North America holds the largest market share for sports supplements, followed by Europe and Asia Pacific. Developed markets in the U.S. and European countries dominate the sports supplements market. However, change in the purchasing pattern of sports supplements in developing nations is expected to challenge the monopoly of the developed market
New York, NY -- (SBWIRE) -- 01/19/2016 -- According to a new market report published by Persistence Market Research "Global Market Study on Sports Supplements: Protein Powder witness highest share in product segment by 2020", the global Sports Supplements market was valued at USD 6,800.8 million in 2013 and is expected to grow at a CAGR of 9.1% from 2014 to 2020, to reach an estimated value of USD 12,449.6 million in 2020.
Increasing consumer awareness towards physical health and fitness leads to drive the global sports supplements market. Sports supplements are also viewed as dietary supplements by most consumers and taken in the form of capsules, pills, powders, gel caps, granules, and tablets, among others. Addition of new ingredients, innovative packaging formats and changing consumer behavior pattern further leads to growth of the sports supplements market. Sports supplements include performance enhancers, muscle builders, meal replacement powders, and weight gainers. Historically, consumers of sports nutrition products have been bodybuilders and athletes. Growing consumer base including lifestyle and recreational users, who prefer to take sports supplements for health and fitness reasons has further reshaped the market. Consumers are increasingly demanding healthy and convenient lifestyle solutions and sports supplements are one of the options to meets this need. Growing number of fitness centers, health clubs, and urbanization are some of the key drivers for the sports supplements market. Sports supplements are also used to replace meals and manage weight. Wide availability of sports supplements at various places such as pharmacies, health food stores, and supermarkets provide consumers with easy access to such products. This creates high market penetration for sports supplements products. Among product segment, powder form accounts for the largest share of sports supplements market. With developments in the field of e-commerce, sports supplements are sold directly to end customers. Growing competition among various regional and global players impels the growth of sports supplements. Lack of proper regulatory bodies acts as a restraint for this industry and can hamper the growth of sports supplements market.
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North America holds the largest market share for sports supplements, followed by Europe and Asia Pacific. Developed markets in the U.S. and European countries dominate the sports supplements market. The U.S and Canada are the largest markets for sports supplements in North America. Change in the purchasing pattern of sports supplements in developing nations can challenge the monopoly of the developed market. Demand for sports supplements in the developing economies of Asia Pacific is expected to show high growth prospects during the forecast period. According to the United Nations Department of Economic and Social Affairs (UN DESA), the urban population in Asian countries was 1.9 billion in 2013, and this is expected to reach 3.3 billion by 2050. Increasing urban population in Asia Pacific is expected to provide ample growth opportunity to various market players in the sports supplements market to establish their reach in the untapped markets of this region. Countries such as China, India, Japan, and Australia that are witnessing a rapid economic growth further help in the growth of the sports supplements market in Asia Pacific region.
The sports supplements market is segmented into by product (protein powder, RTD protein supplements, other protein supplements and non-protein supplements) and by regions (North America, Europe, Asia-Pacific and Rest of the World). The global market for sports supplements in value term grew from USD 5,314.4 million in 2010 to USD 6,800.8 million in 2013, and is expected to grow to USD 12,449.6 million in 2020 growing at a CAGR of 9.1%. Protein powder holds the largest share of sports supplements market and this segment is projected to increase from USD 4,715.8 million in 2014 to USD 8,065.7 million in 2020, at a CAGR of 9.4%.
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The sports supplements market is fragmented with presence of several players including NBTY, Inc., MaxiNutrition, Glanbia Plc , GNC Holdings, Inc., Universal Nutrition, Creative Edge Nutrition, Inc., Herbalife, Ltd., Plethico Pharmaceuticals Limited, Enervit S.p.A and Gaspari Nutrition, Inc.
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The Sports Supplements market is segmented as follows:
Sports Supplements Market, by product
RTD Protein Supplements
Other Protein Supplements
Sports Supplements Market, by Region
Rest of the World (RoW)
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