Persistence Market Research Analysis predicts that the global sports supplements market will witness substantial growth from 2024 to 2033. The revenue is estimated to reach US$ 24,698 Mn by 2033, with a projected CAGR of 7.1% during this period. In 2024, the market is anticipated to generate US$ 13,321 Mn in revenue. The top four countries are expected to contribute to 40.1% of the market share by 2023.
In 2023, global sports supplement sales hit US$11.58 Bn, growing by 5.4% from 2018. Electrolyte replenishment products drove market growth. Sports supplements come in various forms like drinks, powders, capsules, and tablets, catering to athletes' nutritional needs. Demand is rising due to increased fitness consciousness. East Asia & South Asia and the Pacific regions show significant growth potential. Protein-based products are expected to drive a 7.1% growth rate in the future.
Factors Driving Growth in the Sports Supplements Market
Several factors and dynamics contribute to the growth of the sports supplements market:
1. Rising Health and Fitness Awareness: Increasing awareness regarding health and fitness among consumers is a significant driver. People are becoming more conscious of their physical well-being, leading to a higher demand for products that support their fitness goals.
2. Growing Interest in Sports and Fitness Activities: The rising popularity of sports and fitness activities globally fuels the demand for sports supplements. Individuals participating in various sports and fitness regimes seek supplements to enhance their performance and aid in recovery.
3. Increased Disposable Income: With rising disposable income levels in many regions, consumers are more willing to spend on products that support their active lifestyles. This increased purchasing power drives the demand for sports supplements.
4. Expansion of Distribution Channels: The availability of sports supplements through various distribution channels, including online platforms, specialty stores, and supermarkets, makes these products more accessible to consumers, contributing to market growth.
5. Innovation in Product Formulations: Continuous innovation in product formulations and the introduction of new ingredients cater to evolving consumer preferences and contribute to market expansion. Manufacturers develop products with specific functionalities, such as improved endurance, muscle recovery, and weight management, to meet diverse consumer needs.
6. Endorsements by Athletes and Celebrities: Endorsements by professional athletes and celebrities influence consumer purchasing decisions. Athletes often endorse sports supplements, highlighting their benefits and efficacy, which increases consumer confidence in these products.
7. Increasing Participation of Women in Fitness: The growing participation of women in fitness activities and sports drives demand for sports supplements tailored to their specific nutritional needs. Manufacturers are developing products specifically targeted at female consumers, further expanding the market.
8. Influence of Social Media and Fitness Trends: Social media platforms play a crucial role in promoting fitness trends and influencing consumer behavior. Fitness influencers and wellness advocates endorse sports supplements, driving consumer interest and market growth.
9. Focus on Product Quality and Safety: Consumers prioritize product quality and safety when choosing sports supplements. Manufacturers invest in research and development to ensure the efficacy and safety of their products, building trust among consumers and driving market growth.
10. Expanding Demographic Reach: The market is expanding beyond professional athletes to include recreational fitness enthusiasts, individuals seeking weight management solutions, and aging populations looking to maintain mobility and vitality. This broadening demographic reach contributes to sustained market growth.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at- https://www.persistencemarketresearch.com/market-research/sports-supplements-market.asp
Key Trends in the Sports Supplements Market
The sports supplements market is witnessing significant shifts driven by evolving consumer preferences and behaviors. Firstly, the rising geriatric population faces challenges in obtaining adequate nutrition due to age-related factors and health issues, resulting in digestive insufficiencies. The consumption of digestive enzymes or supplements is becoming increasingly important for improving digestion and nutrient absorption, addressing gastrointestinal diseases, and enhancing life expectancy. Secondly, there's a growing global popularity of veganism and flexitarian diets, propelled by perceptions of healthiness and ethical considerations. This trend is fueling demand for plant-based proteins in sports supplements, with developed economies leading the movement and regions like South and East Asia catching up.
Moreover, there's a heightened focus on healthy lifestyles and preventive health measures, leading consumers to prioritize high-quality, nutritious foods. Concerns over obesity and lifestyle disorders are driving demand for protein-rich diets for weight management, consequently increasing the demand for sports supplements offering high-quality protein and essential nutrients. Additionally, the expansion of online retailing is reshaping the market landscape, particularly among urban consumers who prefer the convenience and accessibility of e-commerce platforms. Online retailing not only provides authenticity assurances but also offers convenience, driving sales and demand for sports supplements globally. These trends collectively highlight the dynamic nature of consumer preferences and behaviors, presenting opportunities for key players to effectively meet changing demands in the sports supplements market.
Top of Form
Competitive Landscape of Sports Supplements Market
Companies in the sports supplements market are investing in R&D for innovative products with natural ingredients, collaborating with top sports celebrities for promotion, and expanding production capabilities to meet global demand. Recent launches include Optimum Nutrition's Gold Standard 100% plant-based protein, MuscleBlaze's new range of supplements, Iovate Health Sciences' EUPHORiQT and BURN iQ pre-workout products, MuscleBlaze's MB ProCheck home protein test kit, and Noumi Nutritionals' Amino Max all-in-one supplement. Enervit SpA maintains market presence through event sponsorship and targeted advertising.
Key Players in the Sports Supplements Market:
1. Glanbia plc
2. Abbott Laboratories
3. GNC Holdings Inc.
4. Herbalife Nutrition Ltd.
5. PepsiCo Inc. (through its subsidiary, PepsiCo Health & Nutrition)
6. Amway Corporation
7. MusclePharm Corporation
8. The Coca-Cola Company (through its subsidiary, Powerade)
9. Otsuka Pharmaceutical Co., Ltd.
10. Ultimate Nutrition Inc.
These companies are prominent players in the sports supplements market, contributing significantly to product innovation, distribution, and market presence.
Market Segmentation of Sports Supplements
In the sports supplements market, segmentation plays a crucial role in understanding the diverse needs and preferences of consumers. The market can be segmented based on various factors to provide a comprehensive overview of its dynamics and opportunities.
· Product Type: Sports supplements encompass a wide range of products, including protein supplements, creatine supplements, amino acid supplements, pre-workout supplements, post-workout supplements, energy and endurance supplements, hydration supplements, and others, each catering to specific fitness goals and requirements.
· End User: The market caters to a diverse range of end users, including athletes, bodybuilders, fitness enthusiasts, recreational users, and others, each seeking supplements tailored to their unique needs and fitness regimens.
· Formulation: Sports supplements are available in various formulations such as powder, capsule/tablet, liquid, and bar, providing consumers with flexibility in choosing their preferred method of consumption.
· Distribution Channel: The distribution channels for sports supplements include online retail, specialty stores, supermarkets/hypermarkets, drug stores/pharmacies, and others, offering consumers multiple options for purchasing their preferred products.
· Region: Geographical segmentation of the market includes North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, reflecting regional variations in consumer preferences, regulatory environments, and market dynamics.
· Demographic: Segmentation based on demographics includes age group and gender, with consumers categorized into different age brackets and gender categories to target specific segments with tailored marketing strategies and product offerings.
· Packaging Type: Sports supplements are packaged in various formats such as bottles, pouches, tubs, and others, offering convenience and portability to consumers based on their preferences and usage patterns.
· Ingredient Source: Segmentation based on ingredient source includes animal-based, plant-based, and synthetic supplements, reflecting consumer preferences for natural or synthetic ingredients based on factors such as dietary restrictions and ethical considerations.
· Purpose: Sports supplements serve different purposes, including muscle building, performance enhancement, weight management, recovery and repair, and general health and wellness, addressing diverse consumer needs and fitness goals.
· Brand Positioning: Brands in the sports supplements market are positioned as premium, mass, or economy, targeting different consumer segments based on factors such as pricing, product quality, and brand image.
Regional Analysis of the Sports Supplements Market
The sports supplements market exhibits variations across different regions, influenced by factors such as consumer preferences, regulatory frameworks, economic conditions, and cultural norms. Understanding the regional dynamics is crucial for market players to devise effective strategies and capitalize on growth opportunities.
· North America: As one of the largest markets for sports supplements, North America boasts a strong culture of fitness and wellness, driving robust demand for a wide range of supplements. The region's affluent population, coupled with high health consciousness, contributes to the market's growth. Key trends include the adoption of premium and innovative products, endorsement by celebrities and athletes, and the prominence of online retail channels.
· Europe: Europe is characterized by a diverse landscape of sports supplements, with countries like the UK, Germany, and France leading the market. The region's focus on health and fitness, along with a growing aging population, drives demand for supplements catering to various needs such as muscle building, weight management, and overall wellness. Plant-based supplements are gaining traction in response to the rising trend of veganism and sustainability.
· Asia-Pacific: The Asia-Pacific region presents immense growth potential for the sports supplements market, fueled by rising disposable incomes, urbanization, and increasing health awareness. Countries like China, Japan, and India are witnessing a surge in demand for sports supplements, driven by a growing population of fitness enthusiasts, expanding retail infrastructure, and a shift towards Western lifestyles. The market is characterized by a preference for protein-rich supplements and the emergence of local brands offering innovative formulations.
· Latin America: Latin America is experiencing steady growth in the sports supplements market, driven by a growing fitness culture, increasing participation in sports activities, and rising disposable incomes. Brazil, Mexico, and Argentina are key markets in the region, with consumers seeking products that enhance performance, aid in recovery, and promote overall health. The market is characterized by a preference for affordable and accessible supplements, along with a growing emphasis on natural and plant-based ingredients.
· Middle East & Africa: The Middle East & Africa region is witnessing a gradual uptake of sports supplements, driven by an expanding health and wellness industry, increasing gym memberships, and a growing awareness of the importance of fitness. Countries like the UAE, Saudi Arabia, and South Africa are emerging as key markets, with consumers showing interest in protein supplements, energy boosters, and hydration products. However, cultural factors and regulatory constraints pose challenges to market growth, requiring tailored strategies to tap into the region's potential.
Our Blog-
https://www.manchesterprofessionals.co.uk/articles/my?page=1
About Persistence Market Research:
Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on micros by Persistence Market Research helps companies overcome their macro business challenges.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
Contact:
Persistence Market Research
Teerth Technospace, Unit B-704
Survey Number - 103, Baner
Mumbai Bangalore Highway
Pune 411045 India
Email: sales@persistencemarketresearch.com
English