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A Publication of the National Golf Foundation

Questions, Answers and Insights for Everyone Interested in the Business of Golf

NGF Top 100 Businesses in Golf

The NGF’s Top 100 Businesses in Golf is a biennial list created to recognize the most influential, successful and innovative companies, organizations and associations in the golf industry.

Also called the NGF GOLF 100, the initiative is a strategic fit with the NGF’s unique standing as the only trade association that serves every vertical within the golf industry.

The NGF GOLF 100 is a list – not a ranking – that is broken down by sectors and celebrates the sport’s vitality, size and depth. The diverse list of companies and organizations contains not only the well-known brands that golfers see on TV, but celebrates the innovators and influencers throughout various business segments that contribute to golf’s more than $84 billion impact on the economy. The second version of this list, released in 2020, highlights those businesses that are of fundamental importance in the game, both to facilities and consumers, in the U.S.

Candidates were evaluated on eight criteria, with financial success being a key component, in addition to growth rate and trajectory. Other assessments included influence throughout the golf industry, innovations, prominence and leadership within a particular category, and contributions to the growth and vitality of the game or society as a whole.

While created to celebrate the success stories within golf, all lists such as this are meant to generate dialogue. The NGF GOLF 100 is no different. Other companies or organizations that are based or chiefly operate outside the U.S. can be found on the new "International 25" that serves as a complement to the GOLF 100.

Golf may be particularly unique in the number of different companies that contribute to its economy; perhaps no other sport has such a broad array of businesses.

The GOLF 100 is the NGF’s recognition of that depth and vitality.


The equipment industry is the most commercially visible sector in the golf business, with a host of households brands that produce the clubs and balls found in millions of golf bags around the world. Many of them also pay big money for endorsement deals with the game’s top professionals, hoping to further enhance their recognition and appeal.

The equipment category for clubs and balls alone is almost a $2.9 billion annual market, but also extends to club components such as shafts and grips.

Based on wholesale equipment dollars, golf is among the largest recreation sports in the United States, trailing only camping and fishing. More money is spent every year on new clubs and balls than on equipment for sports like basketball, baseball and football combined. Thus, it perhaps comes as little surprise that the equipment sector, with 20 companies, is the most heavily-represented segment of the NGF GOLF 100.

Course Management

The course management side of the golf business continues to grow, as the number of U.S. golf courses working with third-party management companies has increased from 10.6 percent in 2006 to more than 16 percent today.

There are more than 200 companies with at least two golf facilities under management and 62 percent of those manage five facilities or fewer. Together, these businesses have in excess of 2,250 properties under management, including 10 companies with 40 or more courses in their portfolio.

In total, 12 management companies hold spots in the NGF GOLF 100, with another five in the International 25.

Apparel & Accessories

The apparel & accessories sector in golf is diverse, ranging from companies that sell shoes, socks, polo shirts and outerwear to those that manufacture hats, gloves, sunglasses, golf bags and travel gear.

There’s little question that looking the part is almost as important to many golfers on the course as playing the game. As anyone who has attended the annual PGA Merchandise Show can attest, it’s why a host of companies specialize in golf apparel or have a dedicated golf division.

Even so, some clothing or shoe brands that would be GOLF 100-worthy in their own right won’t be found in this category as they fall under the umbrella of a bigger parent company in equipment; think names like FootJoy (Acushnet), TravisMathew (Callaway) or Puma (Cobra). Apparel & accessories still remains one of the biggest sectors, featuring 13 representatives in the NGF GOLF 100.

Media & Technology

While there’s a diverse range of products, goods and high-tech gadgets and software in the media & technologies sector, the underlying theme is that the nine companies included in the NGF GOLF 100 are all geared toward helping golfers play better or improving their experience.

There are rangefinders, indoor simulators, shot trackers and industry-leading app providers. There is software for both club management and event management, including one that's used at almost two-thirds of golf courses in the U.S.

There is also a group of established media properties that includes the sport’s first 24-hour dedicated television network, as well as a newcomer that's partnered with the PGA TOUR and Tiger Woods as part of an ambitious goal to become the world's leading golf media platform.


The landscape in golf’s retail market continues has been evolving for much of the past decade.

The most successful companies in the space have continued to adapt during a time when market consolidation prompted a decline in the overall number of off-course golf retail locations.

E-commerce in general is growing, as online convenience influences the way consumers are purchasing products. Many traditional brick and mortar stores are migrating toward having a broader experiential, technical position, meaning locations where consumers can swing the clubs and get real data and feedback relative to the performance of a given product. And on the secondary market, other businesses are thriving as major manufacturers gravitate toward longer product cycles and some of the game’s most frequent players are price-shopping.

In total, six U.S.-based golf retail companies – some of which feature sub-brands – are represented in the NGF GOLF 100.

Turf & Course Suppliers

The turf and course supplies category might not have the most well-known companies in the NGF GOLF 100 (with the possible exception of golf car manufacturers), but the businesses and brands in this sector help golf courses look their best, operate efficiently and, ultimately, keep customers happy.

On the turf side, that includes companies that make and sell mowers and maintenance equipment, irrigation technology, and the fungicides, herbicides, insecticides and growth regulators to keep a facility’s most important product -- the course -- healthy and green. On the course supplies side, it’s the biggest golf car businesses and companies that make all the other essentials a course needs to operate: from bunker rakes, cups and flags to tee markers, stakes and ball-washers.

A strictly business-to-facility (B2F) category, turf and course supplies is a deep and diverse mix, with 19 businesses included in the NGF GOLF 100.

Associations & Organizations

Some of the well-known associations in golf may be the most noteworthy 'businesses' of them all – whether that's making money, growing the game, influencing the industry, or all of the above.

There certainly aren’t many organizations with more clout in the sport than the professional tours, which make millions of dollars from corporate sponsorships and television deals while also activating player-development and charitable initiatives.

Other noteworthy trade associations in this category provide vital education, information and advocacy to their nationwide, and often global, membership -- from golf course owners and architects to superintendents and teaching professionals.

The First Tee, meanwhile, is more than a player development program; it’s more about providing youth with educational programs that build character, instill life lessons and promote healthy choices – all through the game of golf.

Another diverse bunch, there are nine associations in the NGF GOLF 100.


The golf landscape is diverse indeed, necessitating a catch-all miscellaneous category for businesses that don’t necessarily fall into a specific bucket.

Some companies have essentially created their own niche within the industry while others have grown into corporations with a varied portfolio of interests that run from course design to innovative technologies and consumer products.

There are club-fitters, instructional companies, golf course builders and construction companies, and pioneers in the field of golf travel and tourism, as well as lightning prediction and weather warning systems.

Also featured among the 12 noteworthy businesses in the miscellaneous category is perhaps the golf industry’s fastest-growing company, one that has helped shape the golf-entertainment market and redefine the sport’s participation measures.

Honorable Mentions

The NGF GOLF 100 was created to celebrate the totality of the golf business, but the sheer size of the industry -- and it’s many sectors – inevitably mean many successful, innovative and noteworthy companies and organizations don’t quite make the list, at least for now.

In addition, there are other businesses of prominence within the golf world, but not necessarily endemic to the industry, that are deserving of recognition.

It’s why the NGF has an Honorable Mention category for the GOLF 100, one that includes and extends beyond the major categories such as equipment, retail, media & technology, turf & course suppliers, associations and management companies. The Honorable Mention group also features professional management and services companies as well as the business partners and broadcast partners that are absolutely critical to the game’s success, visibility and growth.