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The global sports supplements market was valued at $6.6 billion in 2015 and projected to advance at a CAGR of 8.8% during 2016–2022. The market is primarily driven by factors such as a rise in the number of health clubs and fitness centers, where members are encouraged to consume supplements for maintaining their physical health. The surge in urbanization and rise in the purchasing power of consumers is further driving the growth of the market.
Owing to the surging inclination of people toward physical fitness, the number of health clubs and fitness centers has surged in the recent past, specifically at a CAGR of 7.4% between 2010 and 2013. Among all regions, Asia-Pacific (APAC) witnessed the fastest growth during the period in the number of health and fitness centers. The growth of such establishments is one of the major drivers for the sports supplements market, offering lucrative opportunities to the market players.
The developed countries in North America and Europe generate the major demand in the sports supplements market, owing to the high disposable income here. The lack of awareness about the benefits of sports supplements in developing countries is a key reason for their low share in the market. Moreover, the low disposable income of consumers in developing and under-developed economies has been restricting the growth of the market.
However, consumers’ disposable income is expected to rise, and the growing awareness in the APAC region pertaining to benefits of sports supplement products is projected to offer growth opportunities to the sports supplements market. Due to this, the emerging economies of APAC are expected to be the prime growth drivers for the market during the forecast period.
The demand for sports supplements by consumers is inclining toward products that provide more benefits over traditional ones. Consumers generally search for products that offer desired results at a nominal price. This has compelled sports supplements market players to raise their investment in product development. Further, to make their products more effective, sports supplement manufacturers are also investing in clinical research.
Sports are commonly undertaken by the young population; however, recently, the geriatric population has also involved in such activities, which is driving the sports supplements market. The rising involvement of the geriatric population in such activities has led to an increased demand for herbal sports supplements, which are considered the healthier option for them as compared to others.
The key players in the global sports supplements market include Atlantic Grupa d.d., Creative Edge Nutrition Inc., Enervit S.p.A, GlaxoSmithKline PLC, GNC Holdings Inc., Glanbia PLC, Herbalife Nutrition Ltd., Nature’s Bounty Co., Scitec Ltd., and Universal Nutrition.
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