The global sports supplement market is projected to expand significantly, with Technavio estimating a growth of USD 2.77 billion from 2024-2028. This expansion represents a compound annual growth rate (CAGR) of over 9.64%.
Sports Supplement Market Insights
The sports supplement market landscape encompasses a diverse range of products designed to bolster athletic performance and promote overall wellness. Key players in this sector include Abbott Laboratories, Amway Corp., ASCENDIS HEALTH LTD., Associated British Foods Plc, BPI Sports, Clif Bar and Co., Competitive Edge Labs LLC, Glanbia plc, GlaxoSmithKline Plc, Haleon Plc, Herbalife International of America Inc., Meiji Holdings Co. Ltd., MusclePharm, Nestle SA, NOW Health Group Inc., PacificHealth Labs, Pro Action srl, Universal Nutrition, Vitaphar NV, and Weider Global Nutrition LLC.
Market Dynamics
The sports supplement market has experienced substantial growth, driven primarily by the convenience of online shopping. Retailers enhance the shopping experience through education, live chats, and employee testimonials. The rise in interest in sports nutrition products and the popularity of e-commerce have led to a 14.3% share of total retail sales in the US in Q3 2020.
Strong online distribution channels, such as Walmart and Amazon, further fuel growth, enabling vendors to target global customers, streamline operations, and offer customized products.
Key Market Segments
The sports supplement market is fragmented, with two primary segments: protein and non-protein. Protein supplements cater to athletes and fitness enthusiasts seeking to enhance their performance and recovery. Popular protein supplements include protein powders, creatine, and amino acids. Consumers prioritize quality, affordability, and convenience when making purchases.
The non-protein segment includes various supplements, such as electrolyte replenishment products, vitamins, and minerals. These supplements support overall health and wellness, and their popularity is driven by increasing health consciousness and the desire to optimize athletic performance.
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Market Challenges
The sports supplement market faces challenges, including the prevalence of counterfeit products. These imitations, which often use substandard ingredients, pose health risks and damage brand reputations. European markets, for example, have seen counterfeit Craze supplements. Unauthorized production and lower pricing harm leading brands, reducing market shares.Lack of legislation and local supply chain surveillance increases costs for vendors, hindering revenue growth. Consumers may form negative perceptions if intended results aren't met. Counterfeits hinder the sports supplement market's growth during the forecast period.
Market Trends
The sports supplement market is evolving, with trends such as personalized solutions, transparency, and sustainability shaping its future. Consumers desire customized products tailored to their specific needs and preferences. Brands must balance innovation with affordability to meet these demands. Effective marketing strategies and transparency in labeling and sourcing are crucial for success.
Staying informed of consumer preferences and trends is essential for market success. The sports supplement market offers a wealth of opportunities for businesses looking to optimize their market positions and capitalize on the growing demand for performance-enhancing supplements.
SOURCE Technavio
