The global sports supplement market size is anticipated to reach USD 43.3 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 11.2% over the forecast period. Increasing number of health clubs and fitness centers and urbanization are the key driving factors in the market. Some of the important trends observed in the market are growing demand for caffeine-free products and increasing investment by the companies in product development.
Demand for supplements has increased globally due to growing health concerns. Moreover, the need for sports supplements has been increasing from the past few years. Earlier athletics and sports activities were limited to teenage and young people. However, from the last few years, it has been observed that participation of children in such activities has been increasing. Parents are also supporting their children to participate in sports events to promote their overall development, thereby encouraging the growth of the market.
Protein powder is the largest product segment in the market and expected to generate a revenue of around USD 16.0 billion by 2025. Protein-based powders are one of the most common sports supplements with 1,174 brand variants and a total of 411 brands captured by Lumina Intelligence. This product category also attracted the most customer reviews, with a global total of 1.62 million and an average of 940 reviews per product.
Protein bar is expected to witness rapid growth over the forecast period, registering a CAGR of 11.2%. Shifting consumer inclination towards fruit and nut bars is expected to increase the product demand in the foreseeable future.Common supplements to increase an athlete's energy are Guarana, Vitamin, Asian ginseng, B12, and Caffeine. Caffeine, one of the favorite energy drinks, can be found in different forms such as tablets or capsules, pills, and in common beverages like tea and coffee.
The online distribution channel is expected to witness significant growth in the market. In 2018, North America was the leading revenue contributor in the market, accounting for 34.8% share of the overall revenue. Increasing number of health and fitness centers and gyms, growing health awareness, and changing consumer preferences for protein products are some of the primary reasons for the market growth in the region.
Asia Pacific is anticipated to emerge as the fastest growing regional market and exhibit a CAGR of 12.4% during the forecast period. This is attributed to growing health and fitness awareness, rising disposable income, and increasing number of global retailers in the region.
Some of the key players operating in the market are Glanbia Plc.; Plethico Pharmaceuticals Limited; GNC Holdings, Inc.; Universal Nutritio; and NBTY. Other key players in the market are Scitec Nutrition, Creative Edge Nutrition, Enervit S.p.A., Herbalife Ltd., and MaxiNutrition.
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https://www.grandviewresearch.com/industry-analysis/sports-supplement-market
Further key findings from the study suggest:
- In terms of revenue, the powder product segment dominated the global market in 2018 and is projected to expand at a CAGR of 11.4% over the forecast period
- North America dominated the global market in 2018 and constituted more than 34.0% share of the overall revenue. This trend is projected to resume over the next few years
- The industry is highly competitive due to the presence of key players including Glanbia Plc.; Plethico Pharmaceuticals Limited; GNC Holdings, Inc.; Universal Nutrition; and NBTY
- Various manufacturers are concentrating on new product launches, capacity expansion, and technological innovation to estimate existing and future demand patterns from upcoming product segments.
For More Information: www.grandviewresearch.com
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