The growing desire among athletes as well as the general populace to gain a well-toned and fit body has bolstered the opportunities for sports supplements manufacturers globally. As consumer awareness about health and fitness grows, it is expected to fuel demand from the sports supplements market in response. An increasing number of consumers from across the globe are seen embracing practices such as yoga, healthy diet, and gyming to lead a healthier life. This will subsequently fuel demand for health products such as dietary and sports supplements.
Persistence Market Research (PMR) pegs the overall value of the global sports supplement market at US$7.4 bn in 2014. Rising at a positive CAGR of 9.1% between 2015 and 2021, the market is likely to reach US$13.6 bn by the end of 2021. The market is substantially leveraging the rising adoption of natural ingredients to make sports supplements. Additionally, apart from the regular end users, which include athletes and sportsmen, the market is also capitalizing on the increasing demand from amateur bodybuilders and fitness enthusiasts.
Novel Strategies Adopted by Enterprises to Positively Impact Sports Supplements Market
The growth exhibited by the global sports supplements market over the last couple of years has been rather impressive. The shifting focus of leading enterprises from niche segments including health centers and gyms to mass market outlets has greatly benefitted the sports supplements market, particularly in terms of enjoying better sales proceeds. Change in consumer behavior, novel packaging techniques adopted by manufacturers, and inclusion of healthier ingredients have enabled sports supplements brands to maneuver their way into the dedicated segments in supermarkets, convenience stores, and e-marketplaces.
The market also capitalizes on the rising number of healthcare centers and fitness clubs and rapid urbanization witnessed worldwide. Additionally, sports supplements are often suggested by gym trainers as a healthy alternative to meals for those planning to lose weight. This has also considerably aided the growth of the sports supplements market.
Absence of Proper Regulatory Body Adversely Impacts the Market
Despite exhibiting impressive growth, the global sports supplements market is adversely impacted by the absence of a proper regulatory body. The operations of sports supplements manufacturers are therefore often disrupted by the need for product innovation, competition from close substitutes, and expansion of the existing product portfolio. Furthermore, the sports supplements market may also face a challenge from enterprises producing meal replacement and slimming products.
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Online Marketplaces Offer New Distribution Channel for Sale of Sports Supplements
Fitness clubs, healthcare centers, and gyms are the key distribution channels to reach consumers groups such as recreational users, sportsmen, bodybuilders, and athletes. However, ecommerce has emerged as an important distribution avenue for sports supplements. Online sales enable direct sales by allowing consumers to place their order from their personal computers and enjoy getting their purchase delivered at the desired address. Since the consumers nowadays lead a very hectic lifestyle, they have started preferring shopping for sports supplements online more than visiting brick and mortar convenience or retail stores.
According to the latest studies, the U.S. accounted for over 191.1 million online shoppers in 2010, and this number is anticipated to reach 215.1 million before the year 2018 ends. Online marketplaces such as Amazon.com and Vitacost.com have therefore opened new platforms for the sale of sports supplements.
Such new developments also have had a positive impact on the overall performance of the sports supplements market.