LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global sports supplement market to grow at a CAGR of almost 9% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global sports supplement market for 2017-2021. The market is segmented on the channel (online stores and retail outlets), and geography (the Americas, EMEA, and APAC).
The rise in awareness about health and fitness and the growth in the number of gyms around the world have triggered an upsurge in the consumption of sports nutrition products like sports supplements. The increase in investments by governments and pharmaceutical companies to develop healthcare facilities in developing countries is likely to have a positive impact on the market as the availability and accessibility of products is likely to grow with the expansion of healthcare facilities in developing countries. Thus, with an increase in such initiatives by governments and pharmaceutical companies, the desire to use sports nutrition products such as sports supplements may grow in the coming years.
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Technavio research analysts highlight the following four factors that are contributing to the growth of the global sports supplement market:
- Increasing demand for natural products
- Increased participation in sports and fitness activities
- Upsurge in disposable income
- Increase in sales outlets
Increasing demand for natural products
The demand for natural products is growing with the increasing awareness about the harm caused by toxic and chemical products to the human body. In the past few years, the shift towards simpler ingredients has gained momentum as people have become more interested in knowing about the ingredients in food supplements such as sports supplements. Major retailers such as Costco, Walmart, and Whole Foods are enforcing food supplement producers to make sweeping changes to the products that they supply to them.
Amber Chourasia, a lead health and wellness research analyst at Technavio, says, “The demand for natural and herbal products is on the rise due to the shift in consumer preference from synthetic ingredients to natural ingredients. With the increase in demand for natural products, vendors are continuously introducing such products to cater to the customers’ demand.”
Increased participation in sports and fitness activities
Participating in sports and physical fitness activities play a significant role in promoting health and wellness among children and adults. These activities not just improve the physical fitness and health of the individual, they are also an integral strategy to stem childhood obesity, which is a critical health priority in countries like the US, Mexico, New Zealand, Australia, Chile, and Hungary. Physical activities include reducing the risk of developing type 2 diabetes and metabolic syndrome and improving the metabolic health of children.
“Increased interest, especially among young consumers, in maintaining a good physical appearance, is leading to the rise in the number of bodybuilders, which has driven the consumption of sports supplements. Athletes and bodybuilders build muscle through training, and it is important for them to have a balanced and healthy diet. Sports supplements are used to increase their endurance during sports or exercise regimes,” says Amber.
Upsurge in disposable income
The per capita disposable income exhibits low volatility in developed countries because of a spike in double-income households. Disposable incomes have increased globally, especially in countries like Malaysia, Indonesia, and Vietnam. This allows people, who are actively engaged in sports and gyms, to spend more on sports nutrition products as these products help in improving stamina and endurance, which are required for physical activities.
The population is shifting from rural to urban areas due to financial opportunities. The rise in disposable income has changed the living standards of consumers, enabling them to buy necessities and luxury health and wellness products such as sports supplements, which will open vast opportunities for manufacturers during the forecast period.
Top vendors:
- Clif Bar
- Glanbia Nutritionals
- GlaxoSmithKline
- Herbalife
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