The global sports nutrition and supplements market accounted for a revenue of about $13,900.0 million in 2018, it is predicted to reach up to $35,350.0 million by 2026, growing at a CAGR of 12.9%.
The market has witnessed a notable growth in the previous years, owing to change in people’s lifestyle in terms of focusing on fitness & health. The market will witness growth in 2020 too, during the pandemic, due to increase in the consumption of sports nutrient products to improve the immune system. The market is expected to retain growth during the forecast period even after recovery from COVID-19 pandemic situation. Our analysts have estimated the situation of sports nutrition and supplements market during COVID-19 outbreak and have come to the following conclusions.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|8.6%||12.9%||432||USD 16,445.4 Million||USD 17,497.9 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Sports nutrition and supplements play a major role in maintenance of nutritional diet to improve athletic performance. Rapid growth in consumption of nutritional products due to increasing awareness among athletes about importance of supplements to maintain fitness will accelerate the market growth. In addition, urban population’s rising love for fitness of the body coupled with increasing number of fitness centers are further enhancing the growth of the market. Moreover, growing knowledge about health benefits through consumption of supplements is also estimated to boost the sports nutrition and supplements market growth.
However, easy accessibility to cheap counterfeit sports food products owing to high price of nutritional products is majorly restraining the market growth. Also, safety difficulties for the storage of nutritional supplements is expected to hamper the market growth.
According to the World Health Organization (WHO), maintaining better immune health will improve recovery from several virus infections including coronavirus. Also, nutritional deficiencies such as that of vitamin, protein and micronutrients might decrease the immunity and increase the susceptibility to infections. These factors are increasing the demand for nutritional products to maintaining fitness and help to strengthen the immunity system. This factor is significantly enhancing the growth of the sports nutrition and supplements market during the COVID-19 crisis.
instance, in recent times, the Canada government has increased $5 billion funds for leading manufacturers in the agribusiness and food processors. This credit will provide additional support for the formers with cash flow difficulties and food processors who are affected by loss of sales during COVID-19 pandemic.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global sports nutrition and supplements market is estimated to experience a remarkable growth in 2020 and is expected to continue its trend during the forecast period. This market will continue its growth even after recovery from COVID-19 pandemic. At this time of crisis, most of the manufacturers are emphasizing on R&D activities to develop novel products on the basis of customer personalization & customization, which are generating substantial growth prospects in the global market.
Furthermore, there is rapidly increasing trend for online fitness and body maintenance programs due to internet penetration, which will accelerate the growth of the market in the coming years. For instance, TRX introduced new product “TRX Home 2 suspension training kit” in 2019, which is a simple procedure of exercises program to achieve fitness goals and weight loss & gain.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Sports Nutrition and Supplements Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity