by Sports nutrition products are essential in improving physical performance and overall well-being. Sports/energy drinks, protein powders, protein bars, and pre-workout supplements aid in enhancing energy levels, building muscle mass and strength. Sports nutrition has gained momentum among amateur and professional athletes as well as health-conscious individuals.
The global Sports Nutrition Market is estimated to be valued at US$ 46.83 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing health awareness has propelled the demand for healthier options in daily diets. Sports nutrition products have growing demand as more people focus on a healthy and fit lifestyle. The growth of fitness clubs and centers along with rising popularity of various sports has fueled the consumption of sports nutrition supplements. Easy availability of various sports nutrition products through e-commerce channels and specialty stores has made these products highly accessible and convenient to purchase. Personalization has become a key trend with companies offering custom plans, formulas, and products suited for consumers’ fitness goals, body type and health conditions. Advancements in product formulations are helping address the changing requirements of various target segments like vegetarians, women, elderly and others.
SWOT Analysis
Strength: The sports nutrition market has seen rising demand from professional athletes as well as recreational athletes/gym-goers who want to enhance their performance and muscle development. This growing consumer base acts as a key strength.
Weakness: Product quality issues and instances of contamination in some sports nutrition products have harmed the reputation and consumer trust in the industry at times. There is also rising competition from private label brands.
Opportunity: The market is poised to benefit from rising health awareness among consumers and growing participation in sports and fitness activities worldwide. There is potential to develop more sports-specific and personalized nutrition options.
Threats: Strict regulations and compliance norms amid increasing health concerns pose challenges. Raw material price volatility can threaten margins.
Key Takeaways
The global sports nutrition market is expected to witness high growth over the forecast period of 2023 to 2030. Global Sports Nutrition Market Demand for sports nutrition is projected to reach US$ 46.83 billion by 2024, registering a CAGR of 3.9% during the forecast period.
Regional analysis: North America dominates the global sports nutrition industry currently and is expected to continue its leading position over the coming years as well. This can be attributed to factors such as growing participation in sports and fitness activities, rising health consciousness, increasing disposable incomes and product innovation. Europe remains another major regional market for sports nutrition products.
Key players: Key players operating in the sports nutrition market are Novartis, Pfizer, Roche, Sanofi, Merch &Co., AstraZeneca, GlaxoSmithKline, Johnson & Johnson, Gilead Sciences, and others. These leading companies are focusing on new product launches, partnerships, and mergers & acquisitions to strengthen their brand positioning and market presence. They are investing heavily in R&D to develop advanced offerings tailored for different sport types.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
