Sports supplements, or dietary supplements, are nutritious consumables meant to boost the consumer’s athletic performance or alter his/her body composition in some specific way. There are various types of sports supplements, each performing a peculiar biochemical function in the body; some speed up metabolism, some aid in muscle growth, while some are meant to replace conventional meals altogether.
Browse: Global Sports Supplements Market
Professional athletes and bodybuilders are the intended customers of the sports supplements industry. However, increasing urbanization and the consequential rise in disposable income in more countries than ever, has fueled the growth of the sports supplements market beyond the professionals into the more populous consumer category of regular gym-goers. The sales avenues of sports supplements have expanded beyond gyms and physicians to supermarkets and pharmacies, leading to a greater market penetration in a greater variety of locations.
This growth in supply channels can be clearly seen to have translated to the market statistics, as the sports supplements market made a leap from its 2010 valuation of US$5,314.4 million to reach a market value of US$6,800.8 million. This rise is expected to carry on smoothly till 2020, when the market is expected to reach a value of US$12,449.6 million in 2020. This represents a CAGR of 9.1% between 2014 and 2020.
Segmentation of the Sports Supplements Market
Of the product categories within the sports supplements market, protein powders hold the largest market share, bringing in revenue of more than US$4,700 million in 2014. This category is expected to grow at a CAGR of 9.4% from 2014 to 2020. Other products in the sports supplements market include ready-to-drink protein supplements, other protein supplements, and other non-protein supplements. The easy access to protein supplements, their relatively simple manufacture, and their popularity with athletes of virtually every kind has made them extremely popular across the world.
Geographically, the global sports supplements market is divided into the following categories: North America, Europe, Asia Pacific, and Rest of the World. The American and Canadian markets hold the major share within the North American market; Germany, Italy, France, and the U.K. account for most of the European market; and rapidly developing economies such as China, India, Japan, Australia, etc., take up most of the Asia Pacific sports supplements market.
North America led the global market in 2014 thanks to its combination of high population, high disposable income, highly developed infrastructure, and mass awareness about health and exercise. The growing customer base in Asia Pacific, however, is expected to push past North America by 2020 and become the dominant regional market for sports supplements.
Drivers and Restraints for the Sport Supplement Market
The prime driver for the sports supplement market in all geographical segments is the growing number of gyms and increasing awareness about the same, and increasingly widespread presence of sales avenues for sports supplements, such as pharmaceutical stores and e-commerce.
As mentioned earlier, the growing population of Asia Pacific countries will help the sports supplements market. The rapid development of countries such as India, China, and Australia is another major driver, resulting in the presence of more consumers than ever with the will and ability to buy sports supplements. This will present lucrative market opportunities.
A lack of a decisive governing body regulating sports supplements is one of the major restrains on the market. Due to their potent nature, sports supplements can be extremely harmful if used incorrectly. This issue is exacerbated by the market being controlled largely by heads of gyms and health clubs, who lack the expertise and motivation to properly evaluate the potential risks of sports supplements.
Key Players in the Sports Supplements Market
Some of the major companies plying their trade in the sports supplements industry are MaxiNutrition, NBTY, Inc., Glanbia Plc, Universal Nutrition, Herbalife, Ltd., Plethico Pharmaceuticals Limited, Gaspari Nutrition, Inc., etc.
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