Technavio, a tech-focused market research firm, has published a new report on the global sports supplement market, which is expected to grow at a CAGR of more than 8% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global sports supplement market into the following key regions: the Americas, EMEA, and APAC.
Source: Technavio
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Top three contributors for the global sports supplement market are elaborated below
Sports supplement market in the Americas: During 2016, the growth of the sports supplement market in the Americas was led by the US, followed by Canada and Brazil. The high demand for sports supplements in these countries is accreditable to the increased awareness about the health benefits of proteins and the importance of an active lifestyle. Increasing consumer awareness among sportspersons about the lack of nutrients produced by the body during intense physical workout is yet another factor propelling the adoption of sports supplements in the Americas.
According to Amber Chourasia, a lead analyst at Technavio, specializing in research on health and wellness, “Sports supplement manufacturers are benefitting from the expanding market through continuous product innovations and improvements such as less complex formulations and more convenient formats. For instance, women-focused sports supplements are being developed, manufactured, and marketed. Moreover, a wider distribution in more frequently visited grocery channels is also an incentive for market growth.”
Sports supplement market in EMEA: The market in the region is led by Western Europe, followed by Eastern Europe, the Middle East, and Africa. An increased number of consumers are opting for healthy lifestyles, which is driving the demand for nutrient-rich food such as sports supplements. Natural, free of chemicals, and more controlled products are being launched in the market owing to the new the EFSA legislation, and are likely to have a growing consumer base over the forecast period.
Sports supplement market in APAC: In APAC, the rapid expansion of economies in India, China, and Japan is the key driving force behind the growth of the sports supplement market. The rising per capita income of people in the region has increased the demand for quality health nutrition treatment for sports-related activities due to the increase in purchasing power. Vendors are setting up their manufacturing facilities in APAC, which provides them low-cost labor and raw materials, thus helping in producing goods at lower costs. In addition, they are expanding their marketing and distribution activities due to the increased penetration of the Internet in APAC.
The leading vendors operating in the global sports supplement market are:
- Clif Bar
- Glanbia Nutritionals
- GlaxoSmithKline
- Herbalife
Other prominent vendors in the market include GNC, PacificHealth Laboratories, PowerBar, ProAction, Reflex Nutrition, Science in Sports, Universal Nutrition, and Ultimate Nutrition.
A more detailed analysis is available in the Technavio report titled, ‘Global Sports Supplement Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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