The global sports supplement market size is projected to reach USD 43.3 billion, by 2025, according to the latest report published by Million Insights, Inc. The market is expected to grow with a CAGR of 11.2% during the forecast period. Rising demand for dietary source and protein bars is expected to drive the market during the forecast period, 2019 to 2025 along with an increase in fitness clubs, gyms and distributions channels, particularly in emerging countries. Furthermore, improving living standards, product innovations and increasing investments by the manufacturers are anticipated to drive the demand for the sports supplements market.
The protein powder segment holds the largest revenue share during the forecast period from 2019 to 2025, owing to changing preferences of the consumers towards nut bars and fruit. Moreover, the rising number of sports supplement brands and product awareness is expected to fuel the demand for the segment. The commonly used supplements are Asian ginseng, Vitamin, guarana, Caffeine and B12. Additionally, caffeine is one of the most favorite drinks used by the sportsperson for increasing their energy while intense workouts. It can be available in different shapes such as pills, tablets and capsules as well it is also used refreshments drinks like coffee and tea. These factors are expected to fuel the demand for the market over the forecast period, 2019 to 2025.
Asia Pacific market is expected to grow with the fastest CAGR of 12.4% during the forecast period from 2019 to 2025. The region is anticipated to witness significant growth, owing to increasing population, disposable income and distribution channels in developing countries such as Bangladesh, India, and China. Additionally, growing development in sports supplements sources such as vitamins and minerals are expected to positively affect market growth.
The animal-based segment held the largest revenue share and accounted for USD 11.4 billion, in 2018, owing to rising availability and increasing presence of several important nutrients like vitamin B12, zinc, DHA and vitamin D are expected to boost the demand for market growth. Moreover, the rising adoption of social media platforms and the increasing number of advertisements campaigns are expected to fuel the demand for the market over the forecast period. Additionally, a growing emphasis on R&D activities has increased the number of inventive sources with more benefits. Beverages and invigorated nourishments contain the same amount of nutrients and minerals which are expected to hamper the market growth.
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Further key findings from the report suggest:
• The growing number of fitness centers and health clubs, urbanization and product innovations, are the key drivers for market growth.
• In terms of market value, powder segment has captured the largest market share in 2018 and expected to grow with a CAGR of 11.7% during the forecast period from 2019 to 2025.
• Offline distribution channel segment has accounted for more than 53% share in the global sports supplement market in 2018. However, the increasing number of e-commerce channels is expected to boost demand for the online segment
• North America was the prominent regional market in 2018 and estimated to increase further, during the forecast from 2019 to 2025 with a steady CAGR.
• Asia Pacific region is anticipated to have the fastest CAGR during the forecast years, due to increasing consumer disposable income levels and changing lifestyle of the consumers in countries like South Korea, Indonesia and India.
Million Insights has segmented the global sports supplement market on the basis of type, distribution channel, and region:
Sports Supplement Source Outlook (Revenue, USD Million, 2015 - 2025)
• Animal Based
• Plant Based
Sports Supplement Product Outlook (Revenue, USD Million, 2015 - 2025)
Sports Supplement Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Sports Supplement Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa