According to Research Report Insights (RRI) report, titled “Sports Supplements Market by 2021”, the global market for sports supplements in 2015 accounted for US$ 8,046.6 million and over the forecast period, it is expected to grow at a CAGR of 9.1% to reach value worth US$ 13,579.4 million by the end of 2021.
Sport supplement products are primarily made to meet the nutritional requirement of sports person because it contains various botanical ingredients along with minerals, vitamins proteins and amino acids. Escalating shift of consumers towards healthy lifestyle and maintaining it through nutritional diet and physical activity is the key trend impacting the growth of global market for sports supplements.
Currently, factors that are mainly driving the growth of the global market for sports supplements around the world include promotions of product through fitness shows, innovative product introduction and growing awareness of healthy lifestyle among consumers. However, certain factors such as local brand preference, lack of awareness among consumers about safety and quality of product, high cost and improper regulations are hindering the market growth of sports supplements globally.
Globally, the market for sports supplements is segmented on the basis of distribution channel type, product type, and regions. Based on product type, the segmentation is done as protein and non-protein. Among these, the segment of protein is anticipated to value for maximum market share. The segment of protein products are again fragmented as bars, powders and products that are ready to drink. Among these sub-categories, the segment of powder valued for market share of 61.1% in 2015 and over the forecast period, this segment in terms of value will exhibit relatively high CAGR of 9.3%. While among these the bar sub-segment valued for market share of 15.4% in 2015 but it is projected to expand at maximum CAGR of 9.9% over the forecast period.
Based on distribution channel type, the segmentation is done into supermarkets, pharmacies & drug stores, health food stores, online stores and fitness clubs. Among these, the segment of health food stores accounted for market share of 32.4% in 2015 and will exhibit CAGR of 8.7% in the forecast period from 2015 to 2021. Growing e-commerce penetration is anticipated to drive the market growth of the segment of online distribution channel, exhibiting a healthy CAGR of 10.1% in the next six years.
Regionally, the segmentation is done into Latin America, Eastern Europe, the MEA, North America, Western Europe and APAC. Among regions, in 2015, North America market was dominant with market share of 33.5% but over the forecast period, it is expected to expand at a relatively high CAGR. However, with increasing demand for sports supplements in Western Europe, this region is expected to register a CAGR of 10.3% followed by Eastern Europe at 9.1% during the forecast period.
Some of the key players in the global market for sports supplements include MaxiNutrition, GNC Holdings, Creative Edge Nutrition, Plethico Pharmaceuticals, Scitec Nutrition, NBTY, Glanbia, Universal Nutrition, Herbalife Ltd, Enervit S.p.A., among others.