by Market Overview:
Athletic tape is a specialized quasi-elastic adhesive tape used predominantly in sports activities and performances. It is primarily used for supporting joints, padding wounds or injuries, improving performance, and preventing further injuries. The various types of athletic tape available in the market include zinc oxide tape, latex tape, and silicone tape. It offers advantages such as flexible adhesion, breathability, elasticity, and excellent durability. With the increasing popularity of sports and recreational activities worldwide, the prevalence of sports injuries has also surged tremendously in recent times. This factor has boosted the demand for athletic tapes across both professional and amateur athletic sectors.
Market key trends:
One of the key trends prevailing in the athletic tape market is the increasing demand for kinesiology tape. Kinesiology tape is an elastic therapeutic tape used for supporting muscles and joints. It provides additional support to injured areas and assists in faster healing of muscle strains, sprains and bruises. Kinesiology tape has gained immense popularity among athletes and sports enthusiasts owing to its skin-like elasticity, allowing natural movement of muscles and joints. The use of kinesiology tape in sports activities has enabled faster recovery and improved strength and mobility of muscles and joints. This growing popularity and demand for kinesiology tape among the target customers is expected to significantly propel the market growth during the forecast period.
The global Athletic Tape Market Demand is estimated to be valued at US$ 631.1 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: New entrants will face high setup and production costs due to the need for technical precision and quality standards required to produce athletic tapes.
Bargaining power of buyers: The buyers hold significant bargaining power due to the existence of several established brands and private label options available.
Bargaining power of suppliers: A few key players dominate the supply side resulting in lower bargaining power of suppliers.
Threat of new substitutes: There exists minimal threat from substitute products due limitations in providing the required support, adhesion, and flexibility.
Competitive rivalry: High.
Key Takeaways
The global athletic tape market is expected to witness high growth, exhibiting a CAGR of 8.6% over the forecast period, due to increasing participation in sports and awareness regarding benefits of preventive taping. The market size for 2023 is estimated to be US$ 631.1 Mn.
North America dominates the athletic tape market with the largest market share and is expected to continue its dominance over the forecast period. Rising number of rugby, basketball and other sports leagues in the region is driving the market.
Asia Pacific exhibits highest growth rate owing to rising health consciousness, growing middle class population and increase in disposable income in countries such as India and China enabling high expenditure on sports and fitness activities.
Key players operating in the athletic tape market are Johnson & Johnson, Mueller Sports Medicine, 3M Company, KT Tape, Medco Athletics, Nitto Denko Corporation, Andover Healthcare Inc., Medline Industries, Inc., Jaybird & Mais, and SpiderTech. These players are focusing on new product launches and expansion in emerging markets to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
