In terms of value, the global sports supplements market is anticipated to grow from US$ 7,396.2 Mn in 2014 to US$ 13,579.4 Mn by 2021, expanding at a CAGR of 9.1% during the forecast period (2015–2021).
New York, NY -- (SBWIRE) -- 06/06/2016 -- According to the latest market report "Global Market Study on Sports Supplements: Propelled by Increasing Consumer Awareness and Augmenting Number of Health & Fitness Centers" published by Persistence Market Research, the sports supplements market is estimated to be valued at US$ 8,046.6 Mn by the end of 2015 and expand at a CAGR of 9.1% from 2015 to 2021, to account for US$ 13,579.4 Mn by 2021.
Sports supplements are products specifically designed to meet nutritional needs of sportspersons. Ingredients in such products primarily include vitamins, minerals, amino acids, proteins, and other botanical ingredients. Increasing consumer inclination towards the maintenance of a healthy lifestyle via physical activity and a nutritious diet is a major trend driving the sports supplements market.
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Currently, the sports supplements market across the world is principally driven by factors such as increasing health consciousness among consumers, product promotions through fitness shows, and the introduction of innovative products. However, factors such as high costs, lack of proper regulations, preference for local brands, and lack of consumer awareness about product quality and safety are expected to restrain market growth. The global sports supplements market is projected to expand at a CAGR of 9.1% from 2015 to 2021, to account for US$ 13,579.4 Mn by 2021.
On the basis of product, the sports supplements market has been segmented into protein and non-protein products. The protein product segment is expected to account for the highest market share. Protein products are further sub-segmented as powders, bars, and ready-to-drink products. Among the protein sub-segment, a powder is expected to account for 61.1% market share by 2015 end, and register a moderate CAGR of 9.3% in terms of value, during the forecast period (2015–2021). The protein bar sub-segment accounted for 15.4% market share in 2015 but is expected to register the highest CAGR of 9.9% during the forecast period.
On the basis of a distribution channel, the market is segmented into health food stores, supermarkets, fitness clubs, pharmacies & drug stores, and online. The health food stores segment is expected to account for 32.4% market share by 2015 end. The segment is expected to expand at CAGR of 8.7% during the forecast period. Increased penetration of e-commerce is expected to drive the growth of the online segment, registering a CAGR of 10.1% during the forecast period.
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The report provides detailed information about various trends driving each segment and offers analysis and insights into the potential of the sports supplements market in specific regions. On the basis of region, the market is segmented into six regions. North America is expected to dominate the market with 33.5% market share by the end of 2015, and register the highest CAGR of 7.6% during the forecast period. 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.
Key players in the global sports supplements market include NBTY, Inc., MaxiNutrition, Glanbia Plc, GNC Holdings, Inc., Universal Nutrition, Creative Edge Nutrition, Inc., Herbalife Ltd., Plethico Pharmaceuticals Limited, Enervit S.p.A. and Scitec Nutrition.