Energy Supplements Market is Thriving due to Growing Fitness Trends of Building Strength and Endurance
The energy supplements market provides various advantages such as boosting energy levels, mood enhancement, and cognitive and physical performance. Energy supplements contain active ingredients such as caffeine, taurine, vitamins, minerals, amino acids, herbs, and plant extracts that are effective for boosting energy levels naturally. These supplements are gaining popularity among athletes, bodybuilders, sports enthusiasts, and fitness conscious individuals to meet enhanced exercise and workout needs.
The Global Energy Supplements Market is estimated to be valued at US$ 47.17 Bn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period from 2024 to 2031.
Key players operating in the energy supplements market include Premier Nutrition Company, LLC, AdvaCare Pharma, Strava Healthcare Pvt Ltd, Herbalife International India Pvt Ltd, Fast&Up, Abbott, AriZona Beverages USA, Glanbia PLC, Amway India Enterprises Pvt. Ltd., Nutrizoe, Bagrrys India, PROBAR, Inc., and Pepsi Energy Co. These companies provide various nutritional energy drinks and supplements in different formulations to cater to diverse consumer requirements.
The increasing demand for energy supplements can be linked to a growing awareness of health and wellness, coupled with fast-paced lifestyles that necessitate additional energy sources to support daily activities. Additionally, the rising popularity of nutritional supplements aimed at improving fitness, promoting muscle growth, and enhancing endurance is significantly driving the growth of the Energy Supplements Market size increased sales of energy supplements as lockdowns restricted gym access and outdoor activities, prompting people to focus more on home workouts requiring energy support.
The energy supplements market is also witnessing strong growth in emerging regions owing to rising disposable incomes, growing health consciousness, and expanding retail distribution channels. The manufacturers are increasingly focusing on Asia Pacific, Latin America, and Middle Eastern markets for faster market penetration considering their developing economies and growing youth populations actively participating in sports and fitness activities.
Some of the key trends in the energy supplements industry include new product launches addressing customized nutrition needs, increasing usage of plant-basedformulations, and multi-dose packagingformats providing “on-the-go” convenience. For instance, powders are being replaced by sticks, shots and gels for easier intake without water. Flavor innovations along with organic certifications and clean label claims are other trends gaining traction.
Porter's Analysis
Threat of new entrants: The energy supplements market has high production and R&D cost and established distribution channels which makes it difficult for new players to enter.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like natural energy sources like coffee, tea etc.
Bargaining power of suppliers: Manufacturers of raw materials used in energy supplements like caffeine have high bargaining power due to consolidation among suppliers.
Threat of new substitutes:
The Energy Supplements Market challenges and opportunities include a low threat of substitutes due to products meeting diverse customer needs such as convenience, value, and effectiveness.
Competitive rivalry: Highly competitive with major players differentiating through product innovation and customization.
Geographic Regions
North America accounts for largest share of the global energy supplements market in terms of value led by the US. Strong demand for functional beverages and easy availability of innovative products drive market growth.
Asia Pacific is the fastest growing region for the energy supplements market led by developing economies like India and China. Rising health awareness and busy lifestyle of consumers have increased demand for convenient energy sources to supplement daily needs.
Geographical Regions
The energy supplements market in terms of value is highly concentrated in developed regions of North America and Europe due to high disposable incomes and health awareness. The US accounts for over 35% market share driven by growing demand for holistic wellness products.
The fastest growing region for the energy supplements market is Asia Pacific led by India and China. Factors like growing middle class, increasing workload and changing eating patterns are driving demand for convenient energy boosting products in the region. Government initiatives to promote sports and fitness are also aiding market expansion.
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