May 21, 2024
Workout Supplements Market

Global Workout Supplements Market Is Estimated To Witness High Growth Owing To Rise In Fitness Consciousness

The global workout supplements market covers products such as pre-workout, protein powders, weight gain supplements, and functional foods and drinks designed to support athletic performance and also promote gaining and losing weight along with muscle growth. These supplements boost exercise performance and assist in building lean muscle mass. The market comprises a wide range of supplements for various requirements such as proteins, amino acids, vitamins and minerals. The global workout supplements market is estimated to be valued at US$ 17.61 BN in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the global workout supplements market are BSN, Finaflex, EFX Sports, Nutrex Research, SynTech Nutrition, BPI Sports LLC, Nutrabolt, JNX Sports, SAN, eFlow Nutrition LLC. Some of the key opportunities in the market include growing demand for natural and clean label products and rising penetration of e-commerce platforms. Technological innovations are also contributing to market growth with advanced developments in nano-encapsulation and delivery mechanisms of supplements.

Market drivers

The major driver for the global workout supplements market is the increasing health and fitness consciousness among people. There is a rising focus on physical well-being and adopting healthy lifestyles. This has contributed to increased participation in sports and recreational activities, thereby driving the demand for performance-enhancing supplements. Additionally, the easy availability and aggressive marketing strategies of supplement brands have further propelled the growth of this market.

Current Challenges in Global Workout Supplements Market
The Global Workout Supplements Market Growth is facing various challenges currently. The growing skepticism regarding the effectiveness and safety of dietary supplements poses a major challenge. Several supplements contain prohibited substances which can lead to positive drug tests and health issues on prolonged use. Moreover, regular changing of ingredient formulations by manufacturers can confuse consumers. Stringent regulations and additional taxes imposed on some supplements in some countries also affect the growth and adoption of supplements. Furthermore, the availability of cheaper alternatives like generic drugs poses a threat. Counterfeit products claiming to contain natural ingredients but containing prohibited steroids also create distrust among consumers. Overall, establishing consistency in product quality and safety is a key challenge for the long term growth of the industry.

SWOT Analysis

Strengths: Growing health & fitness trend and increasing demand for products supporting workout regimes. Wide range of formulations catering to specific needs.
Weaknesses: Safety concerns regarding certain formulations. Confusion due to frequent changes in ingredients. High prices of branded products.
Opportunities: Targeting women population and developing nutritional products for specific activities like cross fit. Leveraging the growing online sales and e-commerce channels. Launching vegetarian/vegan supplements.
Threats: Stringent regulations. Popularity of generic alternatives and counterfeit products. Impact of economic slowdowns on discretionary spends.

Geographical Regions

North America currently holds the largest share in the global workout supplements market, both in terms of value and volume. This is attributed to factors like high disposable income, busy lifestyles leading to increasing health awareness, and growing gym culture in the region. The US contributes significantly to the regional market.

Fastest Growing Region

Asia Pacific is expected to witness the highest growth during the forecast period in the global workout supplements market. This is due to changing lifestyles, rising incomes, growing health consciousness, and increasing interest in fitness among the younger population in countries like India and China. Rapid urbanization and easy availability through online platforms are favoring the market growth in the region.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it