SAN FRANCISCO, April 2, 2020 /PRNewswire/ -- The global pre-workout supplements market size is expected to reach USD 23.8 billion by 2027, registering a CAGR of 8.3% over the forecast period, according to a new report by Grand View Research, Inc. Consumers are choosing different sports activities and practices, such as exercise, yoga, and gym for healthy and fit lifestyle. These practices have increased the demand for health-related products like organic food, sports equipment, and pre-workout supplements.
Key suggestions from the report:
By form, powder accounts for the largest market share owing to its easy availability, consumption, customization in the amount of dose, and higher absorption rate
Ready to drink is projected to be the fastest growing segment over the forecast period owing to increasing popularity and hectic lifestyle since it does not require further mixing
The offline segment accounts for the largest market share owing to increasing number of retail stores such as GNC, Vitamin Shoppe, Nutrishop, and Walmart
The online segment is estimated to be the fastest growing market owing to discussion portals, discounts and offers on products, and various promotion strategies by sellers
Some of the major players operating in the pre-workout supplements market are BSN, Finaflex, EFX Sports, Nutrex Research, SynTech Nutrition, BPI Sports LLC, Nutrabolt, JNX Sports, SAN, and eFlow Nutrition LLC.
Demand for pre-workout supplements in North America is higher than any other region. As per Int'l Health, Racquet and Sportsclub Association (IHRSA), in 2018 about 16% of the American population was associated with health clubs registering an increase of more than 10% in last three years. Also, as per U.S. Food and Drug Administration, three out of every four Americans regularly take a supplement resulting in strong demand for pre-workout supplements in the region.
Increasing number of health clubs and participation rate of consumers is driving the sales of pre-workout supplements in the market. For instance, as per the report by Qingcheng Tech Company, a Chinese gym operating system service provider, the number of gyms was growing at a rate of 31.1% in 2018, reaching nearly 98,000 across China.
Fear of side effects is acting as a major challenge for market growth as the pre-workout supplements are not FDA regulated resulting in increasing consciousness among consumers. Also, as per the study published by Molecular Diversity Preservation International (MDPI), 58 of the top 100 commercially available pre-workout products include at least one proprietary blend. Key players in the market are focusing on this trend and are launching new products. For instance, in July 2019, Nutrabolt a sports nutrition company launched Project Clear Evolution with a principle to produce new line of products made with no artificial flavors, dyes, fully transparent label, and no proprietary blends.
Key players in the pre-workout supplements market are launching new products with enhanced efficiency in order to boost the revenue and maintain market share. For instance, in 2018, Stance Supplements launched MERK pre-workout supplements in two flavors brutal blue razz and strawberry death punch to sell via online and Nutrishop locations in U.S.
Also, many retailing companies in the market are focusing on increasing the number of outlets in order to increase the reach among consumers. Companies are focusing on various strategies in order to boost the market presence and eventually revenue share. For instance, in July 2019, Nutrishop announced it will not charge monthly royalty or marketing fees, resulting in increased gross sales revenue per month by around 9%.
Grand View Research has segmented the global pre-workout supplements market on the basis of form, distribution channel, and region:
Pre-workout Supplements Form Outlook (Revenue, USD Million, 2016 - 2027)
Ready to Drink
Pre-workout Supplements Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
Pre-workout Supplements Regional Outlook (Revenue, USD Million, 2016 - 2027)
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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