Marty Dou, 19, at the Shenzhen International tournament. Golf officials hope that Dou, the top ranked player in China, will help the sport take off in his home country.
Lintao Zhang—Getty Images
By Scott Cendrowski
October 25, 2016

China, a nation of 1.4 billion people, has only about 1 million golfers, and sporting-goods companies think that figure could rise exponentially. As golfers multiply, annual spending on apparel and equipment in China should jump more than 40% over the next three years, to $650 million, says researcher Frost & Sullivan. These companies could cash in:

Nike (nke)

Already a sports-apparel leader in China, its biggest growth market. The company sold $706 million worth of golf goods last year; it’s getting out of the equipment business, but its golf apparel and shoes would benefit from a Chinese surge.

Honma

A Japanese brand that forges the world’s most expensive clubs, Honma got 19% of its $215 million in sales last year from China. It listed its stock in Hong Kong in October.

Acushnet

Based in Fair-haven, Mass., it makes the most popular premium ball in China, the Titleist Pro V1. It’s a subsidiary of sportswear firm Fila Korea, but it recently filed for a U.S. IPO and may offer shares as soon as this week.

For more on golf in China, read our full feature story here.

A version of this article appears in the November 1, 2016 issue of Fortune as a sidebar to the article “The PGA Tour Takes on China.”

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