolf-style facilities) – to strengthen financial resilience.Investment insights:
Opportunities are most pronounced in high-growth markets and specialized niches. Asia-Pacific offers strong growth prospects: Vietnam, Thailand, and emerging golf destinations in Asia are seeing heavy investment backed by tourism growth and supportive government policies, though investors must navigate regulatory nuances (e.g. land use approvals, environmental regulations). Eastern Europe (e.g. Turkey, and the Balkans) presents greenfield opportunities as new tourist golf hubs, leveraging attractive landscapes and increasing traveler interest. The Middle East’s ultra-luxury resorts (Dubai, Abu Dhabi, and now Saudi Arabia’s Vision 2030 projects) offer investment avenues in golf integrated with luxury real estate and entertainment, backed by state capital – albeit with the risk of creating supply ahead of proven demand. Key factors for successful investment include aligning golf projects with real estate development (capturing home/villa sale premiums), tourism infrastructure (ensuring accessibility and complementary amenities), favorable climate and water resource considerations, and securing local partnerships or incentives to mitigate political/regulatory risks.
On the flip side, investors must heed significant risks: sustainability and environmental constraints (water scarcity and ecological impact can impose costs or operational limits, as courses consume over 300,000 gallons of water per day on average in the U.S., prompting stricter regulations), demographic shifts (an ageing golfer base in many markets means courses must adapt services and attract younger players to sustain long-term demand), and the capital-intensive nature of golf operations (high maintenance costs and sensitivity to economic cycles). Nonetheless, for well-planned projects in the right markets, golf developments can yield multifaceted returns – generating cash flow from play, enhancing surrounding property values, and bolstering tourism receipts.
Key trends shaping the future
include the infusion of technology into golf (from GPS-guided course management and automated maintenance to data-driven marketing and virtual golf experiences), the rise of new play formats (short courses, simulator venues, and other non-traditional golf entertainment that appeal to younger audiences), and an industry-wide push for sustainability (water-saving practices, renewable energy use, and wildlife conservation efforts becoming standard). Over the next decade, the global golf market is expected to grow moderately in the aggregate, with Asia-Pacific likely leading in percentage growth, North America and Europe focusing on innovation and retention of a broadening player base, and new regions (Middle East, parts of Africa and Latin America) expanding golf’s geographic footprint.
The following sections offer a regional and thematic analysis of the global golf course industry, covering market trends, key players, business models, and investment factors. Each is backed by recent data, examples, and visuals. Together, they provide a strategic overview for stakeholders.
1. MARKET OVERVIEW
Global Distribution of Golf Courses: Golf’s global footprint spans 209 countries, but supply is heavily concentrated in a few regions. As of year-end 2022, there were 37,725 golf courses worldwide. North America alone accounts for about 48% of these, owing largely to the United States’ unparalleled supply. Figure 1 below highlights the distribution: North America’s dominance is evident, with Europe and Asia-Pacific comprising most of the remainder and smaller clusters in other regions.