Insight: Sports Nutrition Supplements Global Market to Reach $9.7 Billion by 2027
new report has revealed that the global market for sports nutrition supplements, which was estimated at US$6.6 Billion (AUD $8.8 billion) in 2020, is projected to reach US$9.7 Billion (AUD $13 billion) by 2027.
In a comprehensive study, by ‘Sports Nutrition Supplements – Global Market Trajectory & Analytics’, it is recorded that the industry will grow at a compound annual growth rate (CAGR) of 5.7% over the analysis period 2020-2027.
Among the noteworthy geographic markets in the report found the U.S. which is estimated at US$1.8 Billion (AUD $2.4 billion) in the year 2020, and China, which is forecasted to reach a projected market size of US$2.1 Billion (AUD $2.8 billion) by the year 2027.
Japan and Canada, were also each forecasted to grow at 3.1% and 5.2% over the 2020-2027 period.
High performing supplements included Amino acids/Derivatives, which are projected to record a 6.2% CAGR and reach US$3.1 Billion (AUD $4.1 billion) by the end of the analysis period.
The study used early analysis of the business implications associated with COVID-19 and its induced economic crisis, for example readjusting growth in the herbal product segment to a 5.4% CAGR for the next 7-year period.
Select leading competitors were featured in the study, a total of 173, with the top five; Abbott Nutrition, Bio-Synergy Ltd, Champion Performance, Clif Bar & Company, CytoSport, Inc.
According to a similar report, the market is being driven by the rapidly growing awareness of the availability of sports nutrition, in addition to more consumers educating themselves on the benefits of different ingredients and supplements from different sources.
Furthermore, it is suggested that an increased number of people are living an active lifestyle, with the number of health-conscious customers driving the demand for health orientated products.