Multiple benefits offered by sports nutrition products, rise in fitness activities amongst consumers, and emergence of packaged snacks and healthy food drive the growth of the global sports nutrition market
Allied Market Research published a report, titled, “Sports Nutrition Market by Type, (Protein Powder, ISO Drink Powder, Sports Supplements, RTD Protein Drinks, Sports Drinks, Energy Bars, and Others), End User (Athletes, Bodybuilders, and Lifestyle Users), and Sales Channel (Hypermarket/Supermarket, Drugs and Specialty Stores, Fitness Centers, and Online Channels): Global Opportunity Analysis and Industry Forecast, 2021-2030.”
According to the report, the global sports nutrition industry was estimated at $34.8 billion in 2020, and is anticipated to hit $67.9 billion by 2030, registering a CAGR of 5.4% from 2021 to 2030.
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Drivers, restraints, and opportunities-
Multiple benefits offered by sports nutrition products, rise in fitness activities amongst consumers, and emergence of packaged snacks & healthy foods drive the growth of the global sports nutrition market. On the other hand, the issue of counterfeiting and presence of several low quality products hamper the growth to some extent. However, rise in social media and greater demand for organic sports nutrition products are expected to create lucrative opportunities in the industry.
Key players in the industry-
Clif Bar & Company
Otsuka Pharmaceutical Co., Ltd.
Yakult Honsha Co., Ltd.
Post Holdings, Inc.
Abbott Nutrition, Inc.
Reckitt Benckiser Group Plc.
The Coca-Cola Company
Closure of fitness centers and gyms, especially during the initial phase, gave way to a steep decline in demand for sports nutrition products that are designed to boost performance and increase recovery speeds during and after sports activities such as athletics, workouts, or bodybuilding.
However, as people are becoming more concerned regarding their health, use of natural and clean label products is likely to gain high traction.
A greater inclination toward health and fitness is also projected to aid the market expansion in the post Covid era.
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The lifestyle users segment to retain the lion’s share-
By end-user, the lifestyle users segment contributed to the highest share in 2020, holding nearly half of the global sports nutrition market. The same segment is also expected to cite the fastest CAGR of 6.4% from 2021 to 2030. This is attributed to the fact that lifestyle users generally do not partake in any strenuous physical activity, but are looking for healthy and nutritious snacks to consume.
The hypermarket/supermarket segment to dominate by 2030-
By distribution channel, the hypermarket/supermarket segment held the major share in 2020, garnering more than two-fifths of the global sports nutrition market, owing to the availability of a broad variety of consumer goods under a single roof in hypermarkets and supermarkets. The online channels segment, on the other hand, is anticipated to witness the fastest CAGR of 7.3% from 2021 to 2030. This is because online platforms serve as a popular medium for the purchase of sports nutrition products.
North America held the major share in 2020-
By region, North America held the highest share in 2020, generating nearly two-fifths of the global sports nutrition market. This is owing to the increase in number of gym-going and fitness conscious people who want to stay healthy and fit in the province. Also, rise in popularity of “clean label” and “free-from” products is driving the market growth in North America, particularly in the United States. The Asia-Pacific region is anticipated to cite the fastest CAGR of 7.1% throughout the forecast period. This is due to the growing demand for everyday sports and nutrition products in the region.
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