Sports Supplement Market– Statistics And Analysis & Forecast To 2025
Posted by Mrudula Anil Karmarkar on February 3rd, 2021
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.
Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.
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 29.68 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 10.3%. 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.
Further key findings from the study suggest:
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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The offline distribution channel held a 53.7% share of the overall revenue in 2018. An increasing number of retail stores like GNC, Vitamin Shoppe, and Walmart are opting for offline channels as they help companies widen their distribution and strengthen the brand.
The online segment is projected to expand at a CAGR of 12.0% from 2019 to 2025 on account of technological advancements. Many e-commerce and online shopping apps like Flipkart, Amazon, and eBay make it easy and effective for customers to buy products.
Though e-commerce has gained popularity to a large extent in the retail business, it accounts for a small percent of the total sales in retail across the globe. Countries like China, India, and other Southeast Asian countries are witnessing growth due to widespread urbanization and industrial development. The rise in the penetration of the internet of things (IoT) and the internet is anticipated to boost the segment growth.
Grand View Research has segmented the global sports supplement market on the basis of source, product, distribution channel:
Sports SupplementSource Outlook (Revenue, USD Million, 2015 - 2025)
Sports SupplementProduct Outlook (Revenue, USD Million, 2015 - 2025)
Sports SupplementDistribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information:www.grandviewresearch.com
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
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