Energy Supplements Market: Introduction
A recent study published by Transparency Market Research on the energy supplements market includes the U.S., Australia, South Korea, and Hong Kong industry analysis and opportunity assessment for 2020–2030. Revenue generated from the energy supplements market in the U.S. was valued over ~US$ 13.8 Bn in 2020, which is estimated to rise at a CAGR of ~6%, to surpass US$ 25.7 Bn by 2030. The Australia energy supplements market was valued at ~US$ 856 Mn in 2020, which is estimated to rise at a CAGR of ~8%, to reach US$ 1.9 Bn by 2030. The energy supplements market in South Korea was valued over ~US$ 1 Bn in 2020, which is estimated to rise at a CAGR of 7.5%, to cross US$ 2.2 Bn by 2030. The energy supplements market in Hong Kong was valued at ~US$ 141 Mn in 2020, which is estimated to grow at a CAGR of ~5%, to reach ~US$ 232 Mn by 2030.
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Consumer Awareness about Preventative Healthcare to Boost Sale of Energy Supplements
Health and wellness are the core concerns among consumers in both developed and developing countries. Increasing pollution, urbanization, busy lifestyle, and excessive working hours are the key factors affecting human health. Thus, consumers across the world are becoming more health-conscious, which results in increased consumption of healthy and functional food and beverage products. The millennial population consumes energy drinks or supplement products to maintain the everyday energy level of the body. Average and working-class consumer consumes energy supplement and drink products in the prevention of energy deficiency, owing to the exhaustion of work and other activities. These are the key factors fueling the demand for energy supplement products.
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Sports and Fitness as Part of Daily Routine Lifestyle
On a country level, sports tournaments are increasing. These sports tournaments are attracting a huge number of the Gen-Z population toward sports activities. Most of the Gen-Z population is studying in schools and colleges who is looking sports as a carrier option, and showing interests in the sports sector. These young people focus on fitness and physique to maintain balanced health. Due to these factors, they prefer energy supplements to maintain energy level and nutritional content in their body, and it is expected to become a part of their daily routine lifestyle.
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Rise in Adoption of Healthy Lifestyle to Boost Demand for Food or Energy Supplements
Everyone desires a healthy lifestyle with a balanced diet and physical fitness. Today, increased health and wellness concerns among consumers in developed countries and increasing awareness about health and wellness in such countries are the key factors behind the growth of the health supplement market. The increasing spending power of consumers on health and wellness products in developing countries is leading to healthy lifestyle of consumers. Consumers are ready to spend more on healthy products, which result in increasing demand for energy supplements in developed and developing markets. In order to maintain good health, consumers are focused on increasing the consumption of nutritional supplements, including energy supplements.
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