April 18, 2024

The Growing Sports Industry Is Driving The Expansion Of The Global Athletic Tape Market

 Athletic tape products such as pre-wrap, sports tape, medical tape and kinesiology tape are used majorly in various sports like wrestling, basketball, hockey, football, baseball and more. These taping products offer advantages like pain relief, improved circulation, joint stabilization and muscle support. With increasing popularity of sports and fitness activities across the world, the demand for athletic tape has risen significantly to help sports professionals and participants prevent injuries, enhance performance and speed up recovery.

The global Athletic Tape Market is estimated to be valued at US$ 2,183.4 million in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends fueling the athletic tape market is the rising participation of people in sports and fitness activities. With growing health awareness, many people are engaging in sports and workout routines to remain physically active. This has surged the consumer base for athletic tape products which are widely used for injury prevention, support and performance enhancement across various sports. Furthermore, technological advancements have led to new product launches catering to specific sports like kinesiology tape for muscle support in weightlifting and running. Manufacturers are also focusing on developing tape variants that provide better adhesion for longer duration and cause lesser skin irritation. Such product improvements along with increasing sports popularity are projected to drive the demand for athletic tapes over the forecast period.

Porter’s Analysis
Threat of new entrants: Low. Established brands have strong brand recognition and distribution networks. Barriers to entry are high due to significant capital requirements for R&D, manufacturing and marketing.

Bargaining power of buyers: High. Buyers have many options available from various brands. They can negotiate on price and demand high quality products and services.

Bargaining power of suppliers: Moderate. Raw material suppliers have some threat as athletic tapes require specialized raw materials however established brands have long-term supply agreements in place.

Threat of new substitutes: Low. No direct substitutes exist for athletic tapes which play a unique role in supporting injured body parts during physical activity or sports.

Competitive rivalry: High. The market is dominated by top brands however smaller brands compete on price and new product innovation. Companies focus on brand positioning, marketing initiatives, and after-sales services to gain competitive edge.

Key Takeaways

The Global Athletic Tape Market Size is expected to witness high growth.

North America dominates the athletic tape market currently owing to higher participation in sports and awareness about sports injuries in the region. The growing health consciousness and increasing number of sports injuries are also driving the demand.

Key players operating in the athletic tape market are Johnson & Johnson, BSN medical, 3M, Atex Medical, DL Medical & Health, Fusion Medical, Konig, Medco Sports Medicine, Ossur, Cramer and others. Innovation in technology and materials is allowing companies to develop thinner, stronger and more comfortable tapes to cater to evolving consumer needs. Custom-printed tapes bearing team logos and colors are also gaining popularity.

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